Outsourcing particular business tasks can enable you to free up resources and energy to focus on your core competencies. Payroll is an important function and in all likelihood it makes sense to outsource payroll administration rather than hire resources in-house and dedicate them solely to the function. Payroll companies help you organize your payroll, adhere to policies and procedures, and get employees paid on time.
To stay on top of your tax obligations is reason enough for your company to consider using a payroll provider. Payroll administration warrants attention to detail and even the smallest indiscretion can attract heavy penalties from the tax authority of your country. In the US, the IRS has a history of levying heavy fines on small businesses for even the smallest transgression. Recently released statistics show that one out of every three small businesses is penalized in some way for not complying with tax laws.
Why should you outsource payroll processing? If you company is large enough, you may choose to conduct payroll functions in-house but be prepared to hire at least a couple of employees dedicated to this function. You will also have to allocate resources to continuously train your payroll staff in use of accounting software and to keep up with the frequently shifting state and federal tax laws. Also if you are a growing company that is continuously adding new employees, teams and locations, managing payroll is going to be quite a challenge. Do you really want to get distracted from the core-functions of your business by administering payroll yourself?
Payroll service providers are experts in what they do and have economies of scale since they administer payroll for many other companies. More than likely, they will deliver payroll services to your company cheaper and more efficiently that what you can do yourself.
What Services Do Payroll Companies Provide? Payroll companies provide various services. The following are the most common:
• Calculating pay checks for each employee
• Addressing tax obligations on a local, state, and federal level
• Printing and delivering checks
• Providing management reports
• Tracking employee benefits information
• Automatic check signatures
• Providing direct deposit
• Processing W-2 forms
• Processing 401k and mutual fund plans
• Addressing tax needs for your company and providing tax preparation
How to choose a Payroll Service? Ask for quotes from several payroll companies before making a final decision. An easy way to request quotes from multiple providers is to go to a B2B networking portal like Trade Seam. Keep the following in mind as you decide on the provider.
• Can they provide accurate payroll service without any mistakes in employee pay or providing tax information to the government? Ask for history of efficiency.
• An occasional mistake is acceptable but how quickly can they correct it. If the payroll service provider is overstretched, they may not have the resources to quickly provide the remedy.
• Is the payroll providers system and software compatible with your own operating systems? Would it be possible to transfer data to and from your business easily?
• Are the references flawless? Excellent customer service to business owners and its employees is important.
• How many clients is the payroll provider serving? Large number of clients may indicate a successful service but attrition in the past few months may indicate deteriorating quality. Does the provider have adequate resources to serve your business?
• Is the pricing competitive? Some companies may bait you with low basic fees and charge heavily for extras. Ask for an all inclusive package to compare prices.
Once you decide on a payroll provider, scrutinize the contract very carefully for any hidden fees or charges that may kick in after a few months of service. Check the first few pay checks very carefully for any mistakes. It is better to uncover the issues early enough before they get compounded and more difficult to fix.
Hiring a payroll provider is an important decision for your business. It is tough to easily switch a payroll provider if you make the wrong decision. Make sure you adequately research all possibilities before making a final decision.
Daljeet Sidhu is Co-founder at TradeSeam, a B2B Marketplace and Business Network. At TradeSeam you can compare price quotes for hundreds of products and services including payroll services price quotes from multiple vendors.
Article Source: http://EzineArticles.com/?expert=Daljeet_Sidhu
12/19/2009
12/15/2009
Outsourcing payroll services
Why Outsourcing payroll services:
If you want to keep employee morale up, you have to pay them on time. It can cost you a lot to forget about this. On the other hand, no matter how good you are, it's hard to keep payroll in check. Between all the changes in personnel and tax stuff you have to worry about, this kind of delay is inevitable. If you need some help, you can get your payroll needs taken care of by consulting a payroll service to lighten the load.
Your business can benefit greatly from outsourcing payroll services. Though you have your hands full from developing your product and marketing it, not to mention handling your employees, at least you don't have to worry about payroll.
Payroll is being outsourced by a quarter of companies existing in America today. Outsourcing your payroll can give you several benefits and advantages.
