Yes, when you look at the time, cost and distraction involved with personnel administration and managing your own company, Free Agent Source is truly less expensive. More importantly, using FAS allows you to focus on your business. An entrepreneur, business owner, contractor or freelancer cannot do alone with greater efficiency what Free Agent Source does as its core business. We do it not only with greater experience, we have the scale to do it across larger numbers.
But don’t take our word for it. Here’s an exercise that will help you determine if your company is more efficient at company administration than we are. Multiply your gross payroll by 20%. Now subtract the following:
- Create a client service agreement. Prepare and send for each new client relationship. Handle legal questions from client’s legal department about making changes to the agreement.
- Set-up and manage a process to record client billable items.
- Send invoices to clients and monitor accounts receivable. Follow-up late payments or payment problems.
- Receive payments from clients. Deposit checks. Record payments in the accounting system.
- Process reimbursable business expenses every two weeks.
- Process payroll every two weeks, including employee tax withholding to the IRS and state, 401(k) funding and other payments.
- Pay employer payroll taxes to IRS and State.
- Time and cost to register each new employee and separation with state employment regulators.
- Ensure compliance with all employment regulations.
- Submit reports and pay for workers compensation insurance.
- Time sheet and payroll Processing.
- Time and cost to obtain General Liability Insurance each year.
- Time and cost to obtain Professional Liability Insurance each year.
- Time and cost to set-up and operate a 401k plan. File annual reports.
- Time and cost to set-up and operate a group health care plan.
- Prepare and file quarterly taxes – Federal and State.
- Prepare and file annual tax return – Federal and State.