If you’re a business owner or manager, you probably already know how much time you spend on payroll each week. While a typical small business owner may spend over $2,500 a year per employee on payroll, that figure doesn’t include the hours of frustration that can be spent learning new rules and regulations and correcting mistakes.
Fortunately, payroll processing is one of the easiest tasks for a company to outsource. At Nine Line Accounting, we have years of experience helping our clients with their payroll needs. Whether you need to save time and money by outsourcing routine payroll tasks, need help administering benefits, or need assistance with the IRS, our payroll professionals can help your business.
Routine Payroll Tasks
For many small business owners, payroll is a necessary task they don’t have the time to complete. It’s not uncommon for a business owner or their bookkeeper to spend between one and four hours a week on payroll, which is time not spent on growing and managing the business.
Outsourcing payroll tasks is, however, one of the most efficient ways to get back your time. Rather than waste hours trying to figure out how to force your accounting software to “make” payroll or worrying about whether or not you’re doing it right, hire a trained professional to handle this task for you. In addition to giving you back your valuable time, outsourcing your payroll means you’ll have an entire team of professionals with years of experience looking through each transaction.
Having multiple people looking through your payroll for errors means that it’s much less likely your employees will be coming to you needing to have their checks corrected and reissued. Not only will that save you a lot of time and hassle, but it also helps to build good employee relations.
If you outsource your payroll tasks to an in-house bookkeeper or another administrator, you’re likely also experiencing similar issues. Payroll is a very specific skill set, and it can be difficult to find HR and accounting employees with the background your business needs. The result is that many businesses have admin staff who struggle with payroll duties. Rather than wait for a disaster such as an IRS audit to expose problems, take charge of these issues today by calling Nine Line Accounting.
One of the biggest things people struggle with when it comes to payroll is how to properly administer benefits. Determining the proper amount to deduct for insurance or how to properly show the deductions for tax-deferred retirement accounts can be tricky and potentially cost you thousands of dollars if done incorrectly.
Insurance and retirement plans are often hard for sole proprietors to administer because there can be many variables to keep track of. Every time an employee has a change in life circumstances, such as a marriage or the birth of a child, the business owner must make changes in both the payroll of the employee and with the insurance plan’s administrator. Even a simple change can quickly eat away hours of a business owner’s time. As a business grows, keeping up with these changes can become hectic, especially for businesses that employ a large number of employees.
Furthermore, a simple mistake, such as misspelling the name of a life insurance policy beneficiary, can have huge and devastating consequences. That’s why Nine Line Accounting has payroll records reviewed by multiple professionals. Error-checking is an integral part of our process, and it helps to ensure that any mistakes are caught quickly before they become significant problems for a business.
Finally, Nine Line Accounting allows employees to check their payroll stubs and access their benefits information anytime through an online portal. This system lets employees deal directly with payroll professionals if they have any problems or questions regarding their benefits, pay, or deductions. For many small business owners, this service can be a great way to ensure that employees can always reach someone regarding their insurance and other benefits.
Of course, one of the most significant advantages to outsourcing your company’s payroll to a team of professionals is the knowledge that people with years of payroll experience are keeping up with changes and developments with the IRS. As laws regarding payroll and payroll taxes change, there are many ways that a business owner can run afoul of the IRS.
Even a simple mistake such as mailing the wrong color of tax form to the IRS can cost your company thousands of dollars in fees and fines from the IRS. In fact, just having irregularities in your payroll reporting can trigger an audit of your entire company. Even businesses with perfectly clean books can find themselves spending thousands of dollars and wasting hours of time ensuring they get through the auditing process.
Fortunately, our staff has had years of experience dealing with payroll tax issues at Nine Line Accounting. Whether your business needs to solve a tax problem from the previous year or just wants to ensure that you won’t have any issues going forward, we’re here to help. If an issue arises, our professional team will guide you through the process and can even be present through meetings with the IRS.
If you’re looking for efficient and professional payroll processing services to help your business and your employees, call Nine Line Accounting today. Our professionals have years of experience in dealing with payroll, and we look forward to working with your business soon.