Free Payroll Software
You won't have to pay for expensive software in order to handle your payroll, saving you a lot of time and money setting it up and maintaining it. You can even get your own custom payroll software office integration for your accounting systems. You'll save money on costly updates to the software as well, because the payroll service will do that for you.
Free, Simple Scalability
There's no need to hire on someone specifically for the task of payroll if you outsource it to a payroll service. This professional service will also handle unemployment insurance, reassigning tasks, and layoffs, allowing you to be more hands off with that aspect of the business.
Concentrate On The Company
For every pay period, employees spend almost ten hours on payroll. If you outsource your payroll, that employee time can be allocated to increasing productivity and output.
Self Submission Of Payroll Data by Employees
Since payroll services often rely on software, it falls the the employee to submit their own work ours for recording. The employee will use an electronic time card on the website of your payroll provider, this recording the hours. Once that's done, the managed overviews the records to catch and discrepancies, and approves the correct time card for payment. If the manager's not around when payday comes, the employees will get paid either way, thanks to submission defauults. Many services out there accommodate variable pay like fines and bonuses as well.
Direct Deposit or Paper Check Options
You have the ability to choose between direct deposit and physical checks to hand to employees. No matter what you decide, statutory withholdings and taxes are taken out and addressed by the payroll company.
The Payroll Service Is Tasked To Keep Up With Taxes
When you do your own payroll, it can often be infuriating to have to try and keep up with all the altering tax regulations. With an outsourced payroll service, the task of adjusting these tax rates falls to them. If they make a mistake, they pay for it, not you, so you'll end up fine.
You'll end up saving a lot of time and money if you start outsourcing payroll. Your profits will go up, as will your productivity and business security, so get a payroll service now.
If you would like to learn more about outsourcing payroll services we recommend Advanced Accounting Systems.
They deliver top-notch expert and affordable services. Click on the link below to visit their official website.
Advanced Accounting Systems
Article Source: http://EzineArticles.com/?expert=Matt_Bush
If you want to keep employee morale up, you have to pay them on time. It can cost you a lot to forget about this. On the other hand, no matter how good you are, it's hard to keep payroll in check. Between all the changes in personnel and tax stuff you have to worry about, this kind of delay is inevitable. If you need some help, you can get your payroll needs taken care of by consulting a payroll service to lighten the load.
Your business can benefit greatly from outsourcing payroll services. Though you have your hands full from developing your product and marketing it, not to mention handling your employees, at least you don't have to worry about payroll.
Payroll is being outsourced by a quarter of companies existing in America today. Outsourcing your payroll can give you several benefits and advantages.
Free Payroll Software
You won't have to pay for expensive software in order to handle your payroll, saving you a lot of time and money setting it up and maintaining it. You can even get your own custom payroll software office integration for your accounting systems. You'll save money on costly updates to the software as well, because the payroll service will do that for you.
Free, Simple Scalability
There's no need to hire on someone specifically for the task of payroll if you outsource it to a payroll service. This professional service will also handle unemployment insurance, reassigning tasks, and layoffs, allowing you to be more hands off with that aspect of the business.
Concentrate On The Company
For every pay period, employees spend almost ten hours on payroll. If you outsource your payroll, that employee time can be allocated to increasing productivity and output.
Self Submission Of Payroll Data by Employees
Since payroll services often rely on software, it falls the the employee to submit their own work ours for recording. The employee will use an electronic time card on the website of your payroll provider, this recording the hours. Once that's done, the managed overviews the records to catch and discrepancies, and approves the correct time card for payment. If the manager's not around when payday comes, the employees will get paid either way, thanks to submission defauults. Many services out there accommodate variable pay like fines and bonuses as well.
Direct Deposit or Paper Check Options
You have the ability to choose between direct deposit and physical checks to hand to employees. No matter what you decide, statutory withholdings and taxes are taken out and addressed by the payroll company.
The Payroll Service Is Tasked To Keep Up With Taxes
When you do your own payroll, it can often be infuriating to have to try and keep up with all the altering tax regulations. With an outsourced payroll service, the task of adjusting these tax rates falls to them. If they make a mistake, they pay for it, not you, so you'll end up fine.
