If you’re a small business, we don’t need to tell you that paying your employees every pay period is probably your largest regular expense. We also don’t need to tell you that preparing payroll each period is a time-consuming task.
Have you ever wondered what you could do with your time, if you didn’t have to spend it on preparing payroll every week, bi-week or month?
And maybe you have more concerns.
“Homegrown Payroll” Consumes Time…and Occasionally Accrues Fines
Have you ever made a mistake on a payroll check? Your employee probably wasn’t very happy…and if it has happened more than once…they’ve probably left you for a new position at a business that has professional payroll people doing the job.
And have you ever been hit by a penalty by the IRS for incorrectly filing your payroll? We bet you weren’t very happy about that, either!
Here are some payroll stats, compiled by Workfest.
There are between 2,000 and 70,000 pages of tax codes in the US (depending on which source you look at.) There are also regional differences and regulations on such things as overtime, bonuses, and minimum wage.
40% of small business owners say bookkeeping and taxes are the worst part of owning a business.
Companies that outsource payroll save 18% over businesses that do it themselves.
Payroll mistakes occur twice as often in homegrown payroll solutions compared to third-party solutions.
40% of small-to-midsize businesses incur IRS penalties related to incorrect payroll filing. The average penalty is $845. In 2017, over 5 million employers were assessed over $7 billion in civil penalties due to payroll errors!
Imposta is Your Payroll Solution
You, or someone in your company, spends an average of 120 hours a year on payroll. Although 60% of business owners responded to a survey saying they feel confident doing their own payroll, these same responders said that they’d rather spend the time they used on payroll doing other things – like focusing on actually conducting their business or on being able to spend time with friends and family.
Outsourcing Payroll to a professional company such as Imposta is the solution. The team at Imposta keeps up on tax codes for all cities in every state, and we do it on a regular basis – so you don’t have to.
Imposta’s Payroll Service
Outsourcing your payroll to a third-party such as Imposta saves you time, money, and allows you to offer services to your employees and to your accountant that are perhaps not available otherwise, such as:
- Direct deposit
- Auto withholding for payroll taxes and employee benefits
- Generation of year-end W-2s for both employees and contractors
- Customized payroll reports
Outsourcing Payroll Makes Financial Sense
Your time is valuable.
So is your money – and any fines you incur for incorrectly filing your payroll taxes takes money out of your business and gives it to the government. Who wants that?
Outsourcing payroll is an expense, sure, but the peace of mind you receive by hiring a professional more than makes up for it.
More time for you to spend in your business
Eliminates in-house payroll position headed by employees who may not have the same expertise
Why not give us a call today to see how we can help you with your Payroll needs?