In recent times, you are finding yourself trying harder than ever to pinch pennies where you can. Who isn’t? So, the question is, are your human resources in one of the categories you can do that? Of course! If you look hard enough, you should be able to find ways to save on your operating costs (and pass those savings along to your customers) in almost every corner. But for today, let’s focus on how to save on your payroll processing. Eliminating an in-house position dedicated to a relatively simple process is a start. But is outsourcing to a professional accounting service the best step for you to take? Cost aside, can you afford what comes along with each option? Let’s break it down.
The Case for DIY
Pros of DIY Payroll
- Control
YOU decide how to present your information as you set up your own program, using such a program as QuickBooks payroll. (Don’t forget to factor in the time it takes to set up your account and learn the process.)
- Error Checking
Your payroll employee will catch errors as they go. Also, since records are in-house, data is instantly accessible. (Don’t forget to hire the person who will not miss any errors and is on call whenever you need them.)
Cons of DIY Payroll
- Time
As you probably know from those bathroom renovations you tried at home, anything you do yourself takes MORE time than it would take a professional.
- Responsibility
In addition to the time it takes to do the job, you also need to add in the time you take to research tax laws and regulations, because oh yeah, that’s YOUR responsibility now.
The Case for Outsourcing
Pros of Outsourcing Payroll
- Time
Without one more thing on your plate, you can focus on running your business!
- Responsibility
No need to research tax laws – it’s all the experts do. Breathe a sigh of relief and let them do their job while you do yours… because you have more TIME (see above).
Cons of Outsourcing Payroll
- Error Checking
Errors would take longer to correct since you need to contact an outside source rather than the next room to notify of a mistake. However, a professional company will be able to solve problems quickly.
- Control
Your data will be subject to whatever system the outsourcing company uses. So if you are looking for a specific payroll system, you may need to check around.
Listen. We want to see you at your best. Saving you money makes us both a success. Which option will make you most successful? Get in touch with Debitda today, and we’ll let you know.
