The heart of every small and large business is bookkeeping. This department handles all the bills and payments received. They also work closely with HR to ensure all employees’ pay is reconciled, processed and delivered. If you are just starting out, the bookkeeping side of your business can often keep you so busy that you’re unable to serve and address needs on the front lines.
More established businesses often hire individuals to handle the accounting and bookkeeping, but just how accurate is their work? How updated is your small business payroll technology to ensure business success and streamline processes? Outsourcing your payroll may be the best option to ensure your business follows proper payroll procedures.
Joe Mullich, Xerox Contributor to Forbes, wrote on the powerful benefits of outsourcing accounting. The attraction of outsourcing options for businesses of all sizes is the transition from basic transactions to more strategic budget functions, something which is difficult to achieve in-house from a lesser experienced bookkeeper.
Here are some of the benefits of opting for outsourcing payroll:
- Access to state-of-the-art technology – not every small business owner can afford to have the latest computer programs and inventory tools. It is too expensive to purchase and maintain for many budgets.
- Daily experience – with technology comes new training and procedures vastly different than the “normal” way of processing payroll and other accounting functions. Outsourcing this portion of your business means trusting experts who use the equipment and learning tools daily and are less likely to struggle in learning and achieving efficiency.
- Improved policy compliance – accounting is a difficult business function because of all the rules and policies from the IRS, SBA, and city or federal laws. Outsourcing ensures your business will conform to policies and laws because payroll businesses process this information daily and receive updated training specific to their field, unlike business owners who can only afford to leave their business at certain times to attend training sessions.
- Reduced order errors – your business thrives on its leads and its ability to deliver services or goods to your consumers. If you elect to outsource your financial functions, you are likely to see a reduction in order errors. Instead of having several offices worldwide where miscommunication and human errors can run rampant, outsourcing can help lessen mistakes and increase satisfaction and accuracy.
- Improved company control – many businesses fear outsourcing their financial hub will leave them out of the loop on their business performance. It’s quite the opposite. Because there are less errors and more accountability, you will find that your business is delivering on a higher level. This creates a positive turnaround experience because the more satisfied your customers are, the higher the probability of them becoming repeat customers, in addition to telling others about you.
If you are still not sold on how outsourcing your business finances and bookkeeping will impact your business in a positive way, contact us to learn more about outsourced payroll options. Padgett provides a number of bookkeeping and payroll services to small, medium and large businesses. We have experienced payroll experts across North America with award-winning payroll programs and customer service. Call (706) 548-1040 for a no-obligation phone call discussing the benefits your business can gain with outsourced payroll.