7 Reasons Your Payroll Process Costs More Than It Should
1. Complicated Payroll Taxes – The IRS can penalize business owners for late or incorrect taxes, leaving most owners no choice but to hire a well-versed (but expensive) professional or spend hours of time researching the various federal, state and local tax codes by themselves.
High 5 Software Can Help: Time Tracker for SME automatically calculates the various tax codes, saving you time, money and headache.
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2. Payroll Tax Penalty – Around 40% of small business owners who try to take on their payroll taxes alone receive an average penalty of $845 each year from the IRS.
High 5 Can Help: Let Time Tracker do the math for you. It automatically syncs with SME and QuickBooks, allowing you to keep track of all your information and calculate taxes using the relevant tax codes.
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3. Payroll Takes Time and Money – According to the National Small Business Association’s Small Business Taxation Survey from 2013 payroll costs a lot whether you outsource it or keep your processes internal. How much exactly?
That’s how much. Half of small businesses spend between 1 and 5 hours a month on payroll, and if we usedata from 2012 supplied by the Bureau of Labor Statistics for the hourly cost of internal payroll staff ($36/hour) the expense adds up quickly. If we look at companies that externalize their payroll operations, the plurality spend between $100 and $500 dollars a month. Plus those businesses still need to devote some time each month to working with their outsourced payroll service. The bottom line is that payroll is an expensive, time consuming process.
High 5 Can Help: Time Tracker for SME is available for a flat rate of $10 per month per employee. It’s so simple that you won’t need to outsource your payroll operation and so efficient that you’ll cut the number of hours spent on payroll internally by up to ten times.
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4. Paper Trails – Writing paper checks, handing off written timesheets, printing out payroll information; it all takes time, especially when you can’t track down the person whose time sheet is late or who needs to get the payroll information for the week.
High 5 Can Help: Time Tracker for SME uses direct deposit to eliminate paper checks. Written time sheets are replaced with easy electronic time sheets that can track your time automatically or record time that you enter manually. And you will never have to track down someone with a late time sheet again; you can send them an automatic email through Time Tracker or have their supervisor take care of it through the application.
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5. Record Keeping – If your phone breaks, your computer crashes or your files are compromised then you could have a major disaster on your hands, plus record keeping can be costly. Paying for data backup is expensive. Plus many companies are still stuck manually entering data in two or even three different places to maintain records. Double entry is another significant waste of time.
High 5 Can Help: All of your entries in Time Tracker are automatically synced with your SME software and QuickBooks. Double entry will be a thing of the past, along with the clerical errors that come with it.
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6. Reporting and Dashboard Views – The double entry of data that many companies do also leads to their information being stored in different places, making reporting and assessing the status of payroll operations difficult. Eliminate double entry and consolidate your data into one system for easy reporting.
High 5 Can Help: Syncing your payroll information to SME allows you to use robust reporting features to gain a comprehensive view of your payroll processes and how they fit into your business at large.
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7. Loss of revenue generating activity time – Small business owners shouldn’t be worrying about their payroll processes; they should be focusing their efforts on new modes of revenue generation.
High 5 Can Help: Time Tracker for SME automates as much of the timesheet and payroll process as possible so that you can take care of expanding your business and seeking new revenue generating activities.
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To find out more about Time Tracker for SME please visit https://high5software.com/mobile-timesheet-sme-prospect , call High 5 Software at 800-585-1696, or email us at sales@h5sw.com
