If you aren’t a CPA, an accountant, or a bookkeeper, doing payroll can be costly in terms of time that could be better spent growing your business. If you, the owner or manager, spend time preparing paper checks, calculating withholdings, running to the bank to cover payroll, and other basic payroll chores, you aren’t making the best use of your time.

Your business could hire a payroll and accounting professional, but that can get expensive – especially for a growing company that needs to hold on to capital to expand.

Another alternative is to hire a payroll service, or use the payroll services of your business bank. Depending on the size of your company and available in-house expertise, you may quickly discover that using a payroll service gives you more time to build a business.

What Do You Need a Payroll Service to Do?

A payroll service can take over many of the payroll functions you perform, saving time and money. Start by determining just what services you need. Look for a payroll service that delivers time savings for you and the company, along with instant access to payroll records.

Look for a wide range of payroll services to keep things simple, including:

  • Phone-in and fax-in payroll
  • Dedicated and available payroll specialists (someone who can answer a question or solve a problem)
  • Compliant filings of local, state and federal tax forms
  • Self-service payroll options (you enter the data, the service crunches the numbers)
  • Online and telephone support
  • On-time remittance of all required tax payments
  • Direct deposit for your employees
  • Payroll options designed to interact with your office-based software
  • Account security
  • Off-site payroll recordkeeping

Advantages to Using Your Bank’s Payroll Services

Automating your payroll has many advantages. Here are just a few:

  • It takes less time to manage payroll using an automated system for recording amounts due to employees and taxing agencies.
  • There’s less chance of making errors in payroll preparation when dedicated experts are handling this important chore.
  • The focus of your business is growth and adding value to the company. A payroll service may cost less than hiring a bookkeeper, and make more sense than doing the job yourself at 2:00 AM.
  • Another benefit? Flexibility. Employees move on and new employees are hired as the company grows. Using a payroll service to manage the details simplifies calculations, and gives you more time to work on growing your company to greater profitability faster.
  • A payroll service can enable you to remain compliant with tax agency rules and regulations. No more late filing fees. And they are up on the latest changes to tax and withholding regulations because it’s their full-time job.

Get More Time and Money

Using your bank’s payroll services can save time and money for your company and your team. Employees know they’ll be paid on payday, and that money will be deposited into their accounts directly for safekeeping and convenience.

Is your small business payroll taking up too much of your time? To learn more about business banking services, contact a business representative from Nevada State Bank and focus on the big picture.

 


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of ZB, N.A.