One of the most important elements to running and growing a profitable company is not only having labor figures and payroll data on your employees, but also having the ability to retrieve that data and utilize in your general ledger. You need this information to create the necessary reports to understand how you are growing your company. Being able to forecast for the future and understand where you can improve from the past is vital to any organization.
For small business owners who may want to keep their payroll in-house or do it themselves, here are some questions to think about when it comes to making your business more profitable:
What other profitable tasks could you work on with the time you are spending on gathering and entering payroll?
Many times the individual that gathers the payroll data and enters it into a system is rushed or interrupted constantly. This results in known and unknown mistakes and can be very costly.
How accurate are your inputs and the reports you are creating?
Do you know the true cost of errors - like Government fines?
The best way to diagnose potential problems with your payroll service is to invite an expert to conduct an analysis.
If you are currently with a PEO and it’s been more than one year since you’ve had an expert look at your payroll services setup, now is the time to revisit this topic.
If you are considering a change from your current payroll provider, connect with us we can talk with you about all the options that are available and that best suit your business needs.