We‘re not only building businesses but we want our businesses to grow! Usually, business owners hire employees to work on the daily tasks in the company and focus their time and attention on strategy and long-term projects. Based on a survey, conducted by TD Bank in 2015, forty-three percent of businesses have at least one employee. Meanwhile, a report by the Small Business Administration shows that 66% of net new jobs are from small businesses that keep on growing to generate more revenue.
When you’re running a small business, expect to be the chief financial officer and chief bottle washer. It’s not a simple job to be the CEO of a small business for you will be doing various tasks from the lowest to the highest position. In fact, only 23% of businesses that have employees in the said survey hired a bookkeeper or accountant to deal with financial records of the company. Well, if you think you have a hard time working with financial tasks, then you belong to 46% of small business owners who hate bookkeeping as a task, according to a similar study in 2014.
With a number of tasks to handle in running a firm, business owners find a remedy in hiring a payroll service. This service offers basic services which include the calculation of salaries, tax withholdings and creating checks or direct deposits every paying period. Other payroll services offer extra benefits such as time off tracking, online check stubs and apps that will allow employees see pay information.
Hiring payroll services for your business is a winning business strategy. Seeking professional help outside your company such as payroll and payment processing is one great way to help your business to grow. To be a successful small business owner, one should act like an executive, hiring only the best minds to work on an important task. In addition to these time-saving benefits, you should also consider compliance issues to be handled by a payroll service. In the United States, you can find almost ten thousand tax jurisdictions and no matter how hard you study all the regulations, they’re always changing from time to time.
Managing cash and controlling expenses are vital but time-consuming tasks that small business owners have to pay attention to. Outsourcing these burdensome tasks allows entrepreneurs to spend more time working on business growth, enhance retirement income or invest in other ventures. A company with a payroll service is a business equipped with policies and procedures in the system and will be seen by investors as an added value in the future. If you think you are just running a small business, then consider outsourcing payroll to make it look like a big company to attract potential investors and bankers. They weigh what they can get in working with a corporation and working in a small business.
Outsourcing your payroll is something every business owner should consider as an investment. You can’t underestimate the benefits it can provide from updated paychecks to the accurate payment of taxes.
Have you ever been thankful for the opportunity that a payroll service could give to set your goals and strategies for your company?