Small business owners spend a lot of time organizing and orchestrating payroll each month. In fact, the average time small business owners spend on their payroll is about eight hours a month. That’s 12 whole days each year that they could be spending generating new sales, finding new clients, growing existing accounts, serving customers, or improving products and services.
When payroll starts to feel like a task that is taking over the to-do list, it might be time to hire a payroll accountant. If you are on the fence about letting someone else manage payroll, here are five key ways payroll accountants can help make your life easier.
1. It helps to move the business forward.
While adding another person to the payroll might not seem like a cost saving measure, it pays for itself in less than a quarter. By hiring a payroll accountant, business owners will be able to focus more on tasks that move the business forward. This will also provide a more efficient use of staff time and reduce any worry about the associated legal details. An experienced payroll accountant will be able to deep dive into the details and make sure that all the minutiae is properly managed so you don’t have to worry about it.
2. It saves time.
Using a payroll accountant means that someone else handles the data entry and payroll system management. This eliminates the need for you to customize and update your payroll system, keep track of new laws, and research updates and tools that will make your payroll more efficient.
3. No more worrying about payroll tax filing.
Hiring a payroll accountant helps eliminate the risks of calculating and filing your own payroll taxes. Having professional help eliminates clerical and calculation errors and because local, state, and federal taxes are always changing, your accountant can spend their time making sure you are in compliance while you get to focus on the bigger picture of the business.
4. You focus on the big picture.
Bosses and managers hire professionals to deal with specific areas of their business. You have sales managers, marketing managers, warehouse managers, and more—payroll should be no different. Hiring a payroll accountant means that they focus on being the expert in the payroll system so you can focus on the core competencies of your business.
5. Someone else handles the reporting.
Hiring a payroll accountant doesn’t mean losing visibility of your payroll data. With an accountant, you will have the ability to request all of the reports you need to make sure you stay up to date on the state of your payroll. This will make sure you know what’s going on without you actually having to be in the payroll system on a weekly basis.
Anytime you make a change to your business, it can feel a bit daunting but hiring a payroll accountant can be a huge help for your business. It can save you time, make sure you are in compliance, and make your business run more efficiently. Want more guidance on payroll accountants? Contact MCK today!