Visit the Business Credit Center to learn how you can successfully obtain and build credit.
Tips for outsourcing payroll
Learn how to find a payroll provider with the history, resources, and customer service to meet all of your payroll processing needs.
00:00 / 00:00
Transcript > Close Video Player
We live in a do-it-yourself world and like having control over what’s important to us. But when things become a little too complex or time-consuming, it’s nice to know you can call on professionals who know how to get the job done efficiently and cost effectively.
For your business, it’s the same way. You’re good at what you do and know everything about your products or services, but you don’t need to be an expert at every aspect of running your business. For things like managing payroll, it often makes sense to outsource to a payroll provider. If you’re currently processing your own payroll, there are several reasons outsourcing may make sense for your business. First, you’ll save time while increasing your efficiency. Finding a professional who can handle your payroll and streamline your bookkeeping will free you up to focus on what matters most: growing your business.
You’ll want to make sure you’re working with an experienced payroll professional; someone who can help you navigate the payroll process. Whether it’s 401(k), direct deposits, tax deposits and filings, or reports to meet your Affordable Care Act requirements, a payroll provider may be able to help integrate the many aspects of payroll processing, making payday and operations easier.
A payroll provider will likely handle sensitive company and employee information so it’s important that you’re confident they’ll protect your data. A payroll provider should also have a solid history, extensive resources and know-how, and a reputation for great customer service. An ideal payroll provider has the ability to get to know you and your business, and match the right solutions to your needs.
Looking for payroll funding strategies that help improve cash flow? Need to embed your workers’ compensation insurance to minimize your year-end payroll adjustments? What about the convenience of 24/7, online access to your payroll account, including your payroll reports? Consider a payroll provider who listens to you and provides the level of service to meet your payroll needs.
Did you know one in three business owners face a tax penalty each year? That’s why it’s important to find a payroll provider who can also handle your payroll taxes. Some large professional payroll providers offer a payroll tax guarantee. That means if you provide them with accurate information in a timely fashion, they’ll make sure these taxes are prepared accurately and paid on time, or they’ll cover any penalties.
Additionally, look for a payroll provider, like Wells Fargo, who is willing to work with the tax authorities on your behalf. They’ll monitor the ever-changing payroll laws, keep an eye on changes to federal, state, and city employment taxes, calculate and pay your employment taxes, file your quarterly and annual employment tax returns, and know the details of federal and state unemployment insurance tax requirements.
Finally, having your bank account and payroll in the same place may bring more efficiency to your business, giving you the ability to streamline accounting, view bank accounts and process payroll from one location, and expedite money transfers. You may even be able to save money with lower or waived fees and discounted services. Having your bank and payroll accounts all under one roof can also help improve your cash flow. For example, you can easily check the balance of your payroll funding account and make the necessary transfers to cover your payroll on payday.
So why worry about it? Leave it to the experts. Consider hiring a payroll professional. With greater convenience and efficiency, you’ve got more time to stay focused on growing your business.
To learn more about the benefits of outsourcing your payroll, visit WellsFargo.com or speak with a Wells Fargo banker today.