Where To Begin When Looking For a Payroll Service Provider
2 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 payroll software, switching providers may be beneficial to your company.
Common Ways of Running Payroll
Three of the most common ways to run payroll are in-house, with a certified public accountant, or payroll software. Running payroll in-house may be a less expensive option but it tends to be the most time-consuming and error-prone. 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.
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. A 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 providers commonly have a range of different packages to best fit your company.
Payroll Software Services Features
Time & Attendance: One of the fundamental responsibilities of payroll software is to help its users monitor employees’ time and attendance, either through a native platform or integrations with other time & attendance software. Payroll software providers can also offer traditional time clocks, biometric time clocks (facial and fingerprint recognition), a mobile app, or computer punching to record employees' hours. 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 can also make benefits administration, applicant tracking, onboarding, performance reviews, or requesting and tracking time off easier. Cloud-based platforms automate the process and help keep employee data secure while making access to information simple. It allows you access anywhere at any time.
Employee Self Service (ESS): A good payroll service will offer an online ESS portal. This allows employees to view their pay stubs, W2s, hours worked, or time off balances. Employees can also check their schedules and even clock in and out in their ESS portal.
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, you should receive an answer 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. It's always a great idea to do your research to discover the method that will work best for your company. Watch demos, schedule a personalized demo, and look for references and reviews before making your choice.
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