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Outsourcing Payroll is a good idea for your business

payroll services minnesota

Payroll is one area of your business that you need to function effectively and efficiently. In the case of a poor performance, fines and penalties may result for your organization. Paying employees incorrectly can lead to disputes and even lawsuits.

Paying staff on time and accurately is part of good payroll practice. Business owners, however, often find it difficult to balance priorities, and payroll is often overlooked in favor of profit-generating activities. The most efficient solution is therefore to always outsource your payroll to a qualified payroll service provider.

What is payroll outsourcing and how does it work?

A payroll outsourcing company essentially provides you with outsourced payroll  services. Payroll companies can handle all your payroll-related obligations, including creating new records, processing terminations, and calculating budget to actual.

This can only be done if you provide the payroll provider with employee and employer information. Usually, that is all you need to do, so you can concentrate on your strengths.

Why use a payroll service?

In order to grow your business, you want to focus your efforts on revenue-generating activities. Nevertheless, you have a responsibility to your employees as an employer. Outsourcing can be useful in this situation.

In any business, payroll is an essential function, but it can also be extremely complex and  time-consuming. Paying incorrectly may also have a domino effect. The result of an incorrectly calculated employee pay may result in a dispute that you must then resolve. In addition to this being a waste of your time, it can also negatively impact employee morale and productivity at work.

Moreover, missing payroll deadlines will result in fines and penalties, which will adversely affect your profit margins and cash flow. You can spend more time concentrating on your core services and lead generation by outsourcing your payroll.

The benefits of outsourcing your payroll function

Payroll operations need to be handled by an employee if you will not be doing them yourself. Your company will have to pay more salaries and benefits by hiring an employee.

It is necessary to purchase payroll software to facilitate payroll activities and deliver them efficiently. An additional cost could be avoided.

In addition, you should always use the latest version of software that  incorporates the new tax rates for the year. You will have to pay advancement costs in addition to your current costs.

Outsourced payroll providers usually offer much more cost-efficient service package fees.

Time saving

Payroll processing can be a huge administrative burden, as you need to consistently devote time to it each pay period, keep track of every payroll change and component, monitor all payroll submission deadlines to ensure timely submission, validate all payroll inputs to ensure an accurate result, and complete all legal paperwork.

These tasks can all be handled by an outsourced payroll company. Payroll outsourcing services require only that you provide the payroll data and approve the pay calculation results for each pay period.

It is unlikely that you’ll have the experience or expertise to run your payroll effectively unless you were a payroll provider previously. That means either you have to spend a significant amount of time learning the basics yourself or you have to train your employee to do so. In-house payroll employees will need regular training as government regulations change.

Outsourced payroll services provide expert advice and service. Eliminate staffing issues

The payroll process needs to be conducted regularly, whether weekly or monthly. You must have an in-house payroll team available every time payroll is due.

In the event that a payroll manager is ill or on annual leave, you’ll need to pick up the task or risk failing to meet payroll deadlines.

You will not only have to pay the costs of recruiting a replacement employee if the employee leaves, but all that knowledge is also lost.

This wouldn’t happen with a payroll service provider. You can be confident that your payroll will always be conducted on time by an expert, regardless of employee movements.

Overall, it may feel like a big decision to outsource your payroll department. However, it is the most cost-efficient and risk free option to ensure your payroll is conducted error free every time.

 

Find Your Perfect Bookkeeper with Outsourced Bookkeeping

bookkeeping services near forest lake mn

When you’re ready to outsource your bookkeeping, it can be an attractive option. What can you expect a bookkeeper to actually do for you? How much will a bookkeeping service cost? How much can you save just using bookkeeping software alone?

This article discusses: How to figure out the best bookkeeping solution for your business.

  • The advantages of outsourcing bookkeeping as opposed to using bookkeeping software or hiring a bookkeeper in-house
  • A bookkeeping service covers what tasks
  • Outsourcing your books how the process actually works
  • How much does quality outsourced bookkeeping cost?

We will cover everything you need to know about outsourcing your bookkeeping.

Does Your Bookkeeping Need to Be Outsourced?

