Avoid IRS Penalties
According to the IRS, 40% of small businesses pay an average penalty of $845 per year for late or incorrect filings. IPS provides a guarantee ensuring there will be no penalties and we'll take responsibility if they occur. In most cases, this alone makes outsourcing payroll a wise choice.
The cost of paying an in-house payroll processor, bookkeeper or having an owner process payroll, can be twice as costly as outsourcing. According to KPMG, an international tax advisory firm, recent estimates put outsourcing costs at 25-40% below in-house estimates, with some companies realizing as much as a 50% cost reduction!
Direct deposit is a great employee benefit providing convenience and an easy way to keep your business up to date with current trends. It eliminates the problem of lost or misplaced paychecks. However, it can be difficult for small businesses to provide this benefit without the use of a payroll service bureau.
Reduce Stress/Create Free Time
Payroll becomes a headache to business owners that have multiple jobs. By outsourcing payroll, you and your staff have more time to pursue other revenue-generating tasks that can add to your bottom line.
Gain Payroll Expertise
Small businesses do not have the luxury to be experts in every field. With changing wage requirements, withholding tax rates and complex government forms, IPS offers the expertise necessary to provide payroll compliance for your business. You gain the knowledge of payroll professionals who can answer your payroll questions with knowledgeable answers.
Avoid Technological Problems
With most in-house payroll software programs, there is the need to update software and tax tables on an annual basis. When you outsource your payroll through IPS, we manage technical and software updates as they occur.
When a bookkeeper or controller handles sensitive payroll information, it is easy for pay rates to become available to other employees. Outsourcing payroll will increase privacy in your payroll data.
When an in-house payroll processor takes a vacation or calls in sick, payroll becomes a greater hassle. Feel confident in your commitment to pay employees on time when you choose to outsource with IPS.