The Benefits of Outsourcing to a Payroll Service
Payroll outsourcing can save companies time and money. It allows the business to not waste man hours handling a function that doesn’t bring in any revenue. The cost of payroll processing is greatly reduced by using a payroll service company. It usually costs more to pay an employee to handle the payroll than it would cost to outsource to a professional company.
Another cost savings of outsourcing is avoiding penalties and fees from the IRS and state if a tax filing or payment is submitted late or incorrectly. In the event that an error does occur most payroll service companies will pay the penalties and interest that are accrued.
Payroll companies stay up to date on the newest tax tables and tax laws. Tax laws are constantly changing and payroll companies stay on top of the new changes to keep the business out of trouble. Payroll companies offer services like direct deposit and pay as you go workers compensation insurance that some employers can’t get by themselves. Some payroll service companies can also help with the set up and administration of employee benefits.
Outsourcing payroll offers some safety to employers. You never have to worry about your payroll service company calling in sick on a payroll day. They are always available to process your payroll. You also don’t have to worry about paying the fines for something being done incorrectly like you do if an in house employee makes a mistake.
Many business owners realize the benefits of outsourcing the payroll service function. It helps reduce costs and also saves a lot of time and aggravation. Any business owner that doesn’t outsource payroll should serious consider the benefits of using a good service.
Once you have made the decision to use a payroll service company you should ask certain questions before deciding what payroll service company to use.
What is this going to cost me? Many payroll companies charge on a per payroll basis. Many factors go into what you pay each payroll. For instance the number of checks the payroll service generates for you. How many direct deposits you have and also any additional services the payroll company is doing for you play a factor in your pricing. You are going to want to make sure the payroll company doesn’t charge you for hidden fees that you are unaware of which happens a lot.
What is my payroll package going to look like when I get it? Usually a payroll services company can give you sample reports of what you will get with your payroll each pay period. You will want to ask to see sample reports from the payroll company before you make your decision on what payroll company you are going to use.
How am I able to transmit my payroll? Payroll companies have many different options for you to choose from. You can usually choose from calling, faxing, emailing, or submitting the payroll online.
What is the average turnover of your payroll representatives? It gets very annoying to have new payroll representatives handling your account every couple of months. It leaves the door open for mistakes when you have new people handling your accounts all the time. You want your payroll service to understand your business.
If a mistake is made, how quickly can I get the correct payroll run and sent to me? In the event that an error does occur you will want to make sure the payroll solutions company will handle it in a timely fashion. Their is nothing worse than an employee’s paycheck being wrong on pay day and telling them they have to wait a few days to get it corrected.
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