The Hidden Risks if Doing Your Own Payroll
When small business owners embark upon their journey into the complex world of running their own enterprise, many things must be taken into consideration before the “doors open”. One of those decisions is how to handle the payroll? At first glance, handling the payroll alone, or without a service provider may seem like the most cost-effective way to approach the subject. But the truth is, you can make a number of mistakes that can end up costing you your business.
First off, the most important aspect of any company is its employees, and these employees get paid to work. Therefore, it’s crucial to properly record and process the payroll, to keep your employees focused on what they do best. We spend so much time looking for the right candidates to help our business’ grow and thrive, why would we not ensure that these individuals are paid properly? As the saying goes “it’s hard to find good help nowadays”, and upsetting your employees by mismanaging their money will have you continually in search of new candidates.
Next is a subject that Charlotte Payroll has touched on many times in the past, payroll taxes and the importance of properly recording and submitting to both the state and federal government. Mistakes made here can potentially put you out of business. And believe me, the government does not make it easy for you to understand the tax codes, as of 2014 there were 74,608 pages in the federal tax code alone. Fortunately, payroll providers such as Charlotte Payroll have a dedicated team of professionals, as well as top-notch software to keep you compliant. Our cloud based technology is constantly updated, in real time, in accordance with local, state, and federal codes. Our geospatial technology also brings in the proper data based on where you work and live. The IRS does not care why you forgot to make a payment, and they will not hesitate to commandeer assets to settle unpaid debt.
Now, let’s say that you decide to purchase some software to help you process your own payroll, understand that it takes time to learn this new system. Most likely, the person that is handling the payroll in-house has other tasks that they perform, tasks that directly contribute to the bottom line. And what happens when questions arise? Who can they turn to? These questions need answering, and quickly. When you outsource your payroll, you will have those answers, how quickly depends on which payroll provider you hire. But, rest assured knowing that you have a support staff that can guide you through each and every question.
Charlotte Payroll offers a full in-the-cloud experience that maximizes efficiency. Our SaasHR platform can be tailored for businesses of any size to run on any device. Payroll can be processed in minutes, so you can focus on running your business. Schedule an appointment with one of our sales consultants to tailor a solution that fits your needs. Contact us today at (704) 887-5511