Should I keep payroll in-house?

Payroll is an essential function of any business. If you’re running a small business, it’s your job to ensure your workers are compensated correctly and on time. From tracking hours worked, calculating employee wages, deducting federal income tax and social security taxes owed to the IRS and other applicable state and local taxes, your responsibilities can be overwhelming. 

You could process payroll yourself, or in-house or you could ask professionals such as TaxAssist Advisors to guide you through the process, costs, calculations and deadlines – or even take care of everything for you.  

Cloud based solution vs manual process

Whether it’s a cloud-based solution or a manual process, you need a system in place to track employee hours, understand deductions and issue payments to your workers.

Adopting a manual process can be a massive drain on time and resources for a growing small business. If you have several employees, you have to track their hours and rates manually. Then you have to research both federal and state tax laws, so you’re deducting the right amount for taxes from each paycheck. 

You then have to pay employees, track year-to-date spending, and keep an eye on time-off payouts. If you’re trying to work on payroll and your business, it’s easy to become overwhelmed, spending too much of your time on admin tasks, rather than where your focus should be - running your business.

Payroll software automates all the necessary requirements of accurately processing payroll so you don’t have to complete every step manually and will save you valuable time and reduce errors. It automatically calculates the correct amount your employees should be paid each pay period based on the number of hours they’ve worked. If you have salaried employees, payroll software tracks them and pays them accurately.

One of the main advantages of using payroll software is having taxes automatically deducted from staff paychecks so you don’t have to worry about paying payroll taxes each spring or misreporting employees’ wages. 

Why use TaxAssist Advisors?

With our small business cloud-based payroll service, we can advise you regarding all aspects of payroll preparation and compliance, making sure your calculations are correct and that you meet your deadlines and requirements. We can also offer advice on recruitment and staff retention, and provide human resource consulting services through one of our approved suppliers.

The responsibilities faced by employers can be intimidating, but we can guide you and your business through the processes, costs, calculations and deadlines and take care of everything for you.

To speak to a local payroll expert at TaxAssist Advisors, inquire online here to book your free, no obligation consultation.

Date published Aug 15, 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.