If your organization is working to approve a new budget. This means it would be an excellent time to approach your supervisor regarding the possibility of outsourcing payroll. However, in order to convince your superiors that it is worth company money to outsource payroll, it is very important for you to enumerate the benefits that would come with doing so.
Perhaps the most persuasive argument for outsourcing payroll has to do with payroll taxes. First, if you outsource your payroll, the company you use will handle W-2 and 1099 forms for you. They will make sure the forms are properly filled out and submitted to the IRS on time on behalf of your company. Even more importantly, the payroll company will automatically calculate, file, and pay your payroll taxes each year, assuring you never miss a deadline or payment. This is critical, because failure to submit necessary forms or payment to the IRS can result in large fines. About 40% of small business owners receive penalties from the IRS each year due to missed filing and payments, and these fines can be $850 or more. Furthermore, your payroll services company will do this very important work for you for a fraction of the cost of a Certified Public Accountant.
Relatedly, outsourcing employee payroll can save money by eliminating costly human mathematical errors that can come with processing payroll in-house. Your supervisors can be assured that your employees will be paid the correct amount, on time, and with the correct deductions for benefits and leave.
Finally, your supervisors should know that by outsourcing payroll, they will be freeing up time for Human Resources employees. This will give the Human Resources team the ability to focus more on company goals, employee satisfaction, and employee training.
John Buchness
Business Development Manager
NetChex
www.netchexonline.com
