The Benefits of Outsourcing Payroll Services
The Benefits of Outsourcing Payroll Services
The Benefits of Outsourcing Payroll Services
Payroll services is one of the most important bookkeeping functions of any business, regardless
of size or structure. In addition to being time-consuming and often tedious, payroll functions
require a high level of knowledge and expertise in order to administer them well. Moreover,
they require a thorough knowledge of payroll tax law and strict attention to filing and payment
requirements so as not to suffer the severe financial consequences of failing to meet payroll tax
compliance requirements. Because of their importance and complexity, payroll services are
often outsourced. This allows them to receive the attention of experts, while freeing up the
business to focus its internal energy on those activities that increase profitability and promote
long term growth. Some of the advantages of outsourcing payroll services are discussed below.
Gain Access to Latest Payroll Software
One of the primary advantages of outsourcing payroll services is that it will ensure that your
company’s payroll is being processed with the latest and most sophisticated payroll software.
Because payroll service providers process payroll all day, every day, they generally use the best
and most advanced payroll software. In addition, they have the knowledge and experience
necessary to know how to most effectively apply the features of their software to the specific
payroll service needs of each client.
Benefit from Software Features
Payroll services software has a myriad of features including, but not limited to, 401(k) tracking,
vacation and leave tracking, employee benefits administration, time and attendance
management, payroll tax administration, wage garnishment processing, W-2 preparation,
accounting integration and check printing. Because it is complex and constantly being updated,
it requires and expert to utilize it to its fullest advantage, an advantage that will be realized by
the outsourcing of payroll services to an experienced payroll services provider.
Increase Tax Benefits and Compliance
An outside payroll services provider will monitor payroll tax laws for the purpose of ensuring
that their clients remain tax compliant and receive any available tax benefits. These providers
make it their business to understand the tax laws governing payroll services and are set up to
make sure that their clients comply with all of its applicable provisions. They submit both
quarterly and annual payroll tax returns according to the time constraints set by the IRS and
make prompt and accurate payroll tax deposits, thus avoiding the stiff Trust Fund Recovery
Penalties that are assessed for late payroll tax payments.
If your business is seeking an outsourced bookkeeping solution, the experienced professionals
at Orange County Bookkeeping can provide you with the expertise you are looking for. Our
licensed accountants and bookkeepers are equipped to serve Orange County businesses of any
size, structure or industry focus. Visit us today at www.ocbookkeeping.com
to learn more about our full range of bookkeeping, tax and business consulting services. Contact us by phone
at 949.242.9852 at or by email at info@ocbookkeeping.com to receive a free, no obligation
consultation.
Irvine, CA 92614
