Why You Should Outsource Payroll Processing
If you think payroll is just about mailing checks and preparing pay stubs, think again. Payroll processing encompasses a wide variety of tasks, from onboarding new employees to tracking hours to ensuring government compliance.
For nonprofit organizations and small businesses, it may be tempting to delegate payroll processing to someone who isn’t a payroll expert; however, this seemingly cost-effective strategy will ultimately cost you more in time and money!
Instead, reach out to a nonprofit bookkeeping service like Good Steward Financial Company.
We are a virtual full-service bookkeeping and accounting firm that specializes in 501c3 services and accounting and bookkeeping for small businesses.
In addition to expert payroll processing, Good Steward Financial offers a broad range of services designed to specifically optimize bookkeeping for nonprofit organizations and small businesses, including:
- Full-service bookkeeping and accounting
- Fractional CFO services
- Annual audit assistance
- Cash flow management
- QuickBooks online bookkeeping services
Do I Need to Outsource Payroll?
Before we go any further, ask yourself the following questions:
- Are you delegating payroll processing to an employee who isn’t a payroll expert and has other responsibilities?
- Are you struggling to remain fully in compliance with rapidly changing government regulations?
- Are you worried about penalties for incorrect or late tax payments?
- Are you concerned about keeping your company and employees’ sensitive data secure?
If you answered “yes” to any of these questions, it’s time to outsource your payroll processing to a nonprofit bookkeeping service like Good Steward Financial Company.
The Benefits of Outsourcing Payroll
When you outsource payroll, you will notice some benefits immediately! Outsourcing payroll allows you to:
Save Time and Money
If you delegate payroll processing to an employee with other responsibilities, that employee has to dedicate a lot of energy and time to all of the details involved in payroll processing.
When you calculate the amount of time this employee spends on all of the tasks involved in payroll, like setting up direct deposits, calculating pay, printing checks, and maintaining software, hiring a payroll professional is more cost-effective.
Then, you can take that valuable time and money and direct it toward what matters: your organization and how it makes a difference in your community!
Free Up Employees
Speaking of the employee you’re currently delegating payroll to when you outsource payroll, they can apply their talents to their actual job description, instead of spending time trying to keep up with and understand payroll processing.
Make Fewer Mistakes and Improve Staff Morale
Nothing is more frustrating for an employee than discovering errors on their paycheck–except maybe a late paycheck. With professional payroll processing, you do not have to worry about those issues.
A payroll professional knows payroll inside and out. They will catch and correct mistakes before they become an issue, and your staff will thank you for it.
Stay Compliant with Government Regulations and Taxes
A payroll professional won’t just make sure that your payroll is accurate; they will also make sure that you are up-to-date with all government regulations.
You can rest easy come tax time, knowing that all of your payroll tax information is accurate and you won’t incur any penalties.
Enjoy Greater Security
Payroll involves a lot of extremely sensitive information, for both your company and your employees. Outsourcing payroll minimizes the risk of identity theft and embezzlement, as payroll professionals invest in data protection services to ensure their client’s safety.
Payroll Processing with Good Steward Financial Company
At Good Steward Financial Company, we aren’t just financial professionals; we’re experts at accounting and bookkeeping for small businesses and nonprofit organizations.
Your small business or nonprofit has specific payroll processing needs, and we are uniquely positioned to help you manage them efficiently and accurately!
Our payroll processing services for small businesses and nonprofits include:
- Payroll processing on a weekly, biweekly, semi-monthly, and monthly basis
- Direct deposits
- State and federal payroll tax filings
- Customized payroll reports
- Preparation of W-2s, W-3s, and 1099s
Once you see how our payroll processing services improve bookkeeping for your nonprofit organization or small business, feel free to explore our other offerings, including fractional CFO services, annual audit assistance, QuickBooks online bookkeeping services, and other 501c3 services.
Contact us today to learn more about how outsourcing payroll can improve your organization!