In today’s business environment, your workforce might include full-time, part-time, contract workers, and freelancers. Do your employees work in more than one state? More than one country? What about union contracts and pay scales? Is your business growing? More importantly, does your accounting staff have the expertise to keep abreast of the all required tax forms and fees? According to a 2016 benchmark report from Financial Executives Research Foundation (FERF), 39% of US companies currently take advantage of payroll outsourcing. The reason–it saves time and money. So maybe it’s time to learn about the benefits of payroll outsourcing in your community. Business Cents in Spokane, Washington, offers premier bookkeeping, accounting, and payroll outsourcing. We also handle QuickBooks products and software training.
You might ask, what are the actual benefits of outsourcing? For starters, payroll outsourcing adds value to your company by allowing your in-house financial executives to put time and energy towards revenue building, instead of filling out forms and keeping track of overtime. We share your goals of revenue growth and customer retention, because we are a small business, just like you. You may choose payroll software if you have adequate staff that can handle payroll taxes and filing. However, the superior benefits of payroll outsourcing include compliance with government regulations, greater data security, and time savings that translates into money saved. Using the expertise of our accountants in Spokane, our payroll solutions service will allow you to stay focused on serving customers and improving your bottom line.
Business owners in Washington are busy, and that’s a good thing. According to Washington State Wire, a nonpartisan news gathering organization focusing on state government and the policies that affect Washington residents’ daily lives, business is booming. “Washington ranks first in terms of highest GDP growth, most exports per capita, ranks in the top five for highest change in nonfarm payrolls and has the highest percent of jobs in the high-tech industry. If your company is expanding then outsourcing your payroll and bookkeeping can be the first step towards increasing your company’s reach and brand. But to make that growth feasible, you want to be sure you employ only the best outsourcing service available. Our highly qualified accountants in Spokane have years of experience keeping records of financial transactions and producing on-time payrolls for multiple high-level organizations within and outside of Washington.
But the real question business owners and managers want to be answered: what do you gain from outsourcing payroll? Is it worth all the time and effort? The answer is yes, and according to a 2017 study from Small Business Trends, “Why Payroll Is One Function You Should Outsource,” there are three main reasons to outsource your payroll.
1. Stay Focused on Your Core Business
Every business owner needs to know what aspect of their business increases sales and what constitutes a non-critical function. Most likely, your payroll functions do not increase sales. But if your payroll duties are carried out poorly, your business suffers. Do you want to spend valuable staff time figuring out how to comply with ever-changing local, state, and federal tax laws? Shouldn’t your staff concentrate on improving your bottom line? Do you have a stable workforce, or do you hire workers depending on the size and scope of a job? There are legal requirements for all employees, like tax reporting and remittance. Are your employee health benefits linked to the number of working days for each employee? Does your staff keep track of unemployment; workers compensation insurance information; and calculate withholding, local, state and federal taxes promptly? Will temporary employees qualify for overtime and bonuses? Wage and hour rules are complicated; and the larger your business – the more time required to calculate and process your payroll. What happens when you have to lay off staff? A manager might inform an employee that they are being laid off, terminated. However, when the employee files for unemployment, they find out they were fired for cause. Can your staff handle a dispute with your states’ employment development department? Are you suddenly hiring an attorney to solve a payroll mistake? Missing deadlines can be expensive, but with Business Cents you’ll never have to worry about missing a payment, due dates for taxes, or sending out payroll check – whether you pay weekly bi-weekly, monthly or by invoice. Our goal is to ultimately take care of your payroll responsibilities so that you can run a better business.
2. Get Access to Expertise and Technology
Is your company’s payroll management cost-effective? Do you feel confident keeping track of your financial information in the cloud? Every year hundreds of new laws and regulations are introduced to the US business environment and employers have to deal with almost 10,000 federal, state and local tax jurisdictions. As your business grows, there are more and more taxes, filings, and forms to fill out and an explosion of mobile device usage is creating a new level of technology expectation. According to a recent article in Forbes magazine, VMWare chief Pat Gelsinger tells readers that the progress of technology is doubling every three years. Can your staff keep up with the technology changes? With Business Cents your data will be secure, including sensitive employee records and private information.
Remember, a small business owner who outsources their payroll can take advantage of highly trained financial experts who use state-of-the-art technology to keep track of payroll obligations. Don’t forget, your employees also demand current technology, like direct-deposit and online access to their payroll information. Whether you produce a product, seek donations, or deliver a service – our Spokane accountants can guide you to a better, more efficient business organization.