You'll end up saving a lot of time and money if you start outsourcing payroll. Your profits will go up, as will your productivity and business security, so get a payroll service now.
If you would like to learn more about outsourcing payroll services we recommend Advanced Accounting Systems.
They deliver top-notch expert and affordable services. Click on the link below to visit their official website.
Advanced Accounting Systems
Article Source: http://EzineArticles.com/?expert=Matt_Bush
To make payroll a breeze...
As a new business owner, naturally you'll want to make the most informed, cost-effective decisions. One of the most crucial decisions is how to process payroll and tax information.
You'll have to factor in local and federal tax regulations, retirement planning and quarterly financial reporting. These responsibilities can seem overwhelming without the right assistance.
Here you'll find several different options to make payroll a breeze: accountants, payroll software or payroll services.
New businesses are advised to "Hire an accountant," which is very sound advice if you're looking for peace of mind. A salaried accountant could provide tremendous payroll services but could also set you back $50,000-$80,000 annually, which isn't feasible for smaller companies.
Sometimes your best bet is to hire a consultant for $100-200/month to cover book keeping. Ask around to find a personal accountant who is reliable. The last thing you want is late tax returns or penalties due to an accounting error.
You can hire a company like H&R Block to cover your tax filings, but they won't be able to provide you with retirement planning services.
To save time, medium to large sized companies choose to outsource payroll services and retirement planning to a company. ADP and Paychex 401k plans and services are ranked among the best in the nation.
There's always a danger in using one of these service providers with over 543,000 clients, that you may be the one to slip between the cracks. Some clients report poor customer service, false promises, late deposits and hefty penalties.
Yet in general, you can sleep sounder by not having to spend all of your time micro-managing payroll and taxes.
Quickbooks Assisted Payroll costs half the amount of payroll services, around $59/month on average. Instead of waiting by the phone or fax machine, you can enter data into your computer immediately and have information updated in real time.
You may choose to print your own paychecks or directly deposit funds into employee bank accounts. Similar to outsourcing, Quickbooks will cover state and federal tax filings as well, taking a huge load off your shoulders. With just the click of a mouse button, you can have W2's printed right in the office.
With Quickbooks or other payroll software, you will have maximum control over your financial pay-outs so you can feel comfortable knowing all your employees and tax agencies will be satisfied.
To help with your retirement planning needs, Quickbooks Retirement Solutions is easy-to-navigate software with clear-cut employee retirement plan options.
The importance of payroll services should not be taken lightly. Whether you're assessing your business retirement plan options, filing your taxes or simply paying your workers, payroll services are a vital part of every business.
A good accountant can keep you out of lawsuits and jail, keep your employees happy and give you the peace of mind you need to run a successful business.
369 Niches Rolled Up Into 1 Product
Turn any hobby into a business. Discover 24 totally unique business models.
http://businessmodels.netbizint.com.au/index.php
Article Source: http://EzineArticles.com/?expert=Mike_Selvon
outsourced payroll services on alexa
You'll have to factor in local and federal tax regulations, retirement planning and quarterly financial reporting. These responsibilities can seem overwhelming without the right assistance.
Here you'll find several different options to make payroll a breeze: accountants, payroll software or payroll services.
New businesses are advised to "Hire an accountant," which is very sound advice if you're looking for peace of mind. A salaried accountant could provide tremendous payroll services but could also set you back $50,000-$80,000 annually, which isn't feasible for smaller companies.
Sometimes your best bet is to hire a consultant for $100-200/month to cover book keeping. Ask around to find a personal accountant who is reliable. The last thing you want is late tax returns or penalties due to an accounting error.
You can hire a company like H&R Block to cover your tax filings, but they won't be able to provide you with retirement planning services.
To save time, medium to large sized companies choose to outsource payroll services and retirement planning to a company. ADP and Paychex 401k plans and services are ranked among the best in the nation.
There's always a danger in using one of these service providers with over 543,000 clients, that you may be the one to slip between the cracks. Some clients report poor customer service, false promises, late deposits and hefty penalties.
Yet in general, you can sleep sounder by not having to spend all of your time micro-managing payroll and taxes.
