Do you encounter problems regarding the preparation of your employees’ payroll service? Do you make errors when preparing it? Many small companies, not just yours, experience hassle when making their employees’ payroll but it would not be money-wise to have their own payroll department. As a result, they either file the payroll late or have inaccuracies in the payroll. Of course you know that these things can make your employees angry and leave your company. Worse is that you may be given penalties for such inaccuracies. Some of your friends may have suggested looking for a payroll service company but you are not sure about it as you do not have enough knowledge about payroll service. To help you gain knowledge about payroll service, read the rest of this article.

What Is a Payroll Service Company?

A payroll service company is an accounting business that will prepare for your company’s payroll. A payroll service company is expected to do the following for you:
• Calculate the payroll of all your employees
• Calculate the local, federal and state taxes that needs to be withheld and deposited to the proper tax authorities
• Print the pay checks of your employees on time for their payday
• If your employees chose direct deposit than pay checks, the payroll service company will deposit their pay directly to their bank accounts
• Calculate the payroll taxes that you need to pay (Medicare and Social Security)
• File the annual and quarterly reports regarding payroll
• Print and file your employees’ year-end tax documents

Payroll Service Company- What Else Can It Do For You?

Other than doing the basic tasks needed in preparing for your company’s payroll, a payroll service company may also do the following for you:
• Manage the savings and retirement plans of all your employees
• Do the timekeeping task for you
• Manage the health benefits of your employees
• Do the tracking and reporting of Human Resources (HR) for you

What Should You Ask a Payroll Service Company?

When looking for and choosing a payroll service company, you must ask them these necessary questions:
• What basic services do you provide?
• If ever there was a mistake, how fast can you fix the payroll?
• How much does your service cost for one year?

Those are just some of the important things that you must know about a payroll service company. All of these will help you look for a payroll service company that will surely give your money’s worth.

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