How Accurate Payroll Reports Help Support Your Business

It will come as no surprise to any small business owner that payroll is one of

, if not the largest single expense that companies encounter. The cost is not simply the salaries of the employees, but also factors in the time, effort and expense needed to accurately and effectively manage all of the calculations and complex issues associated with the payroll each week. There are numerous automated, online, and local brick and mortar services that are available to help the small business owner deal with this complicated issue.

Many business owners first instinct will be to handle payroll in house and avoid the cost of a payroll service, but this can be expensive and time-consuming in the long run. The first and most obvious problem with completing payroll in house is the time that is required to deal with the calculations, printing the checks, verifying the funds availability for the payroll, dealing with employee complaints and problems, vacation time, tax issues and any number of other concerns.

A larger and potentially costlier possibility is the liability involved if any mistakes are made with your payroll. There are very few issues that can generate stress and employee dissatisfaction as quickly as payroll errors. A major or repeated payroll problem can result in a lost employee or serious litigation. The latter can even lead to the failure of the business altogether. When errors are made with tax filing, various fines and fees can be incurred from the state and federal government as well, thus wasting valuable resources.

One important feature of outsourced payroll services is their ability to provide you with comprehensive and accurate payroll reports. These reports not only allow you to track all aspects of your payroll expense over time, but also help to better predict the costs and benefits of your staffing and payroll levels moving forward. Being able to forecast profitability is crucial for any business, and there are few tools better for this than having access to accurate payroll reports.

Fortunately for business owners, improvements in technology have made it possible for payroll services to provide more reliable and inexpensive services than ever before. In most cases, the payroll service will handle everything from tax calculation and personal time tracking to check printing and quarterly income tax preparations. All payroll services will handle W2 write ups and the majority will provide printed checks, delivered for you.

The best payroll services will also provide coverage towards any liability caused by errors in the payroll. Some companies provide occasional advances to cover slow periods for seasonal employers, or allow you to pay more during your better seasons and hold that in escrow to cover the payroll during the leaner months of the year. The level of service and protection provided will determine the cost of the payroll provider, but you can be assured of finding a better deal if you shop around for smaller providers who are always looking to win your business from the larger national payroll service providers.

by: Rob Barker

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