Why Outsource Your Payroll When You’re a Small Startup?
You’ve got a great staff that’s ready to get things done, but how do you pay them?
Your business is small–for now–and you’re trying to conserve your resources. Startups can make scant funds stretch, but investing in your business is important, too.
Maybe you’ve been trying to save time and money by doing your own payroll, but has that really been successful, or is it a drain on your already limited resources–and a potential pain point for your team?
Good Steward Financial Company is a virtual bookkeeping service dedicated to helping your small business succeed.
We offer a variety of vital services, from QuickBooks bookkeeping services to cash flow management and fractional CFO services, that keep your business thriving.
At Good Steward Financial, we specialize in startups like yours, so you know we know what we’re talking about, and we want to share why outsourcing payroll might be the right choice for you.
Save Time and Money
If you’re doing your own payroll, you may be trying to cut costs. However, the reality is doing your own payroll is often more expensive than outsourcing to a professional.
Payroll is a time-consuming process; it requires accuracy and efficiency, and it must be completed on a regular basis.
The time you spend entering data, generating reports, and distributing checks is time that you are not spending on the most important thing: growing your business.
And as a small business owner, you already know that time is money.
When you outsource payroll, you can devote your time to aspects of the business that need your attention specifically, and your operations become more efficient.
Outsourcing payroll can save you more than time, though. Payroll outsourcing can save hard cash as well.
When you outsource your payroll to a professional, your chances of a costly mistake decrease dramatically. You also do not have to pay for tax documents or payroll software.
Ensure Accuracy and Compliance
You’re an entrepreneur, not a payroll tax expert. When you do your own payroll, it can be all too easy to make a minor mistake that results in major consequences, including IRS audits and penalties.
Even if you feel like you have a handle on the national, state, and local tax and labor regulations that affect your business, there may be something that you’re missing, or something might change without your knowledge.
Your job is growing your business; an outsourced payroll partner’s job is knowing all about the rules and regulations that affect your business.
Many payroll processors can assist with accuracy and compliance issues beyond pay stubs, such as W2 reporting and filing, 401(k)s, and direct deposit.
For example, Good Steward Financial is also full-service bookkeeping and accounting firm. When you outsource your payroll to us, you can also take advantage of our broad expertise in the financial sector.
In addition, a 2017 survey by Industry Dive found that 49% of employees will look for a new job after just two payroll mistakes. Payroll inaccuracy doesn’t just hurt your standing with the government; it hurts your standing with your team.
Beyond lost time and money and difficulty with legal regulations, doing your own payroll can be a major internal security issue.
When you do your own payroll, there is a possibility that an employee could tamper with the records or even “skim” a little money off the top.
On top of those dangers, if you store your data on an insecure server, your company may fall victim to a hacker. Your business and employees’ sensitive data, such as bank account information or birthdays, could be compromised.
Outsourced payroll companies have access to the best-encrypted software–well beyond your startup’s budget–and they will ensure that your data remains confidential and secure. They will also back up your data so that it is never lost.
Outsource Your Payroll with Good Steward Financial
If any of these issues resonate with you, it may be time to outsource.
Good Steward Financials payroll processing services will keep your startup running smoothly. We can handle:
- Payroll processing at whatever frequency is necessary
- Direct deposits
- State and federal payroll tax filings
- W-2, W-3, and 1099 preparation
- Custom payroll reports
At Good Steward Financial, we aren’t just a payroll processing company. We are a virtual bookkeeping service filled with financial experts who specialize in small businesses and 501(c)3 nonprofit organizations.
We understand your exact needs, and we leverage our financial expertise and other skills like QuickBooks bookkeeping services, cash flow management, and fractional CFO services to deliver results.
We are a Christian company and live by the Golden Rule: “Do unto others as you would have done unto you.” With this motto in mind, we always put the customer first.
Contact us today to see how outsourcing your payroll can transform your business.