Payroll

Why do I need a payroll service?

Payroll is an essential part of your business. It is how you reward and retain your employees for the work they have performed. Without the proper knowledge of payroll procedures, tax laws and access to a good payroll software, it’s easy to make mistakes. Don’t risk IRS penalties, late tax filings and unhappy employees. Sign up for SMART’s payroll service. It’s payroll made easy.

1. Save Time

One of the major challenges to handling your own payroll is simply the amount of time it takes.  That demand will only increase as your staff grows. Each pay period becomes a series of checks and balances to ensure no errors are made while handling a considerable amount of data that varies from employee to employee. That’s time taken away from the core tasks that help you manage and grow your business.

When you outsource your payroll, you immediately free up all that time. You can devote that free time to refining sales and marketing strategies and improving workflow efficiencies. The inability to relinquish control, and the failure to delegate tasks to better manage your time is a bad business habit you need to give up.

2. Reduce Costs

As a business owner, your time is money. The time you are able to save each day is money earned. With that in mind, think about all the time you’ve spent, and continue to spend, on payroll tasks each and every pay period:

• Calculate employee hours, deductions, paid time off, sick leave, and taxes
• Print, sign, and distribute paychecks or stubs to employees
• Process direct deposit payments or electronic payments
• Generate payroll reports
• Prepare and submit local, state, and federal payroll taxes

If you look at the total time you spend on payroll each pay period compared to the costs of outsourcing, you’ll see a great deal of cost savings when you take those tasks off of your plate.

3. Improved Security

There’s a lot of risk that comes with in-house payroll. Identty theft is probably the greatest. Hard copies of employee records can be taken or viewed by other employees. There’s also the security of your payroll software. While the software itself could be relatively secure, you may house your data on a local computer that could leave you open to data theft.

Comparatively, outsourcing your payroll means your data is stored on highly-secure servers that use cutting-edge encryption technology, along with redundant data backups. If you wanted this same level of security on-site, you would have to spend a significant amount of money to create a secured network. At SMART we don’t charge extra for this kind of security. Our state-of-the-art approach to storing and protecting your data is simply a standard part of our service.

4. Guaranteed Tax Compliance

The potential costs of payroll mistakes are a very real possibility. Even one mistake can leave you open to audits and costly penalties. Because regulations change constantly, often many times throughout the year, it’s unlikely that you can stay on top of all of these changes when your focus is to run and grow your business.

At SMART we understand tax law. It’s our business to keep up with the rules, regulations, and changes in tax law. We guarantee accuracy and compliance. If there are mistakes, we’ll make corrections while handling the liability of any errors.