The Payroll Nightmare

Small business owners in Idaho Falls are finding it increasingly difficult and time-consuming to keep up with all the laws and statutes governing their company’s payroll. No one likes having to spend several hours every month just figuring out payroll. The average business owner spends 8 hours every month doing payroll. So for 12 full work days a year, business owners have to deal with payroll instead of running their business. Those are 12 days that can’t be used for generating more business, improving products or services, or helping customers. On top of the time consumption, there’s always the fear that there’s some new law that you don’t know about, or the general fear that you might do something wrong—and either mistake could result in large costs.

Beating the Nightmare

Of course, the most obvious solution to these concerns is to hire someone else to do it. You could increase your overhead and hire someone on to your team to do all the payroll tasks, or you could hire an accounting firm to do it for you. The latter is generally more affordable in Idaho Falls, and payroll services come with several advantages when they’re outsourced: it’s cost effective to have an accounting firm handle your payroll and the associated legal details, and it reduces the overhead of hiring a specialized employee. It saves you heaps of time that you can better spend running your company, and you can safely stop worrying about data entry or researching updates or new laws. Your tax filing becomes effortless when you let a professional do it. They can keep track of all the federal, state, and local payroll tax laws and apply them for you. These laws change frequently, and keeping up with them alone can be a daunting task. An accounting firm will generate a wide variety of reports like union reports, certified payroll, workers’ compensation, etc. and provide them for a nominal fee.

One Size Doesn’t Fit All

A good accounting firm will provide several options for varying levels of their services. Usually these include anything from comprehensive services, where you get pretty much every payroll service possible, to minimal services where only checks, taxes, and reports are generated for you to print yourself. These are the services you should look for in a CPA in Idaho Falls. Payroll services should be flexible and allow for customization, because no two businesses are the same.