Where To Begin When Looking For a Payroll Service Provider
3 min read
Doing your own payroll, even if it’s just one employee, usually comes with many headaches. Payroll service providers have come up with ways to help make the life of payroll managers much simpler. There are a lot of rules, laws, calculations, rates, and many other critical factors. Using an online payroll processing service to run payroll makes payroll effortless. Even if you currently use a payroll SaaS and are considering switching, that can be beneficial to you as well.
Common Ways of Running Payroll
Three of the most common ways to run payroll is in-house, through a certified public accountant, or SaaS payroll software. Running payroll in-house may be a less expensive option, but it tends to be the most time-consuming. Whoever your business hires to run your in-house payroll must be someone up-to-date on employee laws, salary rules, tax compliance, and so on. On the other hand, if you choose to have a Certified Public Accountant (CPA) run payroll for your business, they are licensed to deliver accounting tax and financial help to businesses on a paid basis. CPA will run payroll for a company and prepare any other reports they should need. CPAs also review all the financial information for the company and make sure that they are staying compliant. Running payroll with cloud-based payroll software is by far the most recommended option to choose. Payroll software services not only allow you to run payroll, but they also offer experts that are knowledgeable in employee laws, tax compliance, and so on. Payroll software services also allow a range of different packages to best fit your company.
What to Look for in a Payroll Software (SaaS)
Time & Attendance: One of the fundamental responsibilities of a payroll company is to help its clients monitor their employees’ time and attendance. Payroll software services offer time clocks, biometric time clocks (facial and fingerprint recognition), mobile punches, or computer punching. A single-source solution for payroll and time & attendance means hours flow directly into payroll, ensuring that wages are paid accurately and eliminating dual entries between different platforms.
Human Resource Management: Payroll software services should make benefits administration, applicant tracking, onboarding, and time off easier. Cloud-based platforms automate the process and help keep employee data secure while making access to information simple. Cloud-based software allows you access anywhere at any time. An applicant tracking system can simplify your application process. You'll be able to view candidates' qualifications and create tasks to follow up with that applicant. Applicant tracking should be customizable to fit your hiring process and onboarding process. Onboarding a new employee is made simple with payroll software. You can customize your process to fit your company and even have the new hires fill their information out before their first day.
Employee Self Service (ESS): A good payroll service will offer an online employee self-service portal. This allows employees the capability to view their pay stubs, W-2's, time and attendance, and other online reports. Employees can also check their schedules and even clock in and out in their ESS portal. Employers can update records such as emergency contacts, tax withholding rates, and anything about their job.
Customer Service: Running payroll is not as easy as it may sound, and payroll managers may have questions that need to be answered promptly. If the software service company has excellent customer service, that's the difference between having your questions answered that day versus waiting days or weeks for a response.
If you're thinking of switching the way you do payroll, the best time of year to do so is at the end of a quarter or the beginning of the year. Whether you're looking for payroll software or a CPA, it's always a great idea to do your research. Watch demos, schedule a personalized demo, look for references and reviews to make an informed decision before making your choice.
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