Payroll is one of the departments that is often outsourced in many businesses. It seems like an easy enough job that just about anyone can do it. There are certainly some pluses and some minuses involved with this process that you should carefully consider. Lets start with the pluses.
The section following this one will cover how much you will pay but as you will see, this section is more important. This may, in fact, define the entire way you setup a channel. If you have been unsuccessful in setting up a channel in the past, this may explain a large part of the reason. If your product does not meet a specific unmet need for a partner and/or pays significantly less than what they are currently offering, you are likely targeting the wrong VAR market and will be doomed from the start.
In addition to saving you time, hiring a abacus payroll service will save you a lot of money. Many people don’t realize how this saves them money, yet it does so in a number of ways. For example, when handling money, you also have to keep taxes in mind.
One of the main benefits of payroll services is that you can defer most payroll related questions to them. If someone has an issue with the amount that they are receiving or the fact that their check did not arrive, you can refer them to payroll services. It is the job of this department to be on top of this kind of thing. Given that, you don’t have to worry at all about these kinds of questions. You can keep your mind focused on more important aspects of running the company. That is a huge benefit that most forget about.
Bookkeeping should be done in-house. It is just not that hard to do! 90% of accounting is entering invoices, making deposits and paying bills. Do these functions in real time in your accounting system. No sense in doing them and having an outside Bookkeeper re-do them.
The Accountant The Accountant is primarily responsible for state and federal tax compliance. A good Accountant gives appropriate tax advice, and helps you manage your company to your best tax advantage.
Develop the skills of someone who works for you. For the Bookkeeper and Controller duties, you do NOT need a degree-ed accountant. Is there someone on your team who has some of the characteristics listed above? Talk to him or her about expanding his or her role at your company by taking on accounting duties. You can learn accounting and financial management skills together.
H. Paul Leyva is the Director of H. Paul Leyva International, Inc, an Immigration and Income Tax Service Providers, located at 3646 W. Fullerton Avenue, Chicago, IL 60647 (773) 235-2700. This article is for educational and entertainment purposes only and shall not be construed as providing legal or tax advice. If you have legal or tax questions you should consult with a legal or tax professional.