The cost of doing business in California has been on the rise for a number of years, putting a strain on the budgets of even some of the highest-performing industries on the West Coast, including Hollywood.

Filming companies from the big studios right down to the small guys have been taking their projects out of state over the past decade in order to reduce costs, which include everything from business taxes and parking fees to the high costs of Workers’ Compensation insurance.

By far, one of the chief concerns of all California businesses is the rising cost of Workers’ Comp. insurance, which is required by law for every business, for every sector, for every employee—even if you run a tutoring agency and have one worker for which you are paying and tracking time and attendance.

There are many state agencies, however, that provide various business tax incentives aimed at helping to stem the tide of the business drain out of state.  For example, there are industrial zone credits for companies who set up shop inside an industrial area where otherwise depressed properties lose out on tax-based revenues due to the poor occupancy rates.  Business tax incentives also are being offered to companies who hire a certain number of local workers and utilize the services of in-state vendors.

These tax breaks can offset the high costs of workers’ comp. insurance premiums, which, for many businesses, can suck up as much as 60 percent of their monthly profits.   Another option is to allow a certified payroll reporting company manage the filing of Workers’ Comp. premiums for you.   This is an effective way to cut costs, as premiums are based on a snapshot of your payroll, which is likely a moving target, depending on your business.

By putting the management of your monthly premiums for Workers’ Comp. in the hands of a qualified integrated payroll service provider, who can manage payroll services and needs alongside your other business tax and insurance issues, you save time and money, which, of course, is what it’s all about when it comes to running a company.

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Tags: integrated payroll service, payroll services, time and attendance

This entry was posted on Friday, January 9th, 2009 at 3:34 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.