December 14, 2018
It's called "opportunity cost." Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. What if you and/or your staff spent the time you spend on payroll on providing your services or selling your goods, or landing a new customer/client/patient? How much would you make?
Here's an example: You have a small medical practice and your average revenue per patient visit is $145 and you see three patients per hour. So you're generating about $435 of revenue per hour. Now, how much time are you and/or your staff spending on payroll issues? Multiply that amount of time by $435 per hour and that's the opportunity cost of paying your employees.
Do you like watching potential money fly away from you? As a fellow small business, we sure don't.
Armed with the knowledge of how much your time is worth, you can evaluate if outsourcing your payroll would not only save you money, but MAKE you money. That's right, INCREASE your bottom line!
We happen to know a really qualified group of people who can do your outsourced payroll for you- did you guess it- it's us, here at AccountingRx! Call us, email us, follow us on social media- we are happy to walk you through how it all works- no consultation fee, no commitment. Our services are flat rate and we pride ourselves on complete transparency. Because the last thing a small business like you needs is any end of the month surprises.