Advantage Payroll Services vs. Doing It Yourself
As an employer, it's your responsibility to make sure your employees are paid accurately, on time and within the confines of the many ever-changing laws.
Deciding how to manage your payroll may seem simple at first, but there's a lot to know — from payroll taxes to W-2s ... minimum wage to overtime laws ... filing requirements to penalties ... and more. To make the right decision for your business, you need to consider the following:
Using a manual system or a software package, you can calculate and produce your employees' paychecks each week. You can also figure out your payroll tax obligations and make your own tax payments. Then, when it comes time to file your quarterly and annual payroll tax returns, you can either hire an accounting professional to generate those reports for you or do them yourself.
Before deciding to administer payroll in-house, there are a number of questions to answer:
- Who will manage payroll and are they properly trained to do so?
- Does the payroll person have any other responsibilities?
- Who will have access to the payroll information?
- Who will make payroll tax deposits?
- Who will keep track of the changing federal and state tax regulations?
- Who will prepare and file payroll tax returns?
- How much does it cost?
- What is the annual update fee?
- How long will it take to learn the software?
- What happens if your computer crashes? Can you back up your payroll information? What type of hardware would you need for this?
- Who can access the information in the software?
If you are going to use software, there are even more questions:
Advantage Payroll Services
Every year, more and more small to mid-sized businesses are making the switch to Advantage Payroll Services. Why? For a number of reasons:
Ease of Use - With Advantage, your payroll responsibility is reduced to a simple function of communication each pay period. From paychecks to tax payments to the preparation of quarterly and annual tax returns, your time investment remains minimal, allowing you to focus on what's most important ... managing your business. Learn more about how payroll is processed in the Advantage system.
Accuracy - Keeping track of the ever-changing tax regulations can be a nightmare. Why bother? With Advantage, you have the comfort of knowing your payroll is being expertly handled. We guarantee all federal, state and local taxes will be filed and paid accurately and on time ... or WE pay the penalties and interest!
Confidentiality - Where earnings are concerned, a breach in confidentiality can be devastating for any business. With Advantage, your payroll information is kept strictly confidential, and can be accessed only by those authorized to do so, keeping your business safe from any potential disasters.
Flexibility - At Advantage, we offer a variety of payroll input options, allowing you to choose what's most convenient for you — phone, email, or online. We also provide comprehensive, easy-to-read management reports. And our system features extensive earnings and deductions categories, so we're flexible enough for virtually any business. Most importantly, we're prepared to grow with your company, offering a wide scope of payroll services such as direct deposit, pretax health insurance, workers' compensation premium payment, and other services that can provide great value to you and your employees.
If you're confident in your knowledge of payroll tax laws and requirements, are able to stay abreast of changing regulations, and can maintain and deliver payroll accurately and on time without draining your resources, then in-house payroll management may be best for your situation. However, if you've ever experienced late paychecks, accounting mistakes, missed tax payments and hefty penalties, then you know how much trouble payroll can be. Add in the potential cost savings, plus substantial savings in time, energy and frustration, and it's easy to see why Advantage Payroll Services is the clear choice for your business.
If you CAN'T answer YES to these questions, you probably need to outsource your payroll with Advantage:
- Can your organization handle every payroll calculation and detail with precision and timeliness, week after week?
- Are you completely familiar with everything entailed in filing payroll taxes for your company, as well as for each of your employees?
- Do you have a system to issue payments automatically, or at least always effectively and on time?
- Do you have the time and personnel to make sure all of these operations are performed accurately throughout the year?
- Is your time better spent working on payroll, rather than growing your business?