As an accountant, you likely have a great understanding of how payroll impacts a company, the tax laws behind payroll and you could probably process your own payroll in house. Just because you can, though, doesn’t make it the best or most profitable decision for your business.
Our company provides payroll services for businesses of all types and industries, and we’re based right here in the East Bay Area. There are many benefits to outsourcing your payroll, even as an accountant, and our locally based team strives to provide a valuable service for all our partners, which include several accounting firms.
In this article, we will highlight some benefits of our service which are especially helpful for accountants and can help your firm thrive. While these don’t cover all the benefits of payroll services, we feel these would impact your business the most. To learn more, feel free to reach out to us any time.
Gain Access to Payroll Reports
When you partner with a professional payroll provider, you gain access to in-depth analytics on your business’s payroll operation, which can be used to assess how your employees are performing, how much you’re allocating to payroll and to help make more educated decisions moving forward. Our payroll reporting system comes standard with a multitude of reports, and we can even build a custom report or send summaries periodically. This gives you the ability to allow us to handle the payroll operation and still keep your finger on the pulse of your company’s payroll to keep everything in check.
Reduce Opportunity for Fraud
Many business owners think their employees would never commit fraud or their systems are too air-tight for fraud to occur, but payroll fraud happens in businesses of all industries and sizes. When you perform payroll in house, there is always the chance of people working together to allocate more hours than they should, pay unearned overtime or bonuses, or even create fake employees and take this extra pay. While it’s impossible to completely eliminate the chance of fraud happening, when you move it out of your facility and into the hands of our trusted team of professionals, the chance is exponentially less, and this form of risk management can benefit your team in the long run.
Focus on Your Business
Perhaps the biggest benefit to outsourcing payroll is the chance to fully allocate your time and resources to best serve your clients and grow your business. Instead of hiring someone just to do payroll in house or, even worse, burdening an existing employee with payroll processing, outsourcing allows everyone on your team to focus on the job they were hired for.
When you combine this renewed focus with the other benefits of fraud prevention, detailed reporting and so much more, not to mention the cost savings people usually experience by outsourcing, it becomes an easy decision for any firm.
To learn more about our services or to have our team detail how they can help your firm thrive, give us a call today.