The benefits of moving bookkeeping off your plate are obvious if you’ve already made the decision. For starters:

  • You get to concentrate on growing the company instead of spending time and patience on it.
  • When you leave it to a professional, you don’t need to worry about inaccuracies or falling behind on your books.
  • Whenever it’s time to get a loan or file your taxes, you can be confident that your books are all in order and ready to hand to a CPA.

You can also hire a bookkeeper in-house, but outsourcing your bookkeeping is the better option. What are some reasons to outsource instead of hiring in-house?

  • Outsourced bookkeeping services are more flexible, allowing you to tailor your service to suit your changing needs.
  • The cost of outsourcing bookkeeping can often be substantially less than paying an employee’s salary plus benefits.
  • Someone else is in charge of vetting and hiring qualified, professional bookkeepers.

Bookkeeping services can handle a variety of tasks for you.

It turns out there is a lot of confusion between bookkeeping, accounting, and taxes. So if you decide to outsource your bookkeeping, what does that cover?

Bookkeeping services can handle any and all of these tasks:

  • Importing financial information from bank statements, credit card statements, payroll records, invoices, and more .
  • Making sure all transactions have been properly categorized and reconciled
  • Manage the tracking of bills and income yet to be recognized (which typically includes accounts payable and receivable management)
  • Making sure your books are always up-to-date and accurate
  • A monthly or quarterly statement of cash flows, profit & loss, and balance sheet for your business.
  • Explaining your financial statements and other aspects of your bookkeeping in terms you can understand
  • Providing information to investors, tax preparers, and other interested parties with complete and accurate financial reporting.

The details will need to be worked out with the person or service you choose. Ask questions in advance and make sure your expectations are aligned with theirs before signing up.

How Does Outsourced Bookkeeping Work?

When you choose to outsource your bookkeeping to an independent professional bookkeeper, a human-only service, or a hybrid bookkeeping service, the process looks a little different. Here’s how the process works when you use a service.

  • Step 1: Your dedicated account manager will help you set up all the integrations and connect all the financial accounts and software your business already utilizes.
  • Step 2: Bookkeepers and software work together to record, categorize, and reconcile transactions. Meanwhile, you don’t have to worry about your books.
  • Step 3: We send you your financial statements each month.

If you have any questions about your monthly financial statements or anything else along the way, your dedicated account manager is always available to assist you.

Costs of Outsourcing Your Bookkeeping

If you’re looking for a hard and fast guide here, you’ll be disappointed. Business needs and financial circumstances vary widely, so it’s impossible to give a blanket answer. number that businesses can expect to pay for outsourced bookkeeping. But we can give you a few guidelines as to bookkeeping costs.

Rates depend on factors such as:

  • Whether the service relies on software, humans, or both
  • How many transactions and expenses your business incurs (either by the number of transactions or the dollar amount)
  • Whether you want accrual or cash-based bookkeeping
  • How many financial accounts you need to connect
  • How often do you receive financial reports?
  • The caliber and time commitment of support you will receive
  • Other features include accounts payable and receivable, inventory management, and more.
  • The complexity of your financial situation (i.e., revenue recognition for multiple entities).

The more complex your organization is, the higher your bookkeeping costs will be — and the more likely you are to need a good bookkeeper.

Increase the productivity of your bookkeeping by outsourcing

Accurate financial records are essential for every business — but managing them shouldn’t consume your time and patience. If bookkeeping is taking you away from growing the business, it is worth the investment to give it to a professional.

By doing so, you’ll be able to focus on what you do best.

 

Union Payroll can be tricky. Let us handle it for you.

Quickbooks Training

We specialize in managing payroll for union shops. Using our experience, we provide comprehensive payroll solutions that are affordable for businesses that need to manage complex payroll systems.

Our internal processes and procedures enabled us to manage the complexities and rapid-fire changes unique to union payroll management.

Since union payroll in the Twin Cities is so unique, we are able to help businesses by being able to assist immediately. UptoDate Bookkeeping is dedicated to making the payroll processes seamless whenever management’s in-house person goes out on medical, maternity or disability leave or for an unexpected work influx that necessitates the hiring of new employees.

