When you own your own business, you may not have a lot of time to spend making out your payroll. Your everyday routine may be full of tasks like meeting with clients, handling vendor orders, and otherwise taking care of your customers.
Even so, you cannot legally go without paying your employees on time. You are obligated by law to pay them on time and for every minute that they have clocked working on your behalf. Rather than take time out your busy day to make up your payroll, you can outsource it to a contractor that specializes in payroll, accounting, and hr solutions for small businesses in florida.
Depending on how often you pay your employees, you may need your payroll done up for you on a weekly or bi-weekly basis. The company can make sure that your payroll is finished on time so that employees’ paychecks or direct deposits are sent in a timely manner. They will not face a late pay date because of your inability to finish the payroll in a timely manner.
When employees are owed benefits like paid sick or holiday time, they also can get these benefits paid to them through the payroll company. You do not have to keep track of what employees are taking sick or vacation time. The company can log that information for you.
As a business owner, you are also obligated by law to fill out and submit your payroll taxes on time each quarter. You typically have until the middle part of the month every three months to pay your taxes on your payroll. If you are late, the IRS can fine you heavily.
The payroll company can take over filing and paying your payroll taxes for you. They can take it out of your cash flow or deduct it from your bank account, whichever you prefer. They can also make sure the returns are submitted with proof of your payroll expenses and deductions so you avoid being penalized.
Outsourcing your payroll to a third-party contractor can save you time and money. You fulfill the most important obligations of running your own business.