On average, a small business owner has to file 32 tax deposits and 16 tax returns every year. This task is wrought with opportunities to commit errors that can cost a business substantial amounts of money as well as unnecessary legal burdens.
Due to the complex nature and amount of paperwork involved with payroll processing, many merchants find solace in outsourcing payroll services for the sheer simplicity and safety of having an expert handle the daunting activity of payroll processing.
If a business employs 20 or more people, it is required by law to offer COBRA continuing health coverage in the cases of job termination, loss of hours, or other related events which qualify under the COBRA mandate.
By outsourcing payroll processing, these COBRA requirements, payroll accounting, payroll tax agency requirements, social security, wage garnishments, child support, third party sick pay, and fringe benefits are taken care of, so the owner of a small business can focus his or her time elsewhere. A payroll processing company gives business owners the freedom of time to focus on core business, company management, and marketing.
The widely used human resources company, Paychex offers an automated system for time and attendance. This will aid in recovering lost time by automatically tracking time that is actually spent on the job. Time management is infinitely important to business owners, since, for those who own a business, time truly is money.by