You can be honest with us. We know you’ve considered outsourcing your marketing agency’s payroll. The monthly (or biweekly! Or weekly!) chore that is payroll never comes at a convenient time. You always have a million other things you’d rather be doing and a million other tasks that need your attention.
Just think, if you outsource your marketing agency’s payroll responsibilities, you let someone else take care of:
- Setting up employee payroll accounts
- Setting up payroll payments
- Calculating income and payroll tax withholding
- Sending payroll to the tax department
- Calculating employee deductions like insurance and worker’s comp
- Managing year-end tax forms and submissions
There’s a strong case for outsourcing your marketing agency’s payroll, and it’s not just about alleviating a recurring headache. Working with payroll professionals can help you find tax benefits and cost-savings measures you didn’t know existed. And it can offer peace of mind in knowing that your payroll and taxes have been done correctly. Here’s why:
Outsourcing Payroll Saves Time
If you’re a marketing agency owner, we don’t need to describe why it’s vital for you to save time in your busy day.
But you may not realize how much time you’re lavishing on your small business accounting each month. A business owner who is conducting her own payroll spends time:
- Calculating time worked by each employee
- Printing and signing checks, then distributing them
- Managing tax benefit deductions
- Processing new hires and employee terminations
- Keeping track of Paid Time Off requests
- Preparing and sending out W2s
- Keeping up with payroll software updates
- Researching changes in tax rates and laws
These tasks recur on a rolling basis. They are repetitive and thankless, but they’re essential. So unless you outsource your payroll, you’re stuck doing them. FOREVER.
But outsourcing your payroll delivers instant and tangible time benefits. Those hours of drudgery are immediately eliminated. Suddenly, payroll is a painless process of approving your already-professionally-prepared checks once per month. You get that time back, and you can plow it into the business where it belongs.
Outsourcing Payroll Saves Money
Yes, we know it sounds counterintuitive, but paying someone else to do your payroll can actually save your marketing agency money.
That’s because time is money. If you tally up all the hours you spend on weekly, monthly, and yearly payroll-associated tasks, you’d see that you’re wasting tens, if not hundreds, of hours in which you could be working, billing, and selling.
And we know that you’re great at a lot of things, but you’re probably not an expert at payroll taxes. A payroll accountant would perform those recurring tasks quicker, ultimately making it cheaper to hire them than to invest the hours of doing it yourself.
Payroll Outsourcing Services Are Experts
As we’ve pointed out above, payroll is not commonly the marketing agency owner’s area of expertise or interest. When you’re strapped for time and trying to complete a task you don’t want to do, it’s hard to focus on doing it right. It’s even harder to find the time to research changes in payroll tax withholdings and benefits payouts. Mistakes are made, and opportunities are missed.
When you hire a payroll outsourcing service, you hire expert help. It’s a payroll accountant’s job to keep abreast of the changing regulations, tax rates, and government forms. By outsourcing, you gain a level of expertise that would usually only be available to larger companies that can hire their own accounting department.
Hiring an expert helps protect your company from audits and fines. If you’re distracted when preparing your payroll taxes, or if you’re unsure whether you’re doing them correctly, you may be vulnerable to extremely costly mistakes. Businesses can incur fines for errors in their tax forms, incorrect calculation of taxes owed, or filing late. Not only are fines expensive, but the auditing process is time-consuming, forcing you to devote hours to sourcing your financial records and providing each requested detail.
Payroll Outsourcing Services Have the Latest Tech
If you’re managing your own payroll, you’re probably using payroll software to simplify it. But if you relinquish those payroll duties to an outsourced payroll service, you wash your hands of the chore of payroll and the requirement to understand and stay abreast of payroll technology.
Your payroll accountant already has the tools she needs to do her job. She’s managing her own software updates and subscriptions. She has researched which accounting software is best for her clients, and she has the latest tax tables at hand. She’s done the legwork, and you reap the benefits.
Outsourcing Payroll Offers More For Your Team
Hiring a third-party payroll expert to handle your payroll accounting often means that you can offer a few perks to your employees.
When handling your own payroll, you’re probably just doing the minimum required to maintain compliance. Hey, we’re not faulting you! It’s a tough gig to run a marketing agency AND be a part-time payroll accountant. But if you leave your payroll tasks in the hands of skilled experts, they’ll be able to suggest ways that you can make working at your company a little better for your employees.
They can set up direct debit, which may be something you’ve been meaning to do, but just haven’t had the time to implement. They could advise you on how to offer 401K or other retirement plans to your employees, and, unlike you, they have the time to manage these extra tasks because they’re not also trying to grow a digital marketing agency.
Outsourcing Payroll Protects Your Marketing Agency
When you partner with an accountant to handle your marketing agency’s payrolls, you know it’s done right. You don’t have to worry whether you’ve made an audit-triggering mistake. You don’t have to worry about any internal staff having access to sensitive financial files. And you know that your marketing agency is safe from data breaches because all of your financial information is kept securely off-site.
Look, we know you can do your own payroll accounting. You’re a small business owner. You can do anything.
But, do you want to? Or, would you rather spend that considerable monthly investment of time and money on something more productive, like growing your marketing agency into a thriving business?
If you answered “b,” fill out our contact form, and we’ll schedule a call. The sooner you do, the sooner you can wave goodbye to your payroll chores.
