Local Payroll Pros Can Help Your Business Thrive
Depending on the size of your business, the number of employees you have, and the complexity of your work schedules, the cost to operate your payroll process can vary significantly. Payroll tends to be the largest or one of the largest expenses for any business, so finding a way to optimize the money you spend in this category is key to maximizing profit.
As a leading provider of payroll services for companies in the Bay Area and around the nation, our team of local pros has helped businesses of all types find success through efficient and effective payroll partnerships. We have worked with companies of all types, industries, and sizes, and we’re confident we can help your business thrive as well.
In the sections to follow, we will be discussing the different expenses which are associated with payroll and how to ensure you are spending efficiently in each category. If you want to ensure one of your largest company expenses is kept to a minimum, read on for some tips from our team of experts.
Tax Requirements
Taxes impact every facet of a company’s bottom line, and payroll taxes are no different. If you are new to business ownership or running a payroll department, the amount of taxes you must pay on each employee’s check might give you sticker shock at first. As an employer, you must match the employee’s contribution to FICA taxes, which cover social security and medicare costs, and you possibly have other obligations depending on your state and/or municipality. It’s critical to pay the correct amount of taxes, and pay them on time. Failure to do so could result in fines or penalties from the IRS.
Software Costs
Because payroll calculations are often complex and always tedious, businesses of any size must have some type of software in place. This goes beyond the capabilities of a spreadsheet, and there are many products which can perform payroll calculations for a business. However, when selecting the right platform for your business, it’s important to determine the software’s compatibility with your operation and their level of support. Many companies have found it’s better for the bottom line to go a step further and hire a payroll services team which provides software and service customized to their needs (more on this later).
Payroll Personnel
If you are performing payroll in-house, you will have to either do this task yourself, hire a new person to handle payroll, or have another member of your team oversee the payroll process. None of these options are ideal, because in any case you are diverting resources to payroll which could be used to advance your business goals. Like payroll software in the last section, this is another area where outsourcing your payroll services actually saves money.
Payroll Services
Partnering with a professional payroll services company can ensure your payroll taxes are calculated correctly, give you access to powerful software, and eliminate unnecessary personnel costs. For these reasons, many businesses have found payroll services to be an important part of their business which ultimately helps them save money.
If you feel payroll services could help your company, we would love to help. To learn more about what we do and ask specific questions please feel free to contact us today.
