Category: Uncategorized

Why Outsourcing Payroll is Beneficial to Business Operations

Tuesday, February 15th, 2022

A successful business or company leader knows when and what to delegate, and this includes outsourcing payroll and taxation tasks to someone else. Ideally, the leader of the team can put their focus into business operations but payroll is something that simply should be handed-off to a professional accounting firm, company, or site.

Ideally, outsourcing achieves three main goals:

1. Time and Attention

Outsourcing frees up your most important resource: your time. This allows you more availability to focus on your core tasks related to the business. Furthermore, hurrying through chores like payroll can have negative repercussions. While it doesn’t necessarily help improve revenues or your bottom line, failure to maintain a precise payroll can cause big headaches and hassles later.

Payroll takes time and includes efforts to complete taxes, too. Do yourself a favor and outsource your payroll.

2. Technology and Expertise

Don’t let your company be at a disadvantage by not offering employees and staff high-tech options when it comes to payroll. To complete payroll well, you need expertise in areas that include, but are not limited to, direct deposit and self-service access to their payroll info. Employers rely on technology for other perks, such as maintaining employee records and taxation reports. If you want your business to grow, you need to fully-invest in the technology needed to get there. Laws change and are complex; outsourcing payroll provides you with the latest and greatest in terms of technology and expertise that helps your business run smoothly and that satisfies your entire team. Companies and businesses that can’t keep up may be at a significant disadvantage when it comes to hiring and retaining a solid workforce.

3. Reduced Risks

If you lose focus, make mistakes, or fail to complete timely payroll, the risks are great. Outsourcing payroll helps to reduce costs and risks- which may help some managers and supervisors sleep better at night! A great payroll provider offers options and capabilities that you simply may not have independently. Consider some of these options and talk with some reputable payroll providers. See what they have to offer and how their expertise can create a more user-friendly experience for your staff seeking payroll information or your supervisors who are looking to review employee records. Put your time and energy into your core business operations and outsource your payroll today. It simply makes good sense.

Ready to learn more about outsourcing your payroll? Talk to the experts at BMH Accounting; they want to alleviate the many tasks on your plate and free-up your supervisory team for other things. This includes actively managing your staff, launching new products or provisions, and serving your consumer audience. Call to find out how outsourcing payroll can be beneficial and advantageous for your business operations.

Tags: accounting, business operations, outsourcing, outsourcing payroll, payroll, small business

The 5 Biggest Mistakes to Avoid as a Business Leader

Tuesday, February 1st, 2022

A lot can fall on your shoulders at the helm of a company or small business. As a business leader, others may look to you for modeling behaviors that will help them progress and succeed.

The five worst mistakes that you can make as a business leader are:

1. Doing Everything on Your Own

Don’t do everything yourself; an effective leader is a delegator, giving others the chance to shine. No man is an island and it takes a range of diverse talents for a company to grow. A good leader can identify where they are needed and what is better handed off to someone else. Trying to do everything on your own only makes those around you feel incompetent and useless.

2. Putting a Lot of Stock in Titles

Don’t be the business leader that puts a lot of stock in job titles. Titles can be deceiving and, often, ineffectual. A great leader empowers those around them and puts others on their same level, regardless of title or position. Empathy is a far more useful tool when working with a team or staff than the perks of having a fancy title, big office, or special letterhead.

3. Blaming Others

Blaming others is one of the worst things that you can do as a business leader or role model for those around you. Face it: things will occasionally go wrong and sometimes it can happen in a big way. Don’t be the one who deflects and places blame when something doesn’t go as you plan or expect it to. An effective and even inspiring leader will assume responsibility and look for ways to prevent it from happening in the future. Blaming others can lower company morale and hamper productivity. Take one for the team.

4. Craving Attention

Don’t be the boss that needs and craves attention. Don’t you get enough? The strappings of being a successful leader may go to some’s head and they can become accustomed to spending time in the spotlight. Humility and giving others the chance to shine is a far greater attribute of a leader- and one that will lead the entire company to success.

5. Failing to Own Mistakes

Own mistakes and acknowledge when they are yours. Lead by example and claim mistakes- even when it is not entirely your fault. Leaders need to demonstrate that it is okay to admit errors and that it is the perfect platform for a learning moment.

Reach out to the professionals at BMH Accounting for help with your small business and company needs. We look forward to providing support that helps you to thrive in prosper in today’s competitive market.