The Small Business Administration has calculated that the smallest companies spend 45% more than larger companies per employee each year to comply with federal regulations, and 37% more on employee tax accounting and computation. Why is compliance with tax laws and other regulations so expensive for small businesses? One reason is that bookkeepers and payroll services don’t always come cheap, and so many small business owners choose to process payroll themselves, learning as they go. That decision can result in costly penalties when mistakes are made. So what’s a small business owner to do when confronted with the costs of payroll outsourcing versus the time and resources it takes to process payroll him- or herself? Find out costs to outsource a payroll company before the year end to help process taxes and close statements without any mistakes.
