What You Should Know Before Outsourcing Your Payroll
If you’re a small business owner with employees, hiring an outsourced payroll service is always going to be beneficial, regardless of how many people you actually employ. Not only does outsourcing relieve you of the burden of running payroll, but it also alleviates the stress of maintaining compliance, and filing state, federal and local taxes on time, and accurately. Additionally (as if this wasn’t enough!), when you outsource payroll, you can also access other important payroll and HR related resources, such as workers comp and health insurance. You’ll also have a lot more time to focus on other aspects of running your business, some of which you may have been neglecting due to payroll commitments.
To help you get to grips with it all, here is a short, simple guide to outsourced payroll: What features will you require? Provided you work with an experienced outsourced payroll company, they will probably offer a range of payroll and HR related services for you to choose from, and the type of business you’re operating, will help determine what services you need. For example, if you’re a single-person company, you may only need help outsourcingyour tax liability and paperwork. Or if you have a larger number of employees, you might need assistance administering retirement plans, insurance plans, benefits, or worker’s compensation.
Many small business owners don’t even know the law regarding payroll, and would almost certainly benefit from tailored advice to ensure that they fulfil all their legal requirements before running payroll. For businesses in need of a range of HR services, you would be best engaging with an outsourced service that can handle everything; this will simplify matters and mean that you only have to deal with one, third-party provider.
How much will I have to pay to outsource payroll? Just as with any other outsourced service, how much it will cost depends on several different factors, such as how many employees there are, how often they’re paid and any additional services you might require. With this in mind, it’s best to find an experienced outsourced service provider and discuss a personalized plan in detail with them. Who will be my point of contact? Most reputable outsourced services will offer you a single point of contact for continuity of care, but don’t forget that they typically have large teams of professionals that will work together to get you the results you need, fast.
Should I wait until the beginning of the year to outsource payroll? Again, provided you hire an experienced payroll provider, they will have no problems making the accounting process seamless, even if they start working with you midway through the year. By collecting year-to-date reports, they’ll ensure that employees receive only one W-2 instead of two separate ones. Will they be able to integrate with my existing accounting technology? The short answer is, yes. The majority of modern payroll outsourcing providers have integrations withcore accounting platforms such as QuickBooks and Xero, and may even offer a single sign-in login for your accountant to access all of your accounts,reports and other information
Outsourcing your payroll requirements is typically a seamless transition, and in most cases, business owners can start reaping the rewards of expertly managed payroll within days. Apollo Payroll is dedicated to delivering expert advice, responsive service, and highly accurate payroll processing and reporting to ensure the success and growth of the business that we serve. Our services include comprehensive payroll services in Homestead and other cities in Miami-Dade County, employee background check and group health insurance in Miami & Coral Gables