Large businesses of 500+ employees are typically able to have their own, in-house payroll department, or have big money deals in place with the payroll giants to handle it for them. But the vast majority of small and medium businesses are not able to fund their own payroll department (complete with salaries, benefits, insurance, etc for the payroll employees). In these cases, often times the principal or owner will take on payroll duties themselves. While that can save a few bucks, the time investment is high… as is the financial risk. If that doesn’t sound worth it to you, you need a good alternative… such as hiring a local payroll provider, like Capital Payroll Partners!
The Benefits of Outsourcing Payroll to a Local Payroll Partner
Even if your business has a single employee, choosing to outsource your payroll processing to a specialist has huge benefits for a low cost. As a business owner or principal, your goal is to drive business growth, and every second you have to spend worrying about something else is money lost. We can guarantee that your time is worth much more than what you would spend on outsourcing your payroll, and it comes with the added benefit of peace of mind.
Compliance and Regulations
Payroll can be extremely complicated even in small businesses – in medium size businesses, it can be downright byzantine. The regulations, exceptions and exemptions are seemingly endless, and if you don’t keep up with them, you could end up with an unhappy employee or an unhappy IRS tax agent. However, being well versed in all of the ever-changing facets of payroll law and regulation is core to the job of a local payroll provider. They will manage all the intricacies for you, and keep your policies updated.
Scheduling and Deadlines
When you hire a payroll service as your partner you no longer have to worry about the schedules and details for facilitating payroll – or filing the payroll tax reports for:
- Employee federal tax withholding
- Employee state tax withholding
- All employer tax withholdings
- FICA taxes
- Unemployment insurance
- Workers’ compensation insurance
Payroll services are able to provide on demand, detailed records of each payroll, including gross pay, withholdings, deductions, net pay and much more. This is immensely helpful come tax time!
A Local Payroll Provider Will Help Your Business
Whether you choose to outsource or not, you are still on the hook legally for all tax and compliance issues. However, when you hire a qualified firm to handle your payroll, the difficult work is taken out of your hands and put into the hands of trained payroll professionals. The upside is even clearer when that firm is local, and you’re able to speak quickly and directly to the person handling your account. With the major companies, you’re stuck filling out a support form and hoping to hear back in a few days – which just doesn’t work for most people.
Consider your outsourcing options today! We would love the opportunity to be your payroll provider We specialize in payroll services for small and medium size businesses in the mid-Atlantic region but also accommodate payroll clients nationwide.
To get the payroll outsourcing process started, give us a call at (804) 364-7220 or fill out the form below.
We look forward to working with you!
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