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Top 3 Reasons Why Small Business Owners Need Payroll Services

January 30, 2012 | Comments: 0 | Views: 148

Payroll services aren't a luxury. They're not something you can put on the back burner until you have more time to think about it. And they're not something you can set aside until you have more wiggle room in your budget. These days payroll services an absolute necessity, especially for small business owners.

Payroll Services Save You Time

There's a lot more to payroll than just writing your employees a check every week. You need to know the current payroll tax laws. You need to calculate overtime and sick pay. You need to keep track of deductions for child maintenance orders and student loans. And let's not forget employee turnover. You're constantly adding someone to the roster or letting someone go.

And then you have to worry about tax credits, pensions, taxable employee benefits, retirement funds and a host of other things that are factored into each and every paycheck. If you have only a half-dozen employees you might spend hours trying to calculate their paycheck and keep track of all the record keeping. And that's after you spend the time learning how to do it.

They Save You Money

Miscalculating your employees' paychecks can cause you some serious financial trouble. You might be able to make it up to them, but the government isn't going to be too happy if they're not getting the taxes you owe. And usually, these mistakes aren't discovered until it's too late. Combined with interest and late fees, when you add it all up, it can really put a dent in your budget. And maybe even do irreparable harm.

You can also be held financially responsible by your employees and the courts if you're not deducting for child maintenance and other court ordered expenses. And you can really hurt your employees' financial future if you're not taking care of student loans and other automatic deductions. Any of these errors could be devastating for you and your associates.

They Add Credibility

As a small business owner you understand how difficult it is to find good, reliable help. Your company will look much more professional to potential employees when they see that they'll get an itemized stub every pay period and that you can offer direct deposit for the paychecks.

People who need these special services, like withholding for child maintenance or payment of student loans, will be more willing to come work for you when they see that their pay is going to be handled in a professional manner instead of just having some guy in the back room write them a personal check every week.

As a small business owner you owe it to yourself and your employees to stop putting it off. Take a few minutes and learn how professional payroll services can benefit you and your company.

Payroll services protect you and your small business from making costly mistakes. Save money, save time and protect your assets with a payroll service.

Source: EzineArticles
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