Managing the Payroll – Still Want to Do It Yourself?
There is no question that you can do the payroll yourself if you want to. The main benefit to that is saving money; both bookkeepers and payroll services cost money. However, figuring out the payroll can suck up a lot of time, even using dedicated software.
Contrary to popular belief, payroll services are not ridiculously expensive. In fact, most of the ones that you have heard of are very competitively priced. Most also have special deals for small businesses with few employees. In addition, using a payroll service could end up saving you money in the long run, in a couple of crucial ways. First, payroll services are substantially less likely to file returns late or make calculation mistakes (using the wrong tax tables, for example); that saves you both interest and penalties. Second, many of these companies will process tax deposits for you, so those aren’t skipped or late and subject to fines and penalties.