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Can You Afford to do Your Own Payroll?

Perhaps you’ve been handling your own payroll since you started your business. But chances are, as your business has grown, so has your payroll. More employees and increased sales can translate to many more hours managing what was once a minor task.

But if you’ve been slow to outsource because you assume the costs are too high, take another look. Hiring and retaining an in-house bookkeeper or payroll administrator  - even on a part time basis – can run significantly more than contracting with a professional agency who can spread these costs across multiple clients.

Time is another factor to consider. Is your time – or that of one of your employees – better spent elsewhere, such as supporting the efforts to increase revenue?  You likely did not set out to start a business so that you could manage a payroll, so don’t let it take you from what you’re best at, namely, growing your business.

And a secure system managed by a trustworthy individual can be an issue that is critical to your decision on whether to maintain payroll in house or to hire an outside agency. Managing the individual who is charged with protecting such sensitive information about your business and your employees can prove equally stressful as performing these tasks yourself. An outside agency that has put such safeguards in place, can help reduce the risk of compromised information and in turn, alleviate your stress.

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