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Businesses in Rancho Cucamonga discover the top reasons for outsourcing payroll servicesPosted By Whyte & Associates
Your business is important to you. You have invested your time, effort, and energy to develop it into a successful operation. Day-to-day tasks of running the business require your attention. Non-core functions are not profit centers of your business, and they can be done efficiently and effectively by Whyte & Associates, Inc. in Rancho Cucamonga. Outsourcing payroll services can give you peace of mind and time to focus on essential functions of your business.
Non-core functions of a business may include administrative, back-office, or payroll needs. While necessary for your business, these duties are not the profit center. As such, they are often outsourced to free up your time and energy. Many business owners wonder if outsourcing is worth it, and how to identify appropriate companies for outsourcing. At Whyte & Associates, Inc., we offer business services to small, medium, and large companies. The exact services needed can be tailored to your needs and will make the transition as smooth as possible.
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Reasons for outsourcing payrollThe main goals of outsourcing non-core functions include the following:
- Saving you time and resources, allowing you to focus on the core functions of your business
- Giving you access to a company with the technology and expertise to perform these services well
- Reducing your overall costs and risks.
Time to focus on your businessIf you have a business and you have employees, those employees need to be paid. Payroll is an essential function, but it does not directly affect your sales. However, if payroll is carried out poorly or incorrectly, it can hurt your business. Because it can be a time-consuming function, it can take your attention away from other functions of the business.
Local, state, and federal business laws must be considered. Each locality may have its own tax rates or laws. It is important to know individual details on tax reporting, withholding the appropriate taxes, calculating the employer’s tax portion, and knowing when to file at each level. Attention to these fine details is crucial to avoid mistakes. Misfiling with the IRS can cause your business problems. As many as 40 percent of small business are penalized each year for late or incorrect filings.
Tax laws and reporting are not the only details you must know. You must understand the wage and hour laws, overtime rules, new hire reporting, unemployment, insurance, and workers compensation. Details, details, details. There are many technical details and laws to understand. A mistake could be damaging and costly. Not to mention the time required to complete payroll correctly. Depending upon your business, you must set aside an allotted amount of time each week or every other week to run payroll. Suddenly, your time for the core functions of your business is reduced.
Access to expertise and technologyAs mentioned above, there are different laws, forms, and details on federal, state, and local levels to understand. Every year new tax laws, insurance rules, and regulations are enacted. Each of these details may require special technology or specialized forms. Businesses are required to be up-to-date, and to file each form.
At Whyte & Associates, Inc. we specialize in business services. We research and understand the ins and outs of payroll laws, so you don’t have to take the added time studying it. Our use of advanced business technology and expertise from years of service give you improved accuracy in payroll services. By outsourcing your non-core functions to our premium business services, it saves you time, energy, and the worry of completing these tasks properly.
Reduced risks and costsWhen you outsource payroll administration, you can often save your company the salary and healthcare benefits you would need for extra staff members, as well as, the added costs for printing checks, keeping records, bookkeeping, and creating tax documents. Payroll companies use advanced technology and efficient practices because this is their focus. They perform payroll tasks in high volume and have the experience and technology to do it successfully.
Our company is experienced in payroll services, taxes, and business consulting. Let Whyte & Associates, Inc. customize services to suit the needs of your business. Contact our office in Rancho Cucamonga today. Call (909) 575-0080.
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