Payday may be a happy time for those employed by America´s small businesses, but it´s a painful administrative task for those who own the enterprise, according to the National Federation of Independent Business Research Foundation, which discovered in recent polling that nearly two-thirds of the nation´s small employers still prepare their payrolls in-house.
"The smallest enterprises are the ones most likely to prepare payroll in-house, while the largest small businesses more often send it out," said NFIB Senior Research Fellow William J. Dennis. "Even then, half of the largest small businesses — those employing 20 or more workers — handle payroll themselves."
Preparing payroll in-house is the cheapest way to handle payroll, according to more than one-third of small employers surveyed — with a disproportionate number of those responses coming from those who own the smallest firms. Slightly less than one-third gave greater control and better oversight as reasons for doing their own paperwork.
Ahh, but it’s really not that cheap when you factor in the cost of your time. The best thing you can do for your small business is to do what you do best — sell your stuff! — and outsource the rest.
For more info on the complete survey, visit www.nfib.com/page/researchFoundation