Outsourcing Saves Money
Outsourcing payroll can be a cost and time saving option. To the untrained, handling payroll and payroll matters could save you up to 10 hours a week. When you save time on administrative tasks that leaves more time for you to build your business.
Here’s how
In general, professional payroll services only get paid for the number of checks they produce. Thus payroll processing becomes a variable cost, a direct function of the number of employees you have, as opposed to a fixed cost of having an employee on staff processing your payroll.
For example, a Bristol Tax Service fees for the outsourced payroll processing for a company with 10 employees paid on a bi-weekly basis will cost between $25 and $35 per pay period. This includes pay checks, management reports, tax filings – with guaranteed compliance, quarterly tax reporting and more. This translates into about $805 per year. You know that you cannot hire a person in-house to do payroll for that little cost. For a qualified individual, it would be at least 10 times that, plus overhead. Most Payroll Software and the cost of paying someone to prepare it correctly will be more than that.