Finding the Right Payroll Service for Your Business
With limited time & resources, managing payroll can be an added frustration that many employers would like to outsource. From auditing timesheets, aligning reimbursements, & understanding complicated reporting systems, processing payroll can be exhausting. And before you know it, the next Pay Period has arrived & you have to do it all over again. There is an answer to the madness, of course. Finding a payroll service to ease the nonstop payroll grind can lift a huge weight from a business owner’s shoulders. From small-to-mid-scale firms, web based software, or larger B2B businesses, there are options available.
The first thing to recognize is the scale of payroll beyond paying your employees. Complex tax & withholding procedures extend across multiple jurisdictions & governments. A seasoned professional or professional system can keep you in compliance with the reporting regulations. You have to consider more than just the upfront costs associated with payroll & determine whether or not the risk of violations is worth your running payroll yourself.
Below, we’ve laid out some of the key factors to research when looking to fulfill your payroll needs.
You need your payroll to be processed accurately and on time. This means looking for a service with a proven track record. Check reviews and get referrals from other small businesses as you consider which system to use.
For reduced errors and faster processing, many online providers automatically file and pay all payroll taxes, report new hires to the government, and process W-2s and 1099s. Make sure you can easily check your records and payments.
One of the advantages of a cloud-based payroll service is the ability to access information and financial records any time you need them – enabling you to handle payroll tasks from virtually anywhere.
Internet-based systems need to be technologically dependable as well, and any vendor should follow best practices and regulations regarding data safety and cybersecurity.
Are your employees paying into a 401(k) plan, a profit-sharing program, or health savings accounts? Are they racking up overtime pay or earning bonuses? Your payroll system needs to be able to handle multiple transactions vital to your business and employees. Make sure the system you choose is up to the task.
Before selecting a service, consider how flexible you need your payroll to be in terms of scheduling, disbursement methods, contractor payments, handling paid time off, calculating wages, and other details. Another feature to look for is direct-deposit. More than 80 percent of U.S. workers were paid via direct deposit as of last year. The process is safe and reliable for them, and makes record keeping easier for you — no worries about forgetting to record checks or about employees losing them.
Even if you don’t use many bells and whistles now, as your company and workforce expand, you’ll be better served by a payroll system that can grow with you and handle any of your requirements.
Simplicity. If your payroll service is clunky and complicated, the savings in time and money you were looking for might be replaced with frustration. Your payroll system should be user-friendly – from intuitive navigation to ease in finding and updating important information.
In addition, easy-to-reach, knowledgeable human support should be available and ready to help you with any questions, technical problems, or other issues that may arise.
Compatibility. Avoid creating headaches by tethering your company to a payroll system that doesn’t work well with others. Check to see whether a potential provider is compatible with your accounting, HR, time tracking, and scheduling software. Good integration can make administrative tasks run more smoothly, freeing you to focus on the reasons you started your business in the first place.
The ability to reconcile your payroll, ledger, and bank statements on a regular basis will provide you with a better financial picture, and can also allow you to easily generate reports on employees, sales, and other data that can provide helpful business insights.
OC Bookkeeping is here to help with all of your business and tax planning needs, no matter the stage or size of your company. So reach out and contact us and we’ll help guide you through the unpredictable future. As tax & payroll professionals, it’s our job to understand and follow the changes of any administration and will continue to work for your financial best interests. If you have tax questions or a tax debt you are unable to pay, our experienced tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit us today at www.ocbookkeeping.com or call us at 877.889.6527. Our CPA’s, Enrolled Agents and other skilled accountants have a thorough understanding of tax law together with the experience necessary to know which tax settlement option will be the best fit for your specific set of circumstances.