5 Payroll Myths Debunked
No matter what your misconceptions are about payroll, it’s essential to get your facts straight before you end up with a massive mess on your hands. The consequences of your mistakes and false beliefs can get you and your business into a lot of trouble.
We’ve debunked 5 common payroll myths that will help put your mind at ease, and give you the facts you deserve, read on to learn more!
Myth 1: It’s Easy to Do in-house Payroll if You Are a Small Business
No matter if your business is big or small, every business owner shares the same struggles and goals; You want to focus on what matters most by saving time where you can. In a way, payroll for small businesses can look simple from the outside. You have fewer employees, which means less information, and you believe that means you will have to spend less time on payroll.
However, suppose you go into this situation with that mindset. In that case, you could be setting yourself up for a whole list of errors and mistakes, especially if you are not aware of the most current government regulations. The IRS doesn’t care how big your business is; what they do care about is the accuracy of your reports.
Myth 2: Seasonal Hires Can Be Paid Under the Table
A seasonal employee works for a business over a short period to help relieve the workload. Typically, we see this happen around Christmas, where companies put their hiring signs up and ask for help to handle the new rush of customers.
Let’ talk about pay for seasonal workers. At first, you might think that just because these are temporary employees, it doesn’t make sense to add them to your payroll for taxes. Many good intending business owners believe that this will make things easier for them and the employees. Unfortunately, this situation can come with a host of consequences, causing an even bigger problem. You should treat seasonal workers like any other worker and always add to your payroll. This will save you from issues such as fair pay, problems with the IRS, and much more.
Myth 3: We Are Experienced in Payroll and Don’t Need Help
No matter how many years of payroll experience you have, you’re no match for the ever-changing regulations that the government makes. If you’re not caught up with all the right information, you could be setting yourself up for any mistakes along the way. One simple mistake could cost you significant penalties and fines.
Myth 4: in-house Payroll Is Cheaper
If you think about the bigger picture, you’ll know that in-house payroll is not always cheaper. Let’s say, for instance, you accidentally make a mistake on the documentation. These fines can quickly add up, and the IRS will want you to pay these fines promptly.
In-house payroll can take time away from what matters in your business. If you have very few employees and need to manage your store, taking time out to do payroll can hurt business sales, productivity, and much more.
Myth 5: Outsourcing Payroll Is Too Much of a Hassle
Finding the right payroll services for your business is not as hard as it may seem. Today there are experts all over the country offering quality services to companies in need. Once you find your perfect match, all of the work gets taken over by professionals with years of experience in the field.
All you need to do is supply them with the correct information, meet deadlines, and have an open communication line. In the end, outsourcing your payroll is going to save you from wasting your precious time.
Now that we have debunked the most common payroll myths, we hope you have understood how much payroll services can benefit your business. At Vision HR, we are here to help make running your St. Augustine business even more manageable. If you’re interested in our payroll services, contact us, and see how we can begin helping you today!
