Payroll is an overall term used for several types of operations related to paying employees and paying payroll-related taxes due to federal and state agencies. Payroll plays a major role in the internal operations of a business for several reasons. From the perspective of accounting, payroll and payroll taxes are subject to laws and regulations. Payroll is subject to federal, state, and local regulations including employee exemptions, record keeping, and tax requirements. Payroll also plays a large role from the human resources point of view. Payroll errors, such as late or incorrect paychecks, are a sensitive topic that can cause tension between employees and their employer. One requirement to maintaining high employee morale is that payroll must be paid accurately and in a timely manner because employees are very sensitive to any payroll errors.
Payroll must be processed on a recurring basis and must be accurate each and every time. Since payroll is the single largest expense for most companies, it is very important that payroll is processed in a way that is efficient and reliable. Outsourcing payroll will save you labor time and prevent costly errors because a high degree of accuracy and reliability is ensured.
Let Sibley & Associates run payroll for you, and you can get back to running your business.