page contents

“I didn’t sign up for this!” is an expression we see frequently from entrepreneurs with rapidly growing businesses. It can be frustrating and challenging for small business owners to keep up with the increasing responsibility of non-core business duties such as payroll.

 

If you’re a small business owner you should seriously consider outsourcing your payroll as soon as possible. Not only does this maintenance function fail to differentiate you from your competitors, it drains time and resources away from the core purpose of your company and puts you at significant compliance risks.

 

Every small business has a unique set of strengths that add to the tapestry of our local Minnesota communities. What they all have in common, is that they tend to get lost in the weeds. By this, we mean that they get pulled away from their core inspiration by non-core factors like payroll.

 

Most business owners find themselves unprepared for the time, money, and resources required by a rapidly growing payroll. The added work hours can lead to stress, serious legal ramifications, and can even prevent your business from achieving success.

 

Here are the 3 biggest reasons to outsource your payroll as soon as you can:

 

  1. Increase in Efficiency and Effectiveness

Small business owners, in particular, struggle with the cost of hiring new employees. You invest time and money, hire the best candidate, and 6 months down the road, they quit. Now you’re left to personally cover the extra hours of payroll duty while beginning the hiring process anew. I’m tired just thinking about it!

 

Outsourcing your payroll is a cost effective solution to this common small business ailment. While a payroll provider’s fee might seem steep, it pales in comparison to the cost of maintaining a full-time employee. Hiring a provider allows you to avoid the costs of training, salary, and benefits; not to mention the worry of missing payroll thanks to an employee quitting. You gain access to expert talent, decrease overall expenses, and ultimately improve your bottom line.

 

  1. A Team of Experts to Reduce your Risk

In addition to knowing the payroll laws inside and out, the outsourcing team you hire will have access to the best technology available. Payroll will be completed better and faster. Plus, with a team of experts you and your company will be less vulnerable to risks such as input mistakes, leaked data, or payroll fraud.

 

We believe that every business should have access to information that will help them make good business decisions. After all, small businesses are least able to bear the costs of errors. With a provider, you have the payroll expertise and manpower of a larger company.

 

There are many complicated payroll laws that have the potential to devastate your business. According to the IRS, 40% of small businesses pay an average of $845 per year in penalties for incorrect filings. A great provider is intimately familiar with all payroll regulations and compliance requirements. Don’t let a small mistake cost you big.

 

  1. Get your Time Back

Once you’re resting easy with the knowledge that your payroll is in the hands of experts, you’re free to focus your time where it really counts: on growing your business. Not only will you have more time in your personal life, but you can shift back to the core business functions –the heart of your business. Spend time developing your next great idea. Rediscover your inspiration and watch your business flourish as you reignite your opportunity for growth.

 

Don’t wait until you’re faced with an IRS audit, late fees, or an absent employee, take action today! Contact We Spark Growth at 612.351.8180 or Inspired@WeSparkGrowth.com. Our team of accountants and CFOs are standing by to help kick-start your success.

 

When we give you your time back, We Spark Growth!

 

 

Our Team Can Help With: BookkeepingFinancial AnalysisCFO Services, MarketingSocial MediaWebsite DesignOperations AdministrationBusiness CoachingNonprofit Managementand more

 

And don’t forget to head over to our Facebook, twitter, or LinkedIn pages to join in on the WSG 90-Day Boost Your Business And Your Health Challenge!

 

Copyright © 2017 We Spark Growth, All rights reserved.