When it comes to running payroll, you generally have three choices:
- Handle payroll yourself
- Invest in payroll software
- Outsource to a payroll provider
While some businesses believe option one will save them money in the long run, that’s usually untrue. Besides the extensive time it takes to run your payroll, manual payroll is also riddled with human errors (leading to billions of dollars of fines every year).
And while we’re all for organizations investing in payroll software (heck, we sell it, after all!), we also recognize that some teams would rather outsource the whole process. If you think your business is too small, that you can’t afford a payroll provider, or that you’ll lose control of payroll functions, think again. Entrepreneur explains that, when chosen correctly, a payroll provider offers a less expensive, more straightforward way of paying your employees (and filing taxes).