Small businesses like yours are created and built with a vision and years of hard work, and many small business owners eventually have to hire employees to keep up with customer demands. Small business owners often try to do everything on their own to save on costs. It’s better to outsource specific tasks to experts, for example, using an Oklahoman small business payroll company like NetPEO to handle payroll for you.
Payroll can be complicated, especially as your business continues to expand and rules and regulations change. Instead of scrambling to try to keep up with your company’s payroll on your own, you can make the process far more streamlined and efficient by enlisting the help of seasoned payroll professionals. Learn more about how a small business payroll company can help you below!
Tasks a Payroll Company Can Handle
If you’ve been managing all of your payroll tasks on your own so far, you know how taxing the whole process can be for one person. Dozens of payroll tasks must be done regularly, and a small business payroll company can handle most of them for you! Some of the most common payroll tasks that companies outsource to payroll professionals include:
Certified payroll involves paying contractors with the federal government using Payroll Form WH-347. Contractors complete this process weekly, and it contains every employee’s wages, benefits, type of work performed, and the hours they worked. Federal government laws require certified payroll for compliance, and you may be charged for failing to comply.
Your payroll expert can help you determine whether you need a certified payroll, and they can ensure that your paperwork is completed accurately and on time.
Gone are the days when employees expected paper paychecks to deposit into their bank accounts themselves. These days, direct deposit is the way to go, and employees appreciate receiving their wages into their bank accounts via electronic transfer. Because direct deposit involves handling sensitive information, direct deposit can also be tricky for small businesses to take on their own.
Time Off Accrual and Reporting
There is no requirement from the federal government that small businesses must offer paid time off. However, providing paid vacation, sick leave, and personal days is an essential method of attracting and retaining top talent. Unfortunately, keeping track of how many days off each employee has accrued can be challenging for one person to manage. Fortunately, payroll experts can keep accruals and other employee data up-to-date and organize it for managers and employees to access quickly.
Access to Comprehensive Payroll Software
One of the best ways to manage all things payroll is with comprehensive payroll software like the one offered from NetPEO, NetPEO Connection™ Onsite Payroll Software. This program connects your company’s payroll information to a payroll partner for processing and management. You and your employees can view vital information, like pay stubs and sick day accrual.
When working with a payroll partner, you can go to them with your other payroll needs, such as workers’ comp, contractor payments, unemployment claims, and many more occasional tasks. By partnering with a payroll expert, you can feel confident that everything related to payroll will be handled accurately and promptly.
These are just a few of the dozens of tasks a payroll partner can handle on your behalf. The best part about working with NetPEO is deciding how little or how much help you want with your company’s payroll. If, for example, you want a payroll partner to complete taxes from start to finish, but you still want to do payroll administration on your own, you can do that!
Besides the ability to help you with all of the payroll tasks above, working with a trusted small business payroll company like NetPEO can also help keep your payroll data safe and secure. Not every PEO or small business payroll company takes security as seriously as they should, but quality payroll companies will work tirelessly to ensure that your data is safe from hackers and data leaks.
IBM reports that data breaches cost companies an estimated 4.24 million dollars in 2021 in the United States, and those numbers are expected to continue to rise. Data leaks and losses can cost even the most minor companies thousands of dollars and a loss of trust among customers. Unfortunately, many small businesses never recover after a data leak.
Using a quality payroll company that prioritizes security lets you relax, knowing that your payroll data is safe from prying eyes.
Companies can face hefty fees for making payroll mistakes, including payroll administration and paying payroll taxes. One such error is the Failure to Deposit Penalty, which applies to employers who fail to pay the federal government’s employment tax documents. If your deposit is late, the incorrect right amount, or was paid incorrectly, the IRS adds a percentage to your deposit for each day that it’s late.
These additional fees can cost your company thousands of dollars for a small payroll error, which are all-too-easy to make when you are focused on providing the best products and services to your customers. Payroll professionals have the education and experience needed to avoid such errors, which can prevent catastrophic payroll errors that result in damaging penalty fees.
NetPEO: Your Oklahoma Small Business Payroll Company of Choice
If you are overwhelmed with the number of tasks on your to-do list or no longer have the time and know-how to complete payroll on your own, NetPEO is here to help! We can help reduce your payroll burdens while enhancing security and ensuring compliance, leaving you to focus on what you do best: running your small business. For a free quote on our services, please contact us today!