Calendar date circled in purple with the words pay day written

Why Should You Outsource Payroll?

On payday, your employees expect their paychecks to be correct. Errors or oversights on a paycheck can anger and unnecessarily stress an employee. Save the hassle and outsource your payroll.

Ensuring your employee payroll is accurate is vitally important, yet for many small business owners in the Peoria and Central Illinois area, the process is laborious, stressful and never-ending.

Calendar date circled in purple with the words pay day written

When you outsource payroll responsibilities to the experts at David Mills CPA LLC, you get more time to concentrate on your core business. You will have peace of mind knowing your payroll operations are being handled correctly and professionally.

Pay period follows pay period. Accurately completing your company’s payroll requires time and attention. 

Outsourcing Ensures Payroll Accuracy

By outsourcing payroll responsibilities, you can be assured that all special deductions, such as wage garnishments, savings, and health deductions are properly calculated.

Do you know the updated payroll regulations for 2020? With outsourced payroll services, the experts at David Mills CPA LLC ensure your firm is compliant with all current payroll laws.

At David Mills CPA LLC, payroll tax deposits are electronically filed and quarterly payroll tax forms are prepared and filed. They also complete year-end W-2 and 1099 forms as well as worker’s comp audits and any requests for payroll information.

Hiring experts to complete your company’s payroll helps avoid IRS mistakes and penalties. 

When you work with David Mills CPA LLC, you are able to establish a direct deposit option for your employees. Direct deposit saves employees a trip to the bank to cash their paycheck and has become a convenience employees expect.

Outsourcing Payroll Eliminates the Burden on Employees

Outsourcing your payroll eliminates the need to train or cross-train employees to handle payroll. When payroll is handled in-house, a burden is placed on the company every time the person responsible for payroll goes on vacation, takes a leave of absence or quits the company. 

When the payroll employee leaves or retires, they walk out with valuable knowledge that can be hard to regain.

Outsourcing your payroll responsibilities means a knowledgeable team is in place to seamlessly handle your company’s needs.

Contact the professionals at David Mills CPA LLC today to see how their payroll service can meet the needs of your business. David Mills CPA LLC has offices in both Morton and East Peoria.

8 Reasons You Should Outsource Payroll

8 Reasons You Should Outsource Payroll

Are you a small business owner who is handling payroll processing yourself? Payroll may seem like something that you can operate on your own. However, there are many demands that come along with handling payroll. Some demands include keeping up to date with payroll laws, tax deposit rules, and filing state and federal mandated forms on time so you are not penalized for missing a deadline. Outsourcing payroll not only takes care of all of these functions but allows the business owner to focus on aspects of the business that directly affect its future. Outsourcing payroll provides several benefits.

Outsource payroll1. It saves you time.

Operating payroll services requires a lot of time that many small businesses do not have. From entering data to researching new laws or updates, the amount of time that payroll takes up is not desirable to many business owners. Outsourcing the service allows you and your employees to offer their full attention to the direct needs of the business.

2. It saves you money.

Outsourcing payroll prevents your business from having to hire someone that is specialized in this particular service. This reduces the cost of overhead. Second, a company can also save money by saving time. Employees need to be paid for their hours of work. By hiring an affordable full-service provider, this can be avoided.

3. No need to worry about payroll tax filing.

Payroll is a complex and risky business operation. It can be difficult if you do not have an expert in this field who is handling tasks. Federal, state, and local payroll tax laws are becoming more and more detailed. Without having the time to research, learn and apply these updates, you run the risk of calculating or filing your payroll taxes incorrectly or late. By outsourcing payroll, you never have to worry about these issues again.

Payroll security4. You eliminate security risks.

Security risks can be a problem. Companies can run the risk of an employee tampering company records, embezzlement of funds, or identity theft. Even with the most trusted employees, business owners should be cautious. In-house payroll software is also something you need to be careful with and do your research to see how secure your payroll data really is. Choosing to outsource payroll with a reputable company can make you feel assured that your confidential payroll data is secure at all times. This is a huge part of the service provided to clients.

5. Being able to simply understand reports.

Payroll operations can be a difficult subject to learn and understand. Receiving payroll reports tailored to your specific company is a huge benefit when considering outsourcing. An outsourced payroll company can help explain data in a way you will understand. Consider hiring a full-service company who prepares union reports and others as needed.

6. Online payroll processing is available.

It is important to make sure you are hiring a company who can also provide online payroll processing. Online payroll processing allows your employees will have 24/7 access to their information such as current payroll stubs or last year’s W-2 forms. Employees are able to request changes to their withholdings, etc., without having to take any time away from running your business.

7. Reporting issues are taken care of.

Outsourcing companies can take care of any reporting issues that come about. Some examples include child support audits, Worker’s Comp audits, 1099 processing, W-2, and Wp3 processing, preparation of federal and state registration forms, or any other issues that may arise, the full-service company will be able to take care of it for you. Also, this will save your business additional time and energy.

Payroll professionals8. The expertise of hiring the professionals.

Hiring professionals who have expertise in payroll will put your mind at ease. You can feel confident knowing that they will take care of every last detail with payroll processing. Operating payroll can create complexities that only take your time and money. This ultimately hinders the business itself. A professional company will take over payroll tasks.

If you are considering outsourcing payroll, consider all of the benefits that come along with it. Some benefits include saving time and money, securing your data, and allowing you to no longer worry about handling payroll functions and all of the complexities that come along with them. David Mills CPA, LLC provides expert accounting and financial services to both small and medium businesses, as well as to individuals. Our CPAs can assist you with a multitude of accounting services in Peoria, IL, Morton, IL, and the rest of Central Illinois. If you are interested in payroll services or any other financial services, you can contact us here.