When Should I Hire a Payroll Service?
When you own a small to medium-sized business, you do whatever it takes to keep your business moving forward. You rise early, and you pull late nights. Instead of paying others, you perform multiple tasks yourself. Your DIY efforts help you invest more money back into your business. Then, if all goes well, your business grows.
If you’re like many small business owners, you eventually hire more employees. Then, like so many other bosses, you never give up those late-night tasks. But, of course, you’re probably okay with that.
When does it make sense to hire a payroll service?
The beauty of running a business instead of being someone’s employee is that you get to make all the decisions. You have the flexibility to hire employees or outsource critical tasks.
A DIY management mindset works until your growing company requires more of your time. At the point where you feel the strain of pulling too many late nights, you should consider an alternative or risk DIY burnout. Payroll outsourcing is an excellent place to start.
When your business grows, your payroll gets complicated
Payroll is one of those small business back-office functions that can keep you in your office late at night. It’s easy to run a one-person operation, but you need help as your staff begins to expand. So you begin to wonder, should I hire a payroll service?
Even if you’re a small business, payroll is more complicated than simply totaling up your employee’s hours and writing a check. It isn’t just about paying your employees, either. You must also comply with federal, state, and local guidelines. Of course, your employees want their money on time. That’s important, but they also want a proper accounting of everything else.
- Federal, State, and City taxes
- Social Security and Medicare deductions
- Vacation Pay
- Sick Pay
- Health Insurance Premiums
- Retirement Account Contributions
- Savings plan contributions
Your employees count on you to track their hours, pay them the correct rate (plus overtime), and make the proper deductions. Federal agencies demand that you send employees withholding deductions when appropriate. By the end of January, you must give each employee a W-2 with an accurate record of your payroll activities on their behalf.
Our Payroll Services
At Goode Bookkeeping and Consulting, we help your businesses outsource payroll services and other back-office tasks. We connect your business with the industry leader with services and features most compatible with your business needs.
- Automated payroll systems
- POS employee time input
- Data Syncing for simple payroll reconciliation
- Automated tax calculations for timely quarterly filings
Payroll is just one of the business solutions we offer. Our quality services give you more time to grow your business.
Hire a payroll service today! Contact Goode Bookkeeping & Consulting
Give us a call to learn more about our payroll services. You can reach us at (860) 659 6543 or complete our Contact Form to schedule your free consultation.