What happens when you bookkeeper of 20 years moves or retires or takes a new job? Now, you have to hire a new accountant to manage your books and payroll. There will naturally be a learning curve for any new bookkeeper to manage your books and payroll. That brings us to the question that many Upper Valley businesses in Vermont and New Hampshire ask, “What are the benefits of Using an Outsourced NH Payroll Service?”
Here are just a few reasons why you should consider using an NH Payroll Service instead of an internal bookkeeper.
1. Avoid Payroll Knowledge From Walking Out The Door
If your bookkeeper or the controller for your company gets a new job, they will walk out the door with their knowledge of your payroll process. Using an outsourced NH Payroll Service eliminates this problem.
2. Leverage An Outside NH Payroll Service
Most business owners and internal bookkeepers don’t have the necessary time to keep up with the constantly changing regulations. By using an Outsourced NH Payroll Service, you can take advantage of their expertise that large corporations have.
3. Avoid Software Technology Headaches
One of the biggest challenges that small business owners face each year is software updates to bookkeeping software. It’s not just the ongoing expense, but the time wasted on learning new systems and utilizing them properly. Using the wrong tax tables can result in stiff penalties you need to avoid. Outsourcing your payroll to a local NH payroll service company removes that frustration. Another great feature of outsourcing your payroll is you will be able to add much-needed features like direct deposit, reducing the need for printed checks.
4. Offer Direct Deposit (It’s a must!)
Let’s face it, it’s the 21st Century, and direct deposit is a norm! Providing direct deposit can be difficult for even large companies, much less a small business owner without an outside payroll service. Today, millennials want direct deposit; they don’t want the hassle of getting a check and driving to the bank to deposit.
The benefit of direct deposit means you reduce the time-consuming and error-prone handling of reconciling of individual checks every month.
5. Avoid Internal Revenue Service Penalties
According to the Internal Revenue Service, small business owners pay an average of $845 per year for late or incorrect filings. Most payroll service providers offer a tax guarantee, ensuring the customer will not incur penalties. The benefit of not having to worry about being fined each year is one of the best benefits of outsourcing your payroll.
5. Reduce Your Small Business Costs
The direct costs of processing payroll internally can be significantly reduced by outsourcing your payroll to an NH Payroll Service. For example, A small business with ten employees will typically spend $2,800 per year or more in direct labor cost associated with payroll. The benefit of using an outsource payroll company reduces your cost even when compared to a full-time employee or part-time bookkeeper.