As a small business owner, it’s essential for you to have an appropriate system in place for your company’s payroll. For any small businesses that have employees, payroll is a very important function. Not only do you have to get employees set up to be paid, you must make sure that you are keeping proper payroll records, ensure that you are properly withholding and filing payroll taxes, and keep up with changes and Internal Revenue Service reporting requirements.
Payroll compliance is too important to be left to chance or to deal with the possibility of avoidable human error. Trying to hand-calculate payroll unnecessarily complicates the process of getting your employees paid and increases the possibility of experiencing problems related to calculation errors. While some small business owners think that taking a “do it all yourself” approach to payroll processing is a way to save money, doing so can actually cost you a great deal of time – and possibly lead to expenses associated with fines if mistakes are made.
For most small business owners, it simply doesn’t make sense to try to do their own payroll calculations. Even if you come up with a spreadsheet that works for you, you’ll have to keep up with all state and federal laws impacting payroll taxes and make adjustments every time the federal withholding tax tables change, in addition to state changes. That simply isn’t the best use of an entrepreneur’s time, and it requires specific expertise.
Rather than spending your valuable time dealing with an unnecessarily complicated approach to payroll, it only makes sense to utilize professional payroll services as a way of saving your valuable time and ensuring that the calculations are based on the latest expert knowledge of payroll tax rates, calculations and reporting requirements. You’ll likely find that using this type of service saves you time, money, trouble and aggravation in the long run, freeing you up to build your business instead of bogging you down in complex calculations and regulations better left to expert services.
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