Some small business owners may feel like in order to succeed or prove to others that they can handle running a business on their own, that they must take it upon themselves to handle everything about their business by themselves including payroll.
This includes accounting tasks such as accounts receivable, accounts payable, payroll, sales tax, collections and keeping track of other bookkeeping duties. However, having all of these accounting services on your shoulders, plus the fact that running the business is already up to you, is not an easy feat at all and often leads to mistakes being made in the accounting, which is definitely something you do not want.
One of the most important pieces of accounting work when running a business is calculating and correctly distributing the payroll. If a mistake is made in calculations or distributions of a payroll, it is the IRS’s job to find out and penalize the owners of the businesses and companies for such errors. The fines that the IRS gives to such businesses are not small and can even lead to the business shutting down. Because calculating the payroll has such a huge legal repercussion if done wrong, it is better to get help and hire a bookkeeper to perform payroll services for you.
A good bookkeeper will help do payroll services correctly and will be able to handle the job of calculating your payroll without trouble. However, when business owners try to do this themselves, they often find that even though they are vastly experienced in the running of their business, when it comes down to the job of dealing with detailed accounting paperwork, they are stuck. And, in desperation, they try to do it themselves because either they are short on time or are getting pressure from somewhere. Doing bookkeeping paperwork under stress often ends up being wrongly calculated or missing certain details, and increase chances of being fined.
It is a much better idea to invest in a bookkeeper to help you with payroll services, rather than taking it upon yourself. The money you spend on the payroll services is a small amount compared to what you could get fined if you do your payroll accounting incorrectly.
Don’t struggle with your payroll services or any business accounting needs. All About Businesses can save you time and money with bookkeeping services for small businesses in the Portland, Oregon area.