As you may already know, there are many different types of payroll processing: ranging from in-house to outsourcing, to even using a CPA. You’ve probably have heard of many different payroll service companies, but do you know exactly what they do and what they offer? Just like their name suggests, payroll companies ensure that employees are paid on time and that all of the employers stay compliant. Obviously, payroll is more than just writing checks, and a good payroll company will offer more than just that. Depending on the size of the company and the software’s capabilities, there are a variety of different things that payroll companies do for their customers.
It used to be when you were shopping for payroll software all you were worried about was finding a solution to process your payroll; that is no longer the case, it seems (and for good reason). Now when you’re evaluating payroll software you’re looking for a system that can handle a little bit more. Does it have a time and attendance component? What about applicant tracking? It has become very clear that payroll and HR functions have slowly merged together over the past few years, so a system that can only tackle your payroll will no longer cut it. Adapting with that change, many software providers have added some bonus features into payroll that you may not be aware of.