Quickbooks Assisted Payroll costs half the amount of payroll services, around $59/month on average. Instead of waiting by the phone or fax machine, you can enter data into your computer immediately and have information updated in real time.
You may choose to print your own paychecks or directly deposit funds into employee bank accounts. Similar to outsourcing, Quickbooks will cover state and federal tax filings as well, taking a huge load off your shoulders. With just the click of a mouse button, you can have W2's printed right in the office.
With Quickbooks or other payroll software, you will have maximum control over your financial pay-outs so you can feel comfortable knowing all your employees and tax agencies will be satisfied.
To help with your retirement planning needs, Quickbooks Retirement Solutions is easy-to-navigate software with clear-cut employee retirement plan options.
The importance of payroll services should not be taken lightly. Whether you're assessing your business retirement plan options, filing your taxes or simply paying your workers, payroll services are a vital part of every business.
A good accountant can keep you out of lawsuits and jail, keep your employees happy and give you the peace of mind you need to run a successful business.
369 Niches Rolled Up Into 1 Product
Turn any hobby into a business. Discover 24 totally unique business models.
http://businessmodels.netbizint.com.au/index.php
Article Source: http://EzineArticles.com/?expert=Mike_Selvon
outsourced payroll services on alexa
Online payroll services are more popular
Online payroll services are more popular than ever in today's economic climate. Many types of work are being outsourced to save money on monthly payroll costs, be it marketing, accounting or human resources.
Also, if you have had to let people go due to the recession, and are drowning in paperwork with the day to day running of the company, then you can get rid of at least one headache with simple online payroll services.
It also helps you to do what you should be doing - focusing on your core values. Growing the business, being innovative, and applying yourself to making the business work, instead of ticking boxes and filling out forms.
Not only will it save you time, it could also save you money. According to Internal Revenue Service statistics, over 40 percent of small enterprises pay around $845 per year in penalties for late or incorrect payroll filings. And when regulations and laws change, it is hard to keep up with them. Every quarter and year-end you have to make sure that all the proper taxes and forms are paid and filed with the state and local authorities.
Not only that, but there are some states that actually impose a large fine if you cannot produce a historical payroll record for an employee in a timely manner.
Even if you don't worry about penalties, think about your time. How much are the hours of your time worth? You can be doing something far more important such as looking for better suppliers, clinching that deal, or more importantly, getting home to family at a reasonable hour.
So read reviews and seriously think about a web-based payroll service. Press a button (wherever you are), and it will calculate what you need to pay for your employees, transmit the information to your bank, file all the tax reports that are necessary, and also prints out pay slips. What could be easier?
Instead of wasting your time figuring out payroll on your own, use an inexpensive online payroll service. Such a service takes the hassle out of payroll processing, giving you more time to concentrate on running your business.
Article Source: http://EzineArticles.com/?expert=Caressa_Waechter
outsourced payroll services on alexa
Also, if you have had to let people go due to the recession, and are drowning in paperwork with the day to day running of the company, then you can get rid of at least one headache with simple online payroll services.
It also helps you to do what you should be doing - focusing on your core values. Growing the business, being innovative, and applying yourself to making the business work, instead of ticking boxes and filling out forms.
Not only will it save you time, it could also save you money. According to Internal Revenue Service statistics, over 40 percent of small enterprises pay around $845 per year in penalties for late or incorrect payroll filings. And when regulations and laws change, it is hard to keep up with them. Every quarter and year-end you have to make sure that all the proper taxes and forms are paid and filed with the state and local authorities.
Not only that, but there are some states that actually impose a large fine if you cannot produce a historical payroll record for an employee in a timely manner.
Even if you don't worry about penalties, think about your time. How much are the hours of your time worth? You can be doing something far more important such as looking for better suppliers, clinching that deal, or more importantly, getting home to family at a reasonable hour.
So read reviews and seriously think about a web-based payroll service. Press a button (wherever you are), and it will calculate what you need to pay for your employees, transmit the information to your bank, file all the tax reports that are necessary, and also prints out pay slips. What could be easier?
Instead of wasting your time figuring out payroll on your own, use an inexpensive online payroll service. Such a service takes the hassle out of payroll processing, giving you more time to concentrate on running your business.
