All businesses with employees have some sort of payroll system in place to get their staff paid. Instead of processing it on their own, many companies opt for an outsourced payroll service to make this process more convenient and simpler. Managing and handling a stack of books is highly screwing! One out of every three businesses gets penalized by the IRS for payroll errors.
Choosing the best payroll services for your business can help you reduce the need for bookkeeping and other errors. Even if there are no mistakes, still doing your own payroll costs you! The time and energy spent in figuring out how much money you have to give can actually be spent making money.
A good payroll service will keep checks on the IRS and your employees regularly, taking most of the burden off your shoulders-but not completely. The pay-checks may be out of your hands, but this sensitive information is immensely important to your company, so it’s critical that you pick the right service for your business. You need to choose a service provider that fits your company’s needs and culture. The ideal payroll service provider is the one with whom you can trust with your confidential information, rely upon support.
Before you go on the hunt for the perfect payroll provider, identify what’s on your company’s payroll checklist. Map your organization’s needs first so that you know what questions to ask and which answers to look for. Understand your company first before you try to understand a payroll provider. After you have prepared your own payroll checklist, start your search.
- Get recommendations from your colleagues or friends working in your field
- Study about different payroll service providers on software review websites
- Checkout LinkedIn professionals working with a similar company and hear what they have to say about their experiences
Here are some services to consider looking for when selecting a Payroll Service provider:
- Continuous payroll processing: Run payroll automatically and calculate how much each employee earned for the pay period. Access this payroll data at any time.
- Real-time calculations: Know exactly what each employee is doing and how much they’re getting paid for it.
- Versatile Pay rules: Determine pay for overtime and regular hours including location, shift differentials, etc.
- Paychecks and direct deposits: Many providers will print paychecks, while the right service provider will offer direct deposit services to deposit paychecks right to the employee bank account.
- 401 Plan administration: Track and set up retirement plans.
- Additional adjustments: Manage bonuses, reimbursements, commissions, tips, and other garnishments
- Automated tax table updates: Ensure the accuracy of employee withholdings
- Analysis reports: Get insight and visibility into your organization with dashboards, reports, and support tools.
- PTO requests: Keep track of paid time off and allow for employers to approve or deny employee requests for days off
- Alerts: Know when an employee is approaching benefits eligibility or overtime hours.
- Tax filing services: These services should include withholding employee taxes. This may also include filing quarterly payroll tax reports and paying appropriate state and federal taxes.
Choosing the right payroll provider can seem like a daunting task. Spectra payroll outsourcing services constantly strive for 100% customer delight and employee-friendly inter-phase (ESS) with help of the latest technology and by offering personalized payroll services and customizable payroll reporting. Contact us to avail our top-notch payroll solutions.