Paying employees and vendors accurately and on time is among the top priorities for most business owners. Unfortunately, processing payroll can eat up large chunks of time, and there’s also uncertainty about calculating the appropriate state and federal tax withholdings. Here are several reasons why outsourcing to a professional payroll service can help alleviate these concerns.

Why Partner With a Payroll Firm?

1. Comply With Tax Regulations

The penalties for incorrect or late payroll tax filings can be steep. While businesses are responsible for ensuring that state and federal tax withholdings are accurate, mistakes are often made due to lack of expertise. When a company outsources payroll services to a firm that specializes in these calculations, it eliminates the risk of paying hefty fines. These professionals know the rules to help your firm remain in compliance, and they follow them to the letter.

2. Save Time

Payroll processing is time-consuming. Whether a business is on a weekly, biweekly, or monthly paycheck schedule, the task can take precious time from other areas of your operation. By outsourcing, you can focus on other pressing matters, such as marketing, customer service, growing profits, and meeting production deadlines.

3. Maintain Security

From Social Security numbers to bank accounts, payroll involves access to a range of employees’ personal data. If this information falls into the wrong hands, there’s a risk of embezzlement, identity theft, and other financial crimes. Unfortunately, other employees may be involved in carrying out these acts. With outsourcing, you can count on an independent firm that has strong security and monitoring systems in place to protect confidential employee data from abuse.

4. Keep Costs Down

Hiring a full-time accountant or having a payroll team can be expensive. Their salaries and benefits may be much more than your budget can accommodate. Partnering with a payroll service provider could help keep processing costs down. Depending on the outsourced firm, you can also customize services based on your number of employees and company size. Ultimately, the money you save through outsourcing may help grow other areas of your business.

Take the stress out of processing your payroll. Gillette & Associates, LLC, in La Crosse, WI, works with a wide range of small to midsize businesses throughout the Coulee Region by providing expert payroll services. You can count on competitive pricing and excellent work from a professional team of accountants who have extensive knowledge of tax laws. To learn more about how the agency can help your business, call (608) 784-8355. Visit the website for additional information on payroll services.