In the early days of your small business payroll was probably pretty simple, especially if you were the only employee. But as your business grows the job of payroll becomes more and more time-consuming. Accuracy and timeliness are both crucial to getting payroll out to your employees so there is never a time when you can slack off on this duty. If the task of payroll has become so large that it is keeping you from focusing on the growth and development of your business then it is time to bring in help. A high quality virtual accounting firm is one of the options you have for hiring help with payroll. A virtual accounting firm can help you with a long list of your payroll duties and offers some unique advantages over going the traditional route and hiring an in-house payroll department.
- Payroll services a virtual accounting firm can provide
The range of services offered by a virtual accounting firm will vary depending on the firm, but a full-service firm like Keeping Your Balance (KYB) can provide you with complete payroll services. This means that you can remove the task of processing payroll from your list of to-dos and put it in the capable hands of accounting professionals. Some of the payroll services you can expect from a full-service virtual accounting firm include:
- Complete payroll processing
- New hire reporting
- State and federal filings and tax payments
- W-2 generation
- State employer applications and setup
- Workers compensation audit reporting
The tasks on this list are an essential part of running your business but there is no need for you to continue doing everything yourself. Hiring a virtual accounting firm to help with your payroll duties will free up time and energy for you to devote to other areas of your business.
- Advantages of using a virtual accounting firm for payroll
You may feel more comfortable with the traditional model of having an in-house payroll department as opposed to using a virtual accounting firm. If that is you, think about where those feelings and beliefs are coming from. Are you comfortable with the idea of an in-house payroll department simply because that is the only model you have seen in action? The reality is that outsourcing your payroll to a virtual accounting firm has some distinct advantages over the traditional model of hiring and in-house person or team. The advantages you get from outsourcing your payroll needs to a virtual accounting firm include:
- Lower overhead costs
- No need to manage/supervise payroll staff
- Only pay for the services you need
- Access to and integration with the latest technology
Hiring a new employee costs you much more than simply a salary; it also costs you in terms of benefits, office space, and time spent managing/supervising the new hire. When you work with a virtual accounting firm on payroll you do not have these extra costs. In addition, you only pay a virtual accounting firm for the services you actually need. With a salaried employee you may end up paying for unproductive time if you do not always have enough payroll duties to keep someone busy forty hours per week. Access to technology and technology integration are also advantages to using a virtual accounting firm for your payroll needs. Because everything is done virtually, a virtual accounting firm must stay on top of all the latest accounting and payroll technology. This means that they can help you determine the payroll technology that will work best for your situation.
A virtual accounting firm is a great option if you need help with the payroll responsibilities in your business. Spend your time on the tasks that only you can do and leave the payroll duties in the capable hands of accounting professionals.