Top 5 Reasons to Utilize Outsourced Payroll Services
Payroll outsourcing to organize your finances, with professional accounts at the helm
No matter if you’re in the medical practice industry, managing a small business or trying to handle the accounting for a dental office, outsourced accounting services could be the most advantageous option for the operation. In-house bookkeeping can sometimes be done effectively with the help of reliable accounting software, but hiring a full-time controller can bring to light a whole slew of new issues and taking care of the entire undertaking by yourself can prove to be way too stressful and, in some cases, impossible. We, at Holbrook & Manter, have compiled a few reasons as to why hiring an outside accountant to handle your finances could prove beneficial both for your bottom line and your piece of mind.
Here are the top 5 reasons to consider the use of an off-site accountant as your payroll solution
1) Reliability & Security of Your Finances
The last thing you want, as a business owner, is to be penalized by the IRS. Alleviate those penalty pains and worries by picking up a reliable, fully-trained accountant to handle your small business finances. An outside professional is contractually obligated to be completely liable for the entire undertaking, that way, in the off-chance that something goes awry, the outsourced team will pick up the foul, not you.
2) Cost Efficiency
Outsourced payroll services are perfect for small businesses who don’t have the budget to handle the task in-house. Simply put, why hire a full-time accountant to handle your finances and contribute to rising overhead costs when you could have a team of professionals take care of it for a lower cost? Take a look at how much money goes into the function of your accounting department. If you’re running a smaller operation, the hiring of an dedicated accounting professional may be the most optimal path to take.
3) Professional Insight
Keeping yourself in charge of payroll duties is a great way of staying in touch with the financial forecast and current standings of the company. However, with a transparent accounting team, you can keep that inside look with the immense added value of years of accounting experience and knowledge on your side. You’re dedicated to your craft. Accountants are dedicated to organizing finances. They’re able to spot problems before they arise and compile the best solutions. They are well-versed on all IRS requirements, withholding rates and regulation changes so you don’t have to be.
4) Financial Information Protection
When it comes to your internal finances, some things are best kept a secret from the competition. Hiring an outsourced accountant eliminates the risk of a disgruntled ex-HR or financial officer walking out on the company with important information at hand. This circumstance is an unfortunate one, but can be protected against ahead of time.
5) Free Up Time & Energy
When it comes down to it, the old adage reigns true: time is money. Don’t waste your most precious resources. If you’re working at max capacity, running on all cylinders, your team may be best served with you controlling the direction of the operation. Do your company justice by leading – not sticking behind a desk, stressing over numbers and figures. Leave those tasks to a trained accountant and relieve yourself of the burden.
For more information regarding the outsourcing of your payroll department, contact Holbrook & Manter’s Business Services and Solutions Team today!