If you’re a small- to mid-sized business, you’ve probably just recovered from the stress of generating your employee and contractor tax forms and sprinting to the post office to get them mailed by the government deadline. Congrats! It’s time to return to the normal, 24/7 job of actually running your business.
Payroll is a necessary function, and it’s vital to nail it every time. It’s more than cutting checks, though. It’s also calculating overtime and reporting to the government. But is it something you need to handle in-house? Consider the following before you run payroll again:
- Competence. Do you know enough about the legal and regulatory aspects of payroll to manage it in a way that mitigates liability to your business?
- Confidence. Do you have confidence in your abilities to properly manage payroll, or does it cause you stress?
- Opportunity cost. Chances are you or someone in your business has to set aside other duties to handle this task. Did customer service suffer or was a deadline missed because it was time to do payroll?
Reflecting on how keeping this responsibility in-house affects you and the overall health of your business is important to your growth potential. If outsourcing this function can give you or your employees the space to advance your business, it’s worth handing it off to payroll pros. And 1st Source Tax and Accounting is here to help!