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Hidden Costs That Affect a Business

Any business owner knows that running a company can get expensive. With salaries, benefits, insurance, computers – the list can seem endless. Even more problematic are the more hidden costs that can arise from seemingly simple things, like tax reporting. Many companies are surprised at the true bottom-line cost of continuing to file W-2 and 1099 forms via paper instead of e-filing to the IRS/SSA.

Choosing to e-file your tax forms to the IRS/SSA is faster, safer and more convenient than paper filing. While some businesses are required to e-file with the IRS/SSA if they employ or contract 250 individuals or more, experts recommended any size business consider switching to e-file to protect data and private information of employees. If you are responsible for annual tax reporting at your company and are still utilizing paper forms, you may not want to tell your boss. Those still filing by paper are likely costing the company unnecessary cash in lost time and efficiency.

In addition to cost savings, there are several other benefits to e-filing, including:

  • Once forms are sent, you receive confirmation from the IRS/SSA that your forms have been received. This confirmation is proof you have met required deadlines and you can rest easy knowing that paper forms have not gotten lost in delivery.
  • Through e-file, it is less likely that you will make errors. Reporting software like Yearli from Greatland Corporation makes catching simple mistakes easy to ensure everything is filed properly and on time. Fewer errors mean reduced worries about the potential fines that come with mistakes.
  • E-filing is more secure. With the introduction of Affordable Care Act reporting several years ago, security became a large topic of concern for employers and employees alike given the nature of the information being reported. The IRS has taken measures to increase security and industry leaders like Greatland make data protection a top priority.
  • E-filing is quicker and more efficient. You can grow your business and spend less time stamping, stuffing and licking envelopes.

Running a business is demanding and costly enough on its own, use this 2018 reporting season as an opportunity to re-examine expenses and how you might be able to alleviate hidden costs by making the switch from paper filing to e-filing. Go forth and file.

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November 9, 2018

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