If you have more than a few employees, payroll probably accounts for a significant portion of your operating expenses and administrative duties. While passing these tasks off to a third-party payroll services provider offers attractive benefits to companies of any size, common misconceptions lead many business owners to wonder if outsourcing is the right choice. Below are some of the more widely-believed myths.

The Truth Behind Payroll Service Myths

1. Outsourcing Payroll Is More Expensive

In an attempt to save money, many business owners continue to handle payroll in-house. In fact, the cost of paying employees to calculate wages is likely higher than the cost of hiring outside professionals since it takes up hours that could be spent on more profitable projects.

2. Taxes Are Too Important to Hand Off to Someone Else

Payroll tax errors can result in massive penalties from the IRS and state revenue agencies, so many business owners want to maintain as much control as possible. However, since the tax code is always changing, hiring a professional can help you stay compliant with regulations. Many payroll services also use automated processes to calculate taxes, virtually eliminating the most common accounting mistakes.

3. Digital Timesheets Are Too Expensive for Most Small Businesses

While time-tracking software might be a costly investment for most small businesses, the best payroll services companies provide advanced solutions to all their clients. Having digital timesheets can dramatically reduce payroll processing times and reduce the errors that impact your employees’ pay.
 

Thanks to their extensive expertise and reputation for effective, affordable service, businesses throughout Texarkana, Texas, rely on Erie & Associates, P.C. to control costs and ensure employees are paid on time. By taking this work off your shoulders, you can focus on building your company and doing what you do best. Visit their website for more on their payroll services, or call (903) 792-6651 to make an appointment and discuss your needs with a member of their team.