Recently, a business contacted us because they wanted to outsource payroll. This business had been using an online service that was an add-on to their accounting software.
There are many problems now because the set up wasn’t done correctly. The owner’s comment was, “It really isn’t a service at all.”
Because of these mistakes; penalties and interest will apply.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Often when we are reviewing a company’s year to date history, we discover errors in how the payroll was set up. For example, we’ve seen where mileage was being reimbursed to employees and treated as taxable wages. This mistake costs both the employer and employee money.
Entrepreneur Magazine reported that payroll is one of the top five tasks that should be outsourced.
Don’t be pennywise and pound foolish! Call Payroll Vault for a free payroll checkup.