Payroll processing means paying employees. You calculate earnings, deduct taxes, and distribute the checks. It’s not rocket science, but it’s not so simple either.
The process gets complicated with data, reports, benefits, reimbursements, deductions, filing dates, etc. And running your own payroll could be a larger overhead expense than necessary if you don’t know what you’re doing.
That’s why it’s important to work with payroll programs that provide a full range of key services meant to optimize this part of your business. Here are 3 Key Things Your Payroll Service Should Do.
Payroll Services Companies Should Make Running Payroll Easier
Payroll processing services exist to make your life easier. It means they should reduce stress and take the inconvenience out of running payroll. If your service is causing more headaches than restful nights, then it’s time to switch. Here’s a shortlist of services a payroll program should provide to make things run smoothly:
- Employee data should exist in one system and require a minimal amount of input data on your end.
- Your reconciliation process should be streamlined and flawless.
- There should be an alert system for any potential errors.
- Cost-sharing health programs should be on point. Meaning you never put more in than you should!
Ensure Compliance, Accuracy, Flexibility, and Outlook
It’s a long list for one section, but what does each item do for a business? They all save money. The savings from those services should exceed the cost of doing payroll yourself. Your provider should:
- Ensure your business is filing accurately and on time according to federal and state tax law.
- Track all employee paid personal vacation time, sick leave, and overtime for compliance.
- Allow you to manually create checks for off cycle payments.
- Complete access to reporting, so you can analyze your data, make predictions and take actions that generate revenue.
Save Everyone Time
If you spend more time working with your service than it would take to just do it yourself, then something is wrong. Payroll processing services should save valuable time and enable your employees to receive their paychecks faster. It’s a win-win relationship. How do they make it happen?
- They should offer employee self-portal access for reports, tax information, printable paycheck stubs, direct deposit information, and year-to-date totals. There is no asking for information, and it’s easy to find.
- They have formulas to easily calculate tips, commissions, bonuses, 401k matching, etc.
- Any payroll discrepancy should be resolved quickly
- They should integrate with your applications so data updates in real time.
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