5 Ways to Protect your Veterinary Practice
Many practices choose to outsource to companies that specialize in payroll processing, mainly for simplicity and protection…
Protect your veterinary practice by outsourcing key functions of your practice operations, like payroll and HR processes.
Federal, State & Local Tax Compliance
Tax-filing services are critical to maintaining your firm’s compliance. Many practices outsource payroll as much to get rid of the burden of tax filing as the payroll process itself. Many veterinarians and practice managers are not versed in the complex world of federal, state and even local government regulations. Rules are constantly changing, and mistakes or omissions can lead to costly penalties. Payroll providers are constantly managing tax rates and regulations for their client’s withholding to remove this burden for the business owner.
Utilize Payroll Expertise
Outsourcing your payroll processing allows you to rely on the payroll company to assist you with the complexities in payroll taxes and employee classifications. Payroll companies assist business owners and practice managers with tax rates, withholding, vacation accruals and much more. Payroll companies also assist business owners in managing overtime, taxing bonuses appropriately, and understanding reports.
Reduce Overhead Costs
Consider how much time you spend every week or every two weeks calculating payroll calculating hours and deductions, managing paid time off, filing taxes, generating checks, checking reports and updating your general ledger. Outsourcing this to a professional payroll company allows you to save the time you would normally spend calculating this in house or reviewing with your bookkeeper and focus on your veterinary practice needs.
Utilizing a payroll provider reduces the risk of having your data and your employees data stolen. Payroll managed in house allows employees who manage payroll to see personal records and data, and also opens up the risk for identity theft with less secure servers or technology. Utilizing a professional payroll company ensures multi-level firewall security, redundant back ups for data in real time, and highly-secure servers. Cloud-based technologies have an extremely high standard of security for data.
Payroll companies often offer additional services to help protect your veterinary practice, like Workers Compensation services, Labor Law Compliance, OSHA Tracking and Reporting, General Ledger integration, Time and Attendance Tracking and live HR Support.
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