Payroll and HR are essential parts of any firm. They can be complicated and time consuming, even for the smallest firms. Keeping track of employee benefits, wages, garnishments, paid time off, and new state and federal tax regulations can be quite difficult. Additionally, if not done properly, the potential fines and penalties can add up quickly and be very costly. According to the IRS, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments.
Outsourcing your payroll and HR will save your firm time and minimize risk. It will allow you to focus on what is most important – revenue generating activities and growing the firm. Since payroll and HR are not functions of your firm that generate revenue, but when done incorrectly can seriously damage your firm, they are ripe for outsourcing.
At LBSI Inc., we have a team of individuals with more than 30 years of extensive experience in these very subjects. From running payroll, calculating and recording paid time off, managing employee benefits, and keeping abreast of changes to both state and federal tax regulations, LBSI is the solution to your payroll & HR needs.