Did you know that 56% of small businesses with less than 100 employees employ five or fewer people? The lean-and-mean business model is what makes so many startups and small businesses succeed. This can backfire, however, if you try to do everything yourself.

If you want to truly succeed in business, you must be willing to outsource non-critical tasks. Not sure you’re ready to let go of control? Start small!

Here are five perks of outsourcing the payroll services that will make you want to make the switch today!

1. You’ll Have More Time

The most important commodity on Earth is time. You can always earn more money, but once you’ve lost precious hours, you can never get them back.

There are some things in your business that only you can do. Wasting your time on tasks like payroll takes you away from building and growing your business. 

2. Payroll Services Save You Money

You might think you’re saving money by doing your payroll yourself, but this is rarely true. Think about how much time you spend:
  • Calculating each pay period’s payroll amounts
  • Generating, printing, signing, and distributing your paychecks or pay stubs
  • Creating reports for your own reference and for your accountant
  • Preparing and submitting your company’s payroll taxes

What if you could pay a reasonably priced payroll service to take care of all these things for you? Chances are very high that this would actually cost you a fraction of what your time is worth.

3. Your Data is More Secure

If you’re taking care of your payroll in-house, you’re at risk for increased chances of problems like identity theft, embezzlement, or other unsavory behaviors. You might think you can trust all of your employees, but the truth is, you never know.

Professional payroll companies typically have safeguards in place to ensure that these types of things don’t happen. In addition, they often have high-tech server systems that protect your data from theft or any kind of loss.

4. It’s Easier to Follow the Rules

Tax regulations are complicated and failing to follow the rules and regulations can result in audits, penalties, and fines. Why would you take on this kind of liability yourself? Instead, outsource the task to professionals who are trained to understand all of the most recent rule changes and are paid to ensure you meet all of your deadlines.

5. You’ll Have the Expertise of Payroll Professionals

The people who work for a professional payroll company know their jobs inside and out. They’re often specialists when it comes to payroll taxes and compliance with government regulations. Often, these companies will over guarantees on their work and outsourcing to a professional company reduce your liability if there’s a problem.

Help Yourself Succeed in Business and in Life

Once you’re ready to outsource your payroll services, you’ll have some extra time on your hands keep propelling yourself towards success in business and in life.

For even more great tips and tricks, check out a few of our educational and informative blog posts. We update our site frequently, so make sure you bookmark it and come back often.