As a business owner or manager, do you constantly dread payday? For most business owners, small and large alike, the task of payroll processing can be quite daunting for a number of reasons including holidays, leaves of absence, terminations, and of course, human error. For these and other reasons, some companies choose to skip the hassle and simply outsource all of their payroll needs to outside companies. Having been a manager and now a business owner several times over, I can appreciate both outsourcing and do-it-yourself payroll options. Not surprisingly, a lot of entrepreneurs who look into these options find that there are many benefits associated with printing your own payroll cheques come payday.
If you do a bit of online research, you will find that there are several affordable accounting programs available that make DIY payroll easy and convenient. Most contemporary programs are equipped with a diverse spectrum of helpful features such as a payroll calculator and even the appropriate tax forms. Even better, most payroll programs work in conjunction with major accounting programs, integrating seamlessly to allow for clean, accurate bookkeeping year in and year out.
This in-house payroll option is good for your business because you have complete control over it. For example, when you outsource your payroll, you lose the control over when the actual paycheques are distributed. Last minute changes can be hard or impossible to make and if there is an error it may take up to two weeks (the next payday) to rectify the issue. And, with many payroll services being based overseas there is often a time discrepancy and communication barrier which can lead to delays and errors.
When you manage your own payroll and paycheques, it is much easier to fix any mistakes or update information at the last minute. Since you generally do not have access to an outside payroll companies servers, you do not have the ability to update information and most of the time changes must be made at least 3 or 4 days before payday. These issues and delay cause employees to receive incorrect cheques which can lead to frustration and even mistrust. By printing your own payroll cheques, you eliminate the middle man, simplifying the process of identifying and correcting any mistakes before they escalate.
The right option for you and your employees is of course based on many factors and ultimately it comes down to what works best for you as a business owner or manager. Tell me, do you print your own cheques or use an outside service and why?
Founder and CEO of the Lisa Larter Group, master strategist, author, speaker, podcast host, social media expert, consultant, and business coach. Lisa inspires entrepreneurs and business owners to see the possibilities for their organizations when it comes to strategy. She uncomplicates modern marketing and creates (and implements) strategies for businesses that are guaranteed to increase visibility, inbound leads, and revenue.