As your small business grows, you may face a number of challenges that make you wish for the comparatively quiet, slower days when you first started your venture.
One of the main issues with getting bigger is the challenge of managing payroll. It might have been easy to track the handful of employees working at a single location, but diversification and revenue growth often leads to hiring additional employees, sometimes at multiple locations. A burgeoning payroll also means keeping up with additional compliance and regulation issues.
If you find yourself dedicating more time than you can afford to managing payroll, you should strongly consider using a payroll service provider.
Payroll Administrator Benefits
Granted, it's an added expense, but bringing on a payroll processor can free up your time and allow you to do what you do best -- manage and grow your business. Payroll service providers take care of a company's payroll minutia, including:
- Payroll delivery and reporting
- Direct deposits and check printing
- Wage garnishment
Payroll administrators typically have dedicated payroll specialists that are well-versed in federal, state and local payroll taxes. These professionals may be far less likely to make costly mistakes than a part-time bookkeeper who has several other office functions.
Consider these other compelling reasons to outsource payroll duties; payroll administrators can provide payroll preview services that let you know exactly how much payroll liability you face. And payroll service companies can track employees' time and attendance with an online time clock or proprietary time-management software.
Learn to Delegate and Let Go
Of course, giving up control of payroll and its associated tasks may be difficult for you -- the ability to control your working environment might be one of the primary reasons you went into business for yourself. But successful small business owners master the art of delegating responsibility and surrendering control of crucial aspects of the business to trusted sources, managers or employees. You simply can't do everything once your business takes off.
As you grow, managing -- and maximizing -- your work day becomes your biggest responsibility. You can gain valuable time that lets you brainstorm and create new ideas for revenue sources to keep you ahead of your competition. Shifting payroll duties out-of-house can help your growing business overcome its payroll challenges, and it keeps your company more focused on its growth track.
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