Article Source: http://EzineArticles.com/?expert=Caressa_Waechter
outsourced payroll services on alexa
Increasing complexity of payroll systems
Is it really possible that some companies are hesitant to employ the staff needed to grow their business because they think they will need to manage complicated payroll systems?
It is certainly true that regardless of the size of a business, the increasing complexity of payroll systems - managing wages, taxation, annual leave, PAYG, different state jurisdictions and superannuation - means that specialist knowledge is required for these functions to be carried out properly.
Medium to large businesses have for many years understood the benefits of using specialist payroll companies to manage their payroll requirements. What is becoming evident, however, is the growing need for small business payroll services as well.
Those businesses, whether large companies or SMEs, that have taken the step to outsource payroll services, have based their decision on these realisations, and have not looked back:
1. Payroll Australia differs from many other countries in that regulations and requirements can change between states. If you have a national workforce, in-house payroll management can be extremely time-consuming.
2. While there are some impressive payroll software solutions available, by outsourcing payroll functions, the need to rely on a dedicated staff member to perform payroll services is eliminated. There is no interruption to the payroll function when staff members are on leave.
3. They see outsourcing payroll functions as part of their risk management plan, because the provider ensures that the client meets all requirements for governance and compliance.
4. Professional payroll companies are able to clearly define the separation of duties, providing transparency and an audit trail if needed.
5. There is no need for them to update systems and software and retrain staff if and when laws and regulations change.
6. Payroll companies are able to quickly adjust to meet the evolving demands of a business. Whether these changes are integration, downsizing, physical and geographical expansion a quality payroll services will have the flexibility to match these needs.
7. Quality payroll services provide their clients' with online access to leave application and expenses processing, further eliminating the need for ancillary staff to manage these functions.
Successful businesses recognise that ability to do away with internal payroll systems has a measurable cost/benefit ratio. However, the peace of mind that results from knowing that this important function is being managed professionally is immeasurable!
Don't wait another day to discover how your business can improve by outsourcing your payroll requirements. Refocus on your core business and profit from the increased productivity.
Discover for yourself how Aussiepay innovator and leader in the payroll services and payroll systems an tailor a system that will seamlessly integrate with your current work
Article Source: http://EzineArticles.com/?expert=Richard_Nicholson
outsourced payroll services on alexa
It is certainly true that regardless of the size of a business, the increasing complexity of payroll systems - managing wages, taxation, annual leave, PAYG, different state jurisdictions and superannuation - means that specialist knowledge is required for these functions to be carried out properly.
Medium to large businesses have for many years understood the benefits of using specialist payroll companies to manage their payroll requirements. What is becoming evident, however, is the growing need for small business payroll services as well.
Those businesses, whether large companies or SMEs, that have taken the step to outsource payroll services, have based their decision on these realisations, and have not looked back:
1. Payroll Australia differs from many other countries in that regulations and requirements can change between states. If you have a national workforce, in-house payroll management can be extremely time-consuming.
2. While there are some impressive payroll software solutions available, by outsourcing payroll functions, the need to rely on a dedicated staff member to perform payroll services is eliminated. There is no interruption to the payroll function when staff members are on leave.
3. They see outsourcing payroll functions as part of their risk management plan, because the provider ensures that the client meets all requirements for governance and compliance.
4. Professional payroll companies are able to clearly define the separation of duties, providing transparency and an audit trail if needed.
5. There is no need for them to update systems and software and retrain staff if and when laws and regulations change.
6. Payroll companies are able to quickly adjust to meet the evolving demands of a business. Whether these changes are integration, downsizing, physical and geographical expansion a quality payroll services will have the flexibility to match these needs.
7. Quality payroll services provide their clients' with online access to leave application and expenses processing, further eliminating the need for ancillary staff to manage these functions.
Successful businesses recognise that ability to do away with internal payroll systems has a measurable cost/benefit ratio. However, the peace of mind that results from knowing that this important function is being managed professionally is immeasurable!
Don't wait another day to discover how your business can improve by outsourcing your payroll requirements. Refocus on your core business and profit from the increased productivity.
