Payroll and other financial services can be time-consuming and complicated for small business owners. Making the choice whether to keep payroll in-house or purchase the services through another company is a big decision. If the choice is to purchase payroll services you then have to determine whether to use a large company or a local accounting firm. In making this decision for your small business, keep these facts in mind:
In-House Payroll Can Cost You
While it can be tempting, keeping payroll services in-house for money-saving purposes without the expertise can be very costly. Payroll errors can result in IRS audits as well as hefty fines and penalties for incorrect bookkeeping. Plus, chances are you and your employees are not experts in the area and can spend your time doing something much more valuable for your business.
Large Payroll Companies are Oversized for Small Businesses
Large payroll companies can obviously offer the expertise required to handle your small business payroll needs; however, they also often offer other services that you do not need like human resources. Large payroll companies are going to be more expensive as well and lack the knowledge of local expertise.
Local Accounting Firms are Experts in Local Payroll and Tax Requirements
Local accounting firms offer the same expertise of the large payroll services with a lower cost and the added bonus of local knowledge. And really, who better to take care of a small business than another small business? These companies understand the needs of a small business on top of the local requirements, making them an excellent option.
For small businesses in the West Palm Beach area seeking a local payroll company, The Balance Sheet is a highly respected and reputable company with 26 years of experience in the field. They offer not only payroll service but also bookkeeping, accounting, and tax services. Maxine Taylor is an enrolled agent with the IRS so she can not only prepare your taxes but also represent you in the event of an audit. Maxine and her team stand behind their work and are known for integrity, speed, and accuracy. Contact The Balance Sheet today for your free consultation at (561) 842-1304.