Many businesses, both large and small, find that they struggle when it comes to keeping track of the books. Expenses and regular bills can quickly pile up, and without help you might find yourself unable to keep on top of all the different documents that need to be managed on a monthly basis, as well as in time for tax season.
After all, running a company is hard work and you have a number of different concerns to think about every day, from making sure that you're prepared to launch a new product or service, to ensuring that you have the right marketing in place to keep your customers coming. The last thing you want to worry about is being penalized by the IRS or making your workers unhappy because you can't find the time or have the expertise to handle payroll. Fortunately, you can invest in a complete payroll service that is prepared to do all of the hard work for you.
What Is a Complete Payroll Service?
Simply put, complete payroll services can either work on an online or local basis, and their purpose is to make sure that all of the details surrounding payroll are managed and kept accurate during the course of running your business.
These services are particularly useful for a range of companies who might not have sufficient experience in taking care of payroll, or simply don't have enough time to ensure that payroll is sorted accurately each week, or month – depending on how workers are paid. Finding a payroll service is simple enough – all you need to do is look around your local area, check online, and ask for recommendations wherever possible. However, making sure that you find the right complete payroll service can be more complex.
What a Payroll Service Should Do:
A complete payroll service often takes on a host of different responsibilities, including:
– Payroll processing – this means calculating exactly how much each employee should be paid for each payroll period and making sure that every member of staff gets the money that they are owed. These systems will need to take overtime, shift differentials, holiday pay and taxes into account, as well as benefit and social security deductions, before paying the money to employees in the form of a check or direct deposit
– Filing and paying payroll taxes – Payroll services can also withhold employee taxes, file tax reports, and pay withholdings to the correct federal and state agencies at any given time. What's more, they may also issue 1099 and W-2 forms at the end of a year.
– New hire reporting – Some services will report new hire opportunities to the government on your behalf.
-Integration – Certain payroll services will integrate with a range of payroll services and programs that a business may already be using, such as time and attendance systems and accounting software.
– Time off management – Payroll systems can be used to keep track of the amount of time employees take off, and how many sick hours or vacation days each individual has earned and used.