When you’re starting up your assisted living facility, there are many things to consider so that you don’t run into problems later. As Fran said in her recent question, she wants to “have all my ducks in a row”.
One of her questions was about using a payroll company. Fran asked:
Should I hire a payroll company?
I have a one-word answer: YES!
Seriously, you need to outsource non-core tasks in your business. I think that processing payroll is at the top of the list of non-core tasks.
It’s critical that payroll is done right. Not only do your employees need (and deserve) to be paid accurately and on time, but the IRS and other government agencies need to get paid on time, too.
Penalties for late filings to the IRS can be surprisingly large, even when it’s just an honest mistake. And then there are filings for unemployment, wage garnishments, child support, etc, etc. Managing payroll yourself can consume more time that you can afford. Put another way, you can’t afford not to outsource payroll processing to a company that specializes in payroll.
There are many good options. The big guys, such as ADP and Paychex, are fine. They do a good job and have great systems for simplifying your life. Want something a bit more personal? Talk to your CPA or accountant (you have one of those, right?) about doing payroll for you or for a referral to a local payroll company. If it sounds expensive, shop around but remember: you can’t afford to do this yourself – you have more important things to do that you’re actually good at!