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Outsourcing Payroll
One of the most dreaded tasks a business owner has to deal with is payroll. There are so many regulations, taxes, exemptions, deductions and other issues surrounding it that a business owner can quickly find themselves in trouble. For this reason a payroll service company is an excellent solution.
Failure to deduct the right amount of taxes, pay the taxes to the government, make deductions for health insurance, process automatic deposits, or make deductions for child support or other garnishments can cause problems that will quickly escalate. One simple addition or subtraction error can lead to legal action, causing the business more expenses and harm.
The easiest way to solve this issue is to have those tasks processed offsite. Hiring a payroll company will allow the business owner to concentrate on more important issues within their company. It will also give them peace of mind in knowing that all aspects of payroll are being handled professionally and within the guidelines of the law.
Using an offsite service will also reduce expenses for the company. Many small business owners find that they are working extra hours or employing additional personnel to cover for the times that they are completing payroll. This will become an unnecessary expense once these tasks are completed offsite.
Finally, the best reason to outsource your to a professional company is the government. Local, state and federal taxes continually change, and it is often hard for the average business owner to keep track of the changes. For example, the last tax cuts that were enacted came mid-year, leaving many business owners confused on when to change deduction amounts and how to base those changes.
Outsourcing Does Not Mean Out-Of-Country
Many people assume that outsourcing means that you are sending work outside of the country to be completed. Outsourcing simply means that you are having another company complete a task or provide your company a service that you do not want to complete in-house. You do not have to seek companies that are overseas for these services, many are located within your local area.
Business owners that struggle with payroll and taxes will find that outsourcing in the New Year can be the answer to their problems. Time and money spent trying to complete these tasks in-house will be eliminated, and professionally prepared payroll will arrive at your office each pay week. It is a benefit to all involved, including the employees who will feel secure knowing that their payroll and deductions are correct.
Tanya Wilcox, a previous small business owner, forwards this advice on outsourcing for other small business owners. Any business trying to reduce payroll administration costs and increase accuracy could benefit from using a payroll service company. EBS PAYweb.ca has been Canada's trusted payroll services provider since 1967.