Benefits Of Hiring A St. Louis Payroll Service

Running a business is a huge task, which requires a great deal of responsibility. There are many things that you need to take care of as a business owner, while overseeing your employees. Because you have work to do that will generate income, it is a good idea to delegate other day to day tasks that don't require your direct attention. One of these tasks is payroll. There are several reasons that hiring a St Louis payroll service will be better for you and better for your business.

Direct Deposit
Direct deposit is the most convenient way to pay your employees, not only for them, but for you as well. When an employee has direct deposit, they do not need to stand in long bank lines on payday waiting to cash their checks. Offering direct deposit is helpful for you as well. It saves you the time to hand out paper checks, and then reconcile individual payroll checks each month. Many small businesses are not able to offer direct deposit because they do not have enough employees. If your company is too small for direct deposit, hiring a payroll service may the only way to offer direct deposit.

No Software Updating Issues
If you are doing your own payroll for your business, you need to make sure that you are using the most update versions of the software. If you forget to update your software, or if you didn't know that there is a more current version, you could do your employee payroll with tax tables that are not current. This can result in very hefty penalties.

Avoid IRS Penalties
A recent Internal Revenue Service (IRS) study has shown that over 40 percent of small businesses who do their own payroll end up paying an average of $850 in penalties every year for incorrect or late filing. If you hire a payroll service, and an error is made, you would not be responsible for any penalties. It would be the payroll company who would take the blame and who would be responsible for paying the penalties. More details can be gathered here.

No Risk of Losing Your Payroll Employee
Employees leave their jobs all the time. Some leave because they have received a better job offer, some leave because they were fired, some leave because they are relocating, and others leave due to illness. If the person in charge of doing your payroll has to leave for any reason, you won't have anyone to take on their responsibilities until you hire someone else. If your payroll agent left before they could train their replacement, it makes getting the payroll done very problematical. When you hire an outside payroll company, you can be sure that there will always be someone there to handle the job.

Without someone doing payroll, your employees would not get paid. This can be a serious problem for them and for you. When you outsource your payroll, you will always have an experienced, knowledgeable professional to take care of your weekly, monthly, quarterly, and an annual payroll needs.