Employee net wages and payroll taxes are held in escrow separately by a national bank – ensuring you have peace of mind.

Clients can report hours easily by fax, email, text or online.

A Complete Union Payroll Solution

We provide union contractors with accurate, reliable and efficient services. By relying on our expertise, we eliminate the mistakes that cause workers to complain that their paychecks are wrong.

When your payroll is handled by just one person, and that person goes on sick leave, we will make sure payroll and tax payments go out on time.

The transition to our services is easy because we have a process in place. Our services include:

  • Payroll administration; setting all rates, differentials, overtime, assessments, and payroll taxes.
  • Management of fringe benefits.
  • Ensuring readiness for union audits
  • Worker’s compensation audits complete
  • Adjusted premiums verification of accuracy
  • Baseline reports and other payroll reports.

  Fringe benefits for union members

Employee fringe benefits can be tricky to manage since different unions and job classifications have different benefits.

We make sure these items are properly set up into the system so they will be correctly calculated.

Contact UptoDate Bookkeeping in Blaine MN for help with calculating holiday, paid time off, health benefits, training and pension deductions.

The Benefits of Outsourcing Payroll Services

It’s economical

Reduce overhead by removing the need to hire specialized employees by letting us handle payroll and the legal details related to it.

It helps you save time

We take care of payroll preparation, system updating, monitoring and maintenance, so you don’t have to enter data, research new laws, or worry about compliance.

Payroll Tax Filing is Worry Free

Don’t put yourself at risk by calculating and filing your payroll taxes on your own. Have professionals handle it for you. Payroll tax laws in the U.S., state, and local jurisdictions are changing frequently and becoming more complex.  Can you spare the time to learn how to keep up to date with all the rules?

The ability to focus on core competencies

Our team of experts lets you focus on your business’ core competencies.

Detailed Reports

With us, you get a wide variety of convenient and accurate payroll reports. You will get union reports, certified payrolls, workers’ comp reports, and much more for a nominal fee.

Our payroll solutions are designed to meet your needs.

When it comes to payroll service – there isn’t one size fits all.

 

Bookkeeping Consulting Services

Bookkeeping Company Minneapolis

Your job as a business owner is to get things done. So you do exactly that. You manage payroll and keep your accounts receivable updated. You reconcile your bank payments and deposits to ensure you have enough money to pay all of your bills.

You even prepare your own business tax returns and take on hundreds of other tasks both small and large. You work very hard. You always do whatever needs to be done, and you rarely ask anyone for help. This is why you need to have a bookkeeping consultant.

It’s about money sometimes

When you have limited cash flow, it is critical to save money wherever possible. This can mean no bookkeeper, no office manager, and no marketing department. When you do everything on your own you will have money that can be invested into your business. That is a sure way to ensure that your business continues to grow. It is also a very easy way to overlook things that are critical.

It’s about control sometimes

As the main investor, CEO, owner, and the person who has the most to lose or gain, you take on many important tasks. It can make sense to want to do things yourself if you are worried that somebody else will mess everything up. Of course, this means having to spend long hours at your office and being able to take few vacations, if any. However, if you want to have things done exactly your way then it is best to do it yourself.

This is why you need to have a bookkeeping consultant

Things could still get messed up unless you are very experienced in every task you are handling yourself. You may not want or need full-time administrative staff. However, getting solid professional advice is still something you can greatly benefit from. A consultant can provide you with this.

A bookkeeping consultant will not do all the things you do in your business. They will just help you keep everything on track. This is accomplished through becoming familiar with your business and provide you with advice on management, financial, and organizational strategies. A consultant can implement solutions and provide services that will help your business continue to grow and succeed.

We Provide Consulting and Bookkeeping Services

We are dedicated bookkeepers. However, we also provide small and medium-sized businesses with professional consulting services. You can outsource your work o us so you don’t need to pay for a full-time professional. Our services are conducted remotely so we will not be invading your office.

Trying to do everything yourself is never a good idea. Our bookkeeping consultant experience and expertise can provde you with the financial services and advice that you need while you remain in control of your business.