Changing technology demands that small businesses stay on top of the latest trends and improvements. Meeting payroll is one important example.
Your business has several choices of approaches to meet this essential business accounting demand:
The lure of hiring an outside firm, of course, is convenience but the flip side is the cost. It is by far the most expensive option and the requirement to provide data to the payroll provider still requires staff time.
Traditional software is a commonly used approach, and it usually is less costly than hiring an outside payroll provider. However, keeping traditional software up-to-date with the latest tax laws can be difficult and an area that should not be left to chance. If you do fail to keep up with IRS law, you are on your own to deal with the federal government to resolve any notices or penalties.
In addition, traditional software also requires staff time to input the data and the input usually needs to be done at the office.
SaaS offers many advantages over traditional software, including cost, convenience and easy and sure compliance with IRS tax regulations. A good SaaS payroll service will save you roughly half the cost of traditional software.
Processing payroll with a SaaS like SurePayroll couldn't be simpler:
- Log into a secure website and enter employees' payroll data for the pay period;
- Make sure the information you entered is correct;
- Approve the payroll.
Then, the payroll service will deduct and file all applicable payroll taxes and pay employees by direct deposit, or enable self-print paychecks for payroll administrators. At appropriate quarterly and annual intervals, IRS forms will be automatically filed.
The convenience advantage to online payroll is that the payroll can be filed anytime that is convenient. All that is necessary is a computer and the Internet. Staff time can be cut dramatically and channeled to convenient times, even on weekends or at night.
And in between your payroll submissions, if any important tax regulations are changed, your online payroll service will incorporate those changes seamlessly into software. You'll never have to worry about keeping up with the IRS' ever-changing rule book. That piece of mind is reason enough to make the switch.