Posted by Marilisa Racco on Tuesday, July 7, 2015 - 08:00
As a small business manager, you're akin to the office coach: You lead a team of trained professionals who work together with a common goal of maximizing profits, and you also coach them to support one another. Plus, you have your own personal benchmark goals to reach.
That’s a lot of work, so why also saddle yourself with the added responsibility of overseeing the company payroll or even having to fully understand payroll software for small business?
For companies of all sizes, payroll is a popular function to outsource. Forty-three percent of the U.S. companies responding to a survey for Robert Half's Benchmarking the Accounting & Finance Function said they outsource payroll. Financial executives for smaller companies often cite the lack of internal staff or expertise as the reason for outsourcing payroll.
Hire a payroll professional
It begs the question: Why don't more owners and managers employ a professional with expertise in payroll software small business? Not only are managers freed up to focus on their primary tasks, but a payroll software expert can also stay on top of legal or regulatory changes and help protect the company from any unforeseen IRS charges or penalties.
Sure, there are online payroll software programs that are fairly user friendly, like QuickBooks. But the reality is that the average small business manager can easily become overwhelmed by having to track individual employee vacation times, expenses to be reimbursed and year-end reports to be submitted, not to mention other tasks.
By hiring a payroll professional, you can circumvent any possible discrepancies on employee paychecks regarding health insurance payments, retirement fund allotments or tax deductions. The payroll expert is also able to work with each individual employee to set vacation schedules.
Know the payroll software programs
Even if you decide to bring in a payroll software expert, you may want to have a basic familiarity with the specialized software programs payroll experts might use. Here’s a brief rundown:
Intuit Online Payroll
A sister product to QuickBooks' accounting software, this program offers a three-tier system that ranges from simple paycheck creation to more sophisticated functions like direct deposit and electronic tax filing. This program can also run on mobile devices, including iPhones and Androids.
An online program that's ideal for small businesses of up to 50 employees, it also offers optional add-ons for payroll tax filing, time and attendance, and an employee portal. Billing is done on a month-to-month plan, and the service can be canceled at any time with no penalty.
This program creates IRS-ready files that are formatted for electronic filing and automatically updates IRS changes on a yearly basis.
StarGarden HR Suite
A fully integrated web-based HR, payroll and scheduling program, it is capable of addressing multiple collective agreements and complex pay and benefits issues. It can be used for both payroll and accounting functions.
A cloud-based program, it addresses multiple HR functions, including payroll, benefits, and time and attendance. Its online nature means it is universally accessible from all over the world and available at any time from any Internet-enabled device.
Why not leave it up to the pros to make sure your staff is paid correctly and on time? That way, you’ll have more time to focus on managing your small business so it grows and succeeds.
In case you haven't seen it, here is the latest Benchmarking report, which has a wealth of information for business owners and managers.
Has hiring a payroll professional helped you to better manage your small business? Let us know in the comments.