Payroll processing has been rated as being one of the most cumbersome tasks faced by business owners in America. Payroll processing may appear easy for a small business owner with a few employees, having a low straightforward tax burden and simple sale/purchase transactions. However, very few businesses operate that way.
Adding to the complexity of payroll processing is the payroll tax compliance, payroll calculation and disbursement. Apart from paying employees in full and on time, the IRS equally need to be paid in full on a timely basis. Any errors on the amount of tax calculated can result in additional penalties imposed by the IRS.
You can consider outsourcing your payroll to avoid tax penalties. Outsourcing your payroll will help you achieve immediate benefits:
- Accurate tax calculations
- Timely tax payments
- Increased employee satisfaction by timely and accurate salary disbursements.
- Costs savings that maximize your bottom-line
Cash flow is a huge challenge for businesses. Many business owners often neglect their payroll tax compliance responsibilities because many are constrained with limited resources to pay for a professional employer organization (PEO) to handle their HR, payroll and tax compliance needs.
Payroll outsourcing can serve the following benefits for your business:
- Easy Filing of Payroll Taxes: Typically, this service is provided free of cost by quality payroll outsourcing All Federal, State and Local taxes are calculated accurately, to the nearest cent. A simple fill-in-the-blanks form is provided for you to fill up for tax return purposes
- Electronic Transfer of Funds: Rather than signing checks or preparing pay orders, your business can transfer all its taxes to the government treasury through a simple click. Furthermore, your payroll account updates automatically as you pay your taxes, as it is integrated with all your business transactions and bank accounts.
- Keeping Up-to-Date with Tax Regulations: there are muddles of changes that occur in employment tax laws each year. Payroll outsourcing saves you the time and hassle of analyzing the impact of each and every change and incorporating them in your HR system accordingly.
- Timely Tax Payment: All payment outsourcing vendors take full responsibility for paying all payroll taxes on a timely basis. This can help you avoid tax penalties from late payment.
- Reliable Calculation: Payroll outsourcing systems include best-in-class proprietary technology supported by technical and legal experts. For the purposes of conducting a tax audit, CPA’s do acknowledge that the calculation provided by outsourced payroll vendors are more reliable, detailed and accurate when compared to manually based payroll in-house systems.
There are several other ways through which payroll outsourcing can make payroll tax calculations easy and cost-effective for business owners. To learn more about how you can achieve immediate cost savings on payroll associated costs, feel free to contact us.
About SimpleX Payroll
SimpleX Payroll is a full-service payroll company that specializes in delivering unparalleled service standards to small-medium sized businesses in all 50 States. SimpleX Payroll is built on providing
a cloud-based all-in-one premier Payroll processing suite that includes Employee Time Management, Unlimited Custom Reporting, Calculating Taxes, Accounting & System Integration features. Fully Integrated Payroll | Employee Time Management Calculating Taxes | Accounting & Enterprise System Integration | Unlimited Custom Reporting | ALL 50 STATES |