If you own a small business, you likely complete several tasks a day, especially if you just opened up shop. While it’s unwise to outsource everything as long as the company is trying to get up off the ground, there is one task you should seek help with from day one, and that is payroll administration. Here are some of the biggest reasons to take advantage of third-party payroll services.

3 Benefits of Outsourcing Payroll Administration

1. Saves Time

Depending on how many workers you employ, processing payroll could take several hours—or more—every pay period. That time is undoubtedly better spent perfecting your products and services or implementing ambitious growth strategies. If you outsource the task to a CPA firm that offers payroll services, you’ll have the opportunity to do either—or both.

2. Reduces Overhead

It might be logical for a massive corporation to have an accounting department in-house, but setting one up in your small- to medium-sized business doesn't make financial sense. Covering the annual salaries and ongoing benefits of those you would hire to process payroll will cost far more than delegating various bookkeeping tasks to a third party.

3. Mitigates Mistakes

When processing payroll, there are both state and federal regulations to consider. Although it’s fairly easy for the average person to make an inadvertent mistake when doling out paychecks, seasoned accountants are familiar with such regulations. In other words, you’ll have peace of mind knowing you’re not violating any relevant employment or tax laws when you outsource payroll to a reputable firm. This, in turn, will ensure you avoid fees and other penalties imposed by the IRS. 

For prompt, thorough, and accurate payroll services, turn to Dianne M. Saunders, CPA. Serving Litchfield, CT, and the surrounding areas, this CPA firm has been in business since 1992. They've earned a reputation for providing personalized and attentive guidance to each client. Whether you need help with personal tax preparation or business consulting, you can rely on their knowledgeable team. To request an appointment, call (860) 567-3022 or visit their website to browse their services.