With Business Cents, your payroll will have an automatic calculation of federal and state payroll taxes, instant paychecks, and on-time payments to avoid penalties. Our services also include data transfer from previous providers; error detection software; direct deposit and paper checks; paychecks for W-2 employees and 1099 contractors; instant alerts; online payroll; and with ten years of experience. You can trust that your money will be professionally managed by financial experts. We offer real-time collaboration, as well as quarterly, monthly or weekly meetings. Business Cents services all industries, with specific expertise in professional service companies, manufacturing, construction, attorneys, doctors and health care. It is our priority to keep up-to-date on all current reporting requirements – so you can concentrate on building your business.
3. Reduce your Expenses and Risks
According to 2014, Small Business Taxation Survey conducted by the National Small Business Association, payroll taxes were ranked as the number one most financially burdensome federal tax among small firms. The complexity of payroll taxes is a likely driver of the fact that the majority of firms with more than five employees use an external payroll company. According to IRS figures from 2014, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings. Missing deadlines can cause penalties and fines, but with Business Cents you’ll never have to worry about losing those due dates or paying penalties because our accountants in Spokane use the latest software and computer technology to manage your payroll and file timely tax reports. Using our payroll outsourcing service is less expensive than hiring a full-time employee or establishing a bookkeeping department, including the logistics of staffing and creating a workspace. Business Cents offers capabilities that go beyond what you can do on your own. If you haven’t considered an outsourced solution before, make this year the year you switch. It will deliver peace of mind for you as the owner, and free up time in your company to improve your bottom line.
How do we do it? The old-time image of an accountant toiling at a ledger with pencil and paper is a long-gone concept. Our professional Business Cents accountants use state-of-the-art software and technology to create an efficient and cost-effective procedure for every client. Outsourcing payroll can be hired on a flexible, as-needed basis. You can have a company with five employees or five hundred. You can be a non-profit or a for-profit enterprise. By outsourcing payroll duties, you save the cost of employee wages and insurance payments for a payroll staff, bonuses, and the expenses incurred by having an office space with business equipment and computers for a financial department. Another benefit of outsourcing is that it frees up time for business owners and managers to focus on growing their organization and improving your brands rather than spending hours on time-consuming financial details.
As economic growth continues in Spokane and surrounding areas, businesses will have to become more competitive. Payroll outsourcing helps small businesses keep the edge on their competition.
4. Making the Transition
You’ve decided to go with Business Cents for payroll services, so what happens next? The first step in evaluating your decision to outsource your payroll process is to assess the current methods, practices, employees and existing costs in your organization. Do your employees use time-cards, a time clock app, or an electronic time-tracking system? You can call in your employees’ hours, send us a fax, or have a computer-based hour tracking system deliver the information online. With strategic planning, a defined timeframe for the switch, and informative sessions for your staff – the change should be seamless.
Once you have assessed your current payroll responsibilities, the next step is to define the payroll outsourcing scope. Once you have those questions answered, you can move forward with a payroll outsourcing proposal and work out the schedule.
Business Cents will set up a payroll schedule that suits your agenda: weekly, bi-weekly, or a monthly payroll. We work with you to determine the most effective process. If you plan to change your pay delivery schedule dramatically, be sure to give your employees enough notice, say at least 3 or 4 pay periods before you make the switch. The difference between a weekly, bi-weekly or monthly check can disrupt your employees’ budgets. If your company uses paper checks and causes the switch to direct deposit, employees need to decide whether they will accept money going directly into their bank accounts. Some might want to continue getting a paper check. The more preparation you do, the easier it will be to make the change.
Next, we will schedule a face-to-face discussion with your financial staff and our accountants. This will help reduce excess paperwork and save time and effort on both sides. When we agree to the terms of a service agreement, a contract will be drawn up and signed by both parties.
Our Spokane accountants are experienced, technically skilled financial analysts, that committed to helping your business maximize profits. No matter what industry you’re in, we can help. To help get you started, we offer a 30-minute free consultation that can be either in-person or over the computer. You are now ready to make your business more cost-effective! At Business Cents we understand that time is money. That first call could save you hours of frustration, so what are you waiting for? Plus, you’ll get an opportunity to work with Spokane’s best accounting specialists in the industry. Just call us at 509-389-7000 to schedule a time to talk to our staff.