Discover for yourself how Aussiepay innovator and leader in the payroll services and payroll systems an tailor a system that will seamlessly integrate with your current work
Article Source: http://EzineArticles.com/?expert=Richard_Nicholson
outsourced payroll services on alexa
Evaluating payroll processing services
Evaluating payroll processing services to find one that fits your company's specific needs can be a time consuming process. But beyond comparing the basic features that many payroll services provide, avoiding several common pitfalls will help you save money and get the features that best fit your needs.
Mistake #1: Not knowing the difference between State Unemployment Insurance (SUI) and State Unemployment Insurance Service.
State Unemployment Insurance is both a necessary and a standard component of tax payme nt features in payroll services, and it is required by law. However, State Unemployment Insurance Service is a different thing--it sounds the same, but the latter is an add-on feature which only benefits clients who have extremely high turnover rates, which in turn drive up their unemployment rates. If a company has a time with less turnover, the state does not automatically reduce their rate accordingly; if you opt for this feature, your state unemployment insurance will petition the state to drive down your rates accordingly. Another feature of this service is that if you have a lot of unemployment claims against you, your outsourced payroll service can send someone to represent you. But if you don't have much turnover or a lot of bogus unemployment claims, you don't need this service--don't pay extra for this unless you need it.
Mistake #2: Not knowing up front what your payroll processing services provider will charge for Year End and Miscellaneous fees.
If you think you've found solid payroll outsourcing services with the features you need at a good monthly rate, you may be in for a surprise at Year End. Before you sign up, make sure you know what ALL the fees will be. Many charge extra for W-2's; some will offer a free reprint if an employee loses their original W-2, some charge.What is the charge for New Hire Reporting? This may matter more if you have a lot of turnover. Is there a Hosting Fee for an online payroll service? Adding up all those miscellaneous fees may make a big difference in the bottom line. Knowing these additional fees in addition to the base fees will make it easier to make an apples-to-apples comparison of payroll processing services.
Mistake #3: Buying an add-on HR Module you don't really need.
Many payroll outsourcing services will offer an additional HR module with things like templates to create employee evaluations, fields for keeping track of employee training, leave of absence requests, job descriptions or Benefits Administration.
While these are good features to have if you have a number of employees, you may be able to keep track just as well in an Excel spreadsheet, saving you money. Weigh the cost versus the benefits to see if it's worth the extra money.
With these tips in mind, you are now ready to make an informed decision on which payroll processing services are right for you.
Suzanne is the Director of Operations for G & K Office Solutions. Her numerous articles cover a variety of topics, incudings human resources issues, payroll and payroll management, and retirement funding. For more information on evaluating various payroll processing services providers, visit http://savingsfordoctors.com/outsourced-payroll-services.html.
And for information and resources on Medical Billing, visit http://everythingmedicalbilling.com.
Article Source: http://EzineArticles.com/?expert=Suzanne_Burnham
outsourced payroll services on alexa
Mistake #1: Not knowing the difference between State Unemployment Insurance (SUI) and State Unemployment Insurance Service.
State Unemployment Insurance is both a necessary and a standard component of tax payme nt features in payroll services, and it is required by law. However, State Unemployment Insurance Service is a different thing--it sounds the same, but the latter is an add-on feature which only benefits clients who have extremely high turnover rates, which in turn drive up their unemployment rates. If a company has a time with less turnover, the state does not automatically reduce their rate accordingly; if you opt for this feature, your state unemployment insurance will petition the state to drive down your rates accordingly. Another feature of this service is that if you have a lot of unemployment claims against you, your outsourced payroll service can send someone to represent you. But if you don't have much turnover or a lot of bogus unemployment claims, you don't need this service--don't pay extra for this unless you need it.
Mistake #2: Not knowing up front what your payroll processing services provider will charge for Year End and Miscellaneous fees.
If you think you've found solid payroll outsourcing services with the features you need at a good monthly rate, you may be in for a surprise at Year End. Before you sign up, make sure you know what ALL the fees will be. Many charge extra for W-2's; some will offer a free reprint if an employee loses their original W-2, some charge.What is the charge for New Hire Reporting? This may matter more if you have a lot of turnover. Is there a Hosting Fee for an online payroll service? Adding up all those miscellaneous fees may make a big difference in the bottom line. Knowing these additional fees in addition to the base fees will make it easier to make an apples-to-apples comparison of payroll processing services.
