Small business owners often believe that they can handle everything in a business. They manage employees, manage inventory, manage clients, and assume all the paperwork responsibility. While this is very admirable, it also causes a lot of undue stress and hardship on the owner. Small businesses can never successfully grow until the owner can learn to delegate some of their responsibilities so that they can concentrate on growth.
One of the most overlooked, yet most helpful services, that business owners overlook is payroll services. A payroll service can reduce the amount of paperwork you do each week by several hours. It can also improve your payroll process by simplifying and upgrading how payroll is processed.
5 Signs That You May Need Payroll Solutions
1. Employment records - There are many events that require access to employment payroll records. On-the-job injuries, lay-offs, and even promotion considerations all require a history of the employee’s income. If this is a task you loathe, look to a payroll service to provide you this data upon request.
2. Real time calculations - There are situations that call for real-time calculations of payroll expenses. If calculated manually, this could take hours, if not days. A payroll service would have this information available to you at a touch of a button.
3. Simplifying payroll - If you find that you are continually going over the payroll to make sure that deductions are calculated correctly, that time is paid accurately, and that the correct hours have been entered, you may wish to consider a payroll solution. With the right service, you simply input information on the employee one time, including their deductions and pay rate, and then all you do is submit their weekly hours. Everything else is handled for you.
4. Tax reporting - Nothing is scarier to a business owner than potentially submitting the wrong information to the tax office. Incorrect data can cost the company thousands of dollars in fines. A payroll service can submit this information and will back their figures with a guarantee.
5. Security - Payroll data has a lot of personal information that could be subjected to identity theft. When you use a payroll service to manage this type of information for your company, you are lessening the liability on your company should this information be stolen.
The main reason that you should consider a payroll solution is because of the accuracy it provides to your company. Small mistakes can bring about large problems when it comes to payroll mistakes. Miscalculating an employee’s deductions, not paying the right amount to the government, or multiplying the hours at an incorrect rate could lead to serious legal trouble.
Business owners can and should relieve themselves of this problem by simply looking into a payroll solution. This is one form of delegation that can easily take place, and will have the most significant results. It will provide the owner with something that is very valuable: extra time.
Entrepreneur Nickey Williams truly sees the benefit of payroll solutions, and recognizes companies like Payweb, at http://www.payweb.ca, as an intricate component of business convenience. Companies like this will gladly list the perks of utilizing payroll solutions on their webpage, and aspire to make business life a little easier for all.
Photo credit: http://www.flickr.com/photos/twak/4174305366/
Tags: Payroll solutions
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