Do you know your internal costs for handling payroll?
Does it make economic sense to outsource your payroll activity? Here are 10 cost factors of managing payroll internally you should consider when comparing your options.
1.Training of payroll staff.
2. Dedicating personnel for payroll versus other business tasks.
3.Buying and upgrading management software and hardware.
4.Gathering payroll-related information.
5. Performing calculations for wages and hours.
6. Calculating federal, state and payroll taxes.
7. Tracking payroll tax deposit due dates.
8. Monitoring changes in federal and state payroll tax rules and legislation.
9.Calculating your ongoing tax liabilities.
10. Setting up and administering a pretax benefit plan