Outsourcing payroll services to a company of highly qualified experts is the best way for small business owners to kill two birds with one stone. First, outsourcing to a professional payroll processing firm could virtually eliminate the risk of errors that could lead to fines. There is no better way to prevent in house fraud. Secondly, relying on a sophisticated payroll services company could also give a business owner a lot more room to focus on their actual business, rather than just the payroll paperwork that it generates.
Approximately 48 percent of company owners that were assessed payroll tax fines were forced to admit that those penalties were valid. When asked about the best solution to this problem, over 85 percent of Certified Public Accountants recommended that small business owners seek out the expertise of professional payroll services providers. The expert will always be more equipped than the generalist, and that is no different when it comes to something like payroll services.
The most professional payroll accounting firm could also help their clients through state of the art automation. Small to medium sized businesses could easily benefit from tools that streamline employee access. An automated telephone system and web portal could make it much easier for employees to access the information they need on their own, rather than having to ask their employer for help again and again. With payroll services like these, any company head will be able to spend more time on the core of their business, rather than handling things that are not really worth their time.
Finally, the most qualified payroll services provider can help their clients with both kinds of federal taxes that are involved in payroll. Employer payroll taxes are not withheld from the employee. The employer is solely responsible for their payment. Employee withholding taxes are deducted from the employees total compensation. They are paid on behalf of the employees by the employer. By handing payroll services like these off to the experts, anyone can make sure that they never have to worry about a simple mistake costing them thousands in fines.