On the long list of things business owners need to know in order to run a successful business; viability of your business, name, structure, business plan, marketing; understanding how to grow your business by utilizing outsourcing ranks high.
Top business consultants have long advocated outsourcing non-core tasks. Those tasks that steal valuable time; taking you away from what you do best, can quickly become minimum wage activities.
1. Saves You Time, Energy and Money
Finding the right person to complete a non-core task for you can save you time and money! Benjamin Franklin said it best; “Time is Money.” After factoring in the average 7 hours of sleep each night, we are all left with the same 1,000 plus minutes each day. It’s how each person uses those minutes which will determine the success, mediocrity or failure of a business.
2. Allows You to Focus on Core Strengths
Outsourcing administrative duties like payroll services to expert professionals will free you up to focus on building your business. The only way to effectively grow your business is to wisely utilize your time by spending the most time in your areas of core strength. If you are at your best while wearing your CEO Hat; meeting with clients, presentations and closing new business; it will serve you well to outsource key duties that may fall outside of your core strength zone, to professionals who can look out for your best interests and help keep your business running smoothly.
3. Say Goodbye to Payroll Tax Filing Worries
Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. Do you really have the time to go to tax school? How much time do you want to spend learning all the rules and keeping your information up to date? Payroll experts stay current with the ever-changing tax rules and regulations, so you don’t have to. When you choose to outsource, you won’t have to worry about filing payroll tax-related paperwork.
4. Avoid Costly Penalties
There are the obvious legal requirements, such as tax reporting and remittance, as well as requirements around withholding taxes from an employee’s pay, calculating your portion of taxes as the employer. You will also need to know when to file and how to file at the federal, state and local levels.
The payroll taxes you are required to pay Federal Unemployment Taxes, Federal and State Income Taxes and FICA Taxes. Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you.
- Federal unemployment taxes: Employers must pay this tax based on the gross pay of all employees. These taxes can either be paid quarterly or annually and are documented on Form 940.
- Federal and state income taxes: Employers are required to withhold these taxes from employee pay and distribute them to the IRS and appropriate states.
- FICA taxes: These taxes are more commonly referred to as Social Security and Medicare taxes. Unlike income taxes, these are withheld from employee pay AND matched by employers. FICA taxes must be paid either monthly or bi-weekly, depending on the size of your payroll.
- If you fail to pay payroll taxes, You Will Be Penalized!
At Borshoff Consulting, we know that when it comes to payroll service, no one size fits all. With our 3 custom payroll processing options, we can offer you a Payroll Solution that best fits your needs. Schedule your free consultation today.