Payroll management can be one of the most difficult responsibilities a small business owner faces. Payroll for small companies often proves to be surprisingly complicated, especially for people with little to no experience with financial record-keeping. Unfortunately, payroll management is also one of the most important tasks, and the consequences of neglecting it or breezing through it can be very serious and very costly.
For these reasons, many small business owners choose to outsource their payroll to a payroll processing company. Payroll processing companies have lots of experience processing payroll, and they are very familiar with all of these intricacies that make the process so different for everyone else. Plus, with a payroll processing company, there is only one report to approve, and one invoice to pay.
One circumstance that small business owners usually aren’t prepared for is paying employees from another country. For example, if a U.S. company hires a Canadian employee, that employee must be paid and taxed according to Canadian laws and regulations. Many employers avoid hiring qualified Canadian employees due to the jurisdictional differences, but with a payroll company, there’s no reason to hesitate.
Payroll companies do more than just process payroll. Did you know they can provide ongoing human resources support, and guidance and expertise when dealing with sensitive employment issues?
Many small business owners find payroll processing to be very tedious and time-consuming. If you decide to outsource your payroll management, imagine the time it will free up for you, and the stress it would take off of your shoulders. You would be able to use this free time end energy to focus on your business, what you’re passionate about. Or you can use this free time to relax and spend time with your family and friends! Many small business owners work long hours, so cutting out payroll could shorten your workday to the normal 40 hours!
