There are a number of advantages to using a payroll outsourcing company. If you business operates in several states or even in different companies, a payroll outsourcing company can keep track of all of the different regulations in place. More importantly, you will save time and reduce errors in your payroll process.
The payroll outsourcing process is simple- companies send their payroll information to a service provider who then returns pay stubs that have had all the calculations (like deductions for taxes, insurance, and totals like net pay) completed. Payroll companies also handle important documentations such as the annual W-2 form. The end result of using a payroll service company is that the entire process is off your desk and off your mind.
There are a few things to consider as you choose a payroll service provider. Do your homework by getting references from other business owners to find out who they use. Find out what kind of reports the service provider offers and whether reports can be tailored to your needs. Ask about customer service, and find out what the handover process is. Ask questions about data security, how long data will be kept, and how records will be kept. Find out how many current customers the business has, and how many of those customers are in your industry and are of similar size to your business. Get quotes from different companies and be sure you understand what the company will do for your business before you make a final choice.
The IRS offers a comprehensive listing of payroll service providers at: http://www.irs.gov/efile/lists/0,,id=101120,00.html. When you are ready to reduce your payroll costs by using one of these services, here are a few companies that you will want to consider:
• MasterTax LLC- Ideal for businesses with locations in multiple cities and states, this company provides a business solution that includes scheduling, payment, and filing of business taxes as well as payroll processing.
• Paycor- Each Paycor client is assigned a payroll specialist, who serves as a single point of contact to handle all aspects of your payroll process. The company offers software to make transferring and changing your payroll information easier. The software package is particularly notable for the human resources and time and attendance functions that help streamline your process.
• Paylocity- Designed for small and medium sized business, Paylocity offers a highly flexible payroll system that can be tailored to meet yoru needs. One of the largest providers in the country, Paylocity has an excellent reputation. The company offers a number of software solutions to help you manage your payroll more easily.
Payroll is an important part of your company, and one of the most important processes for your employees. Mistakes and errors in payroll can be a costly and time consuming problem for your business, and a payroll service provider can help prevent those errors. Using one of these services can help free up your time to help you do what you do best- run your business.Last modified on Sunday, 26 May 2013