Payroll is a required part of your business. Providing a regular paycheck is one way you reward and retain employees. This is one reason why accurate payroll processing is so important. If you make errors, you may end up with dissatisfied employees. Even worse, you could owe a significant amount of money to the IRS for back taxes and/or penalties. As a result, you’re better off outsourcing payroll to a trusted partner. Here are three reasons to let Red River Payroll focus on payroll processing so you can focus on your business.
Although payroll processing is a required part of your business, it’s also time-consuming and often inefficient. The required attention to detail puts even greater demands on your already-full plate. Through each pay period, you must follow a system of checks and balances to ensure the data that varies among employees is error-free. By outsourcing your payroll processing, you free up time for core tasks that help manage and grow your business.
Because you own a business, the value of your time is linked to the revenue you create from the responsibilities you take on. As a result, saving time each day means earning additional income. For this reason, you want to avoid spending time on payroll tasks such as calculating employee hours, deductions, paid time off, sick leave and taxes. You also don’t want to print, sign and distribute employee paychecks or stubs. Plus, you want someone else to process direct deposit payments, generate payroll reports and prepare and submit local, state and federal payroll taxes. Because the total time you would be spending processing payroll each pay period is significantly more than the cost of outsourcing, you save a substantial amount of money by taking payroll off your plate. Even if you were to hire payroll experts, you’d pay more in employee wages and benefits than if you outsourced payroll.
Non-compliance with payroll processing laws can result in significant liabilities. For instance, to remain compliant, you need to understand wage and hour laws, including when you’re required to pay overtime. You also must stay current on changes in tax laws and regulations. Cases of misrepresentation or failure to accurately file taxes with federal and state agencies can involve audits and penalties. Even though you’re probably not an expert in that complicated field, you’re still responsible for the mistakes you make. By outsourcing your payroll, you gain access to professionals who use the latest technology to guarantee accuracy and compliance with tax laws and regulations. They make corrections as needed and take on the liability of any mistakes they make.
Outsource to Red River Payroll
Save time and money while guaranteeing compliance by outsourcing to Red River Payroll. Our trained experts provide the payroll processing services your business requires. Reach out to us to learn more today.