According to a survey of more than 300 small business owners, conducted by Paychex, over half (56%) of small business owners administer their own payroll in-house. The same survey revealed that 65% handle their own human resources administration, and 59% do their own benefits administration.
Why? Well, frankly, it costs cash out-of-pocket to hire someone else to take care of these functions. These business owners probably believe they’re saving money by handling these tasks in-house.
You may have heard the old saying: “Penny wise and pound foolish.” It refers to people who will go through all sorts of gyrations to save a small amount, while ignoring the risks that could cost them much, much more.
In this case, we’re talking about business owners who save a few dollars by processing their own payroll, HR and benefits… but open themselves up to significant (potentially business-killing) liabilities:
- Failure to comply with new or recently updated regulations
- Neglecting to file necessary government forms or make required payments / deposits
- Miscalculation of overtime payments
- And more…
It’s almost a full-time job to keep up with all the existing requirements, not to mention staying current with changes and then physically processing all that paperwork. That’s time you could be investing in growing your business.
The thing is, it only takes one mistake not using the right I-9 forms for new hires, forgetting to include nondiscretionary bonus payments when calculating overtime, missing a tax deadline and you could find yourself in court or sitting across the table from a Department of Labor investigator, facing potentially significant fines and penalties.
Just one mistake could cost you much more than everything you’ve saved by doing it yourself.
Fortunately, you can get help with all these functions, without hiring expensive professional help. AcroTime Workforce Management offers modules that cover Payroll and Human Resources administration (including benefits) plus Time and Attendance and Scheduling). You’ll sleep easier knowing your payroll has been correctly calculated and that you’re on top of all the latest regulatory developments.
Request your your free, no-obligation personalized demo today. See for yourself all the ways AcroTime will reduce your potential liabilities and cut the amount of time you waste on administrative functions. What could be better that that?