The Real Costs of Your Payroll Process

by | Nov 11, 2020

Small to medium sized business owners often ask the question ”When does it make sense to outsource payroll?” Businesses with less than 100 employees nearly always benefit from payroll services, but what about companies with less than 50 employees? Less than 20? Surprisingly, the advantages are really significant.

Closing the cost gap

Payroll services charge a few dollars for every paycheck issued through the program. In turn, you have the peace of mind knowing paychecks are being processed on time, everytime, accurately making deductions and withholdings.

Eliminating the cost of keeping checks on hand, billing additional hours with your accountant or bookkeeper every payroll run, and the hours spent entering data into a spreadsheet or online accounting program really add up.

Ask yourself this question, “Am I working for my business or is it working for me?” Think about the clients you could reach or the stock you could order or the time you’d spend growing your business if you weren’t processing payroll.

In-house payroll functions can be costly in ways you may not have realized

About one-third of all small to medium sized businesses will incur penalties or fines for non-compliance with governmental regulations. Companies who process their own payroll are three times more likely to experience penalties.

Every dollar you pay out correcting mistakes and clearing fines is a dollar you can’t spend attracting more clients to your business. Add up what you’ve lost to clerical errors, underpayments, tax penalties, and workman compensation premium hikes, and hiring a payroll service quickly becomes an easy and money saving prospect.

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International Bancard offers payroll services through a strategic partnership