Odds are, your business leans more towards Main Street than Wall Street. And that’s something to be proud of. Main Street businesses are the backbone of the American economy.
However, because of cost concerns, many small businesses owners handle their own payroll in-house. It’s a risky move that seems financially viable until they’re hit with a penalty because they didn’t know about an update to the tax code.
Has this happened to your small company?
Your business doesn’t have to be on Wall Street to benefit from payroll services used by large corporations. Small businesses can streamline their operations and save time and money on their payroll. It’s time to get on board!
Here are 5 Reasons Main Street Businesses Should Use Payroll Services.
#1 Payroll Processing Services Save Time
Let’s face it: payroll is a time-consuming chore. It takes a lot of time to organize hours and factor in items like deductions, garnishments, and vacation time. Plus, keeping up with constant state and federal changes in tax code is another frustrating task that steals focus from revenue generating actions.
Take charge of your time and route this task to a qualified payroll service through International Bancard.
#2 Reduce Your Monthly Payroll Costs
All the talk about saving time seems great, but small business owners always ask, “How much does it cost?” Our answer: you can’t afford to keep doing payroll in-house.
Calculate the costs related to payroll or payroll-related activities. That means the labor cost of calculating hours, printing and signing checks, distribution, learning and maintaining payroll software, training, report generation, payroll taxes and returns remittance, and the list goes on.
When you compare those costs to the cost of outsourcing to a payroll service, you’ll be surprised at how affordable it is for small businesses.
#3 Avoid Penalties from the IRS
Besides saving on labor costs from payroll activities, you’ll also cut costs with accurate reporting at tax time. Doing your own payroll is a recipe for disaster. It’s so easy to accidentally make an error, omission, or file after the deadline. Those mistakes lead to penalties and audits from the IRS.
With the help of a payroll service, you have a full-time staff to ensure your business is in compliance with federal and state tax laws.
#4 Payroll Services Companies Secure Your Company Information
Processing your own payroll can be risky if you don’t know how to secure your information. Hackers and even trusted employees can steal information for personal gain.
One of the top benefits of working with a payroll service company is that you can rest easy knowing your company data is secure. They use the latest encryption technology to protect your business and employees from identity theft and fraud.
#5 Peace of Mind
The goal when working with a trusted payroll services provider is peace of mind. It should be as simple as providing the service with basic information and letting them take care of the rest. You no longer have to worry about tax compliance, reports, or paying people on time. It frees you up to do things most important to small businesses like taking care of your customers.
International Bancard’s payroll service is designed for main street businesses. As one of the top small business payroll services, we can secure your employee data, keep your business in compliance, and save you a lot of time and money.