Mistake #3: Buying an add-on HR Module you don't really need.
Many payroll outsourcing services will offer an additional HR module with things like templates to create employee evaluations, fields for keeping track of employee training, leave of absence requests, job descriptions or Benefits Administration.
While these are good features to have if you have a number of employees, you may be able to keep track just as well in an Excel spreadsheet, saving you money. Weigh the cost versus the benefits to see if it's worth the extra money.
With these tips in mind, you are now ready to make an informed decision on which payroll processing services are right for you.
Suzanne is the Director of Operations for G & K Office Solutions. Her numerous articles cover a variety of topics, incudings human resources issues, payroll and payroll management, and retirement funding. For more information on evaluating various payroll processing services providers, visit http://savingsfordoctors.com/outsourced-payroll-services.html.
And for information and resources on Medical Billing, visit http://everythingmedicalbilling.com.
Article Source: http://EzineArticles.com/?expert=Suzanne_Burnham
outsourced payroll services on alexa
Outsourced Payroll Services
Timely payment of wages is necessary for employee satisfaction and to keep them motivated. The slightest lapse in this regard can prove very expensive. However, managing payroll is a difficult task for even the most proficient employee. Personnel changes, deadlines and changing tax regulations only worsen the situation leading to unnecessary delays and inefficiencies. A payroll service can take care of all your payroll requirements and free you and your employers of unnecessary stress and hassles.
Outsourced payroll services become even more important for start-up businesses. While you take care of everything from product development, to advertising and marketing and sales, payroll is one function that can be easily outsourced to a payroll service.
Over one-fourth of the companies are already enjoying the benefits of outsourcing payroll. Here are the main benefits you can expect from outsourcing.
Free payroll software
Outsourcing payroll eliminates the need to buy, install, support and maintain payroll software and reduces the IT labor needed, resulting in several immediate cost reductions. Several payroll companies also provide software integration into your office accounting systems along with customization. Further, payroll services regularly update their software giving you another indirect cost benefit.
Easy scalability at minimal cost
When you outsource to a professional service, you do not have to worry about adding new staff to deal with business growth. Similarly, they take care of reassigning tasks, lay-offs and unemployment insurance for contracting businesses, thus freeing the owners of this responsibility at affordable prices.
Focus on your core business
Payroll takes up a total of eight-ten hours of employee time, every pay period. Outsourcing payroll saves valuable employee time that can be devoted to core business issues for improving productivity.
Employees prepare and submit own payroll data
Payroll services use software as a service, which delegates to employees the responsibility of gathering and submitting work hours themselves. For this, each employee uses his login to enter information about work hours into electronic time cards on the providers website. After completion, these are electronically reviewed by the manager, who can either approve or send back any inaccurate time card. Defaults for submission, approval and correction ensure that employees get paid even when the manager is unavailable for reviewing the time cards. Variable pay such as bonuses, commissions and fines are also accommodated by most services.
Convenience of Paper Paychecks or Direct Deposit
You can ask for paper checks to be delivered to your office, or provide for direct deposit to employees. In either case, the payroll company takes care of statutory withholdings and contributions to health and retirement plans.
Onus of regulatory compliance shifted to payroll service
The biggest headache when processing payroll is keeping pace with changing tax regulations which lead to unnecessary fines and penalties for your company. Payroll services can better handle mandatory tax regulations and ensure compliance with them. Additionally, payroll services themselves pay for penalties, if any, saving you money and worries.
Outsourcing payroll can be one of the most profitable decisions you make. Go ahead and hire a payroll service to reap the benefits of increased business output and profits.
Daljeet Sidhu is Co-founder at TradeSeam Business Network. Connect with customers, suppliers, partners and service providers online and start receiving qualified sales leads to grow your business. Find, Compare Prices and Save on vendors and suppliers for your business needs. Power up your business by leveraging the Tradeseam verified seal to build trust with customers, partners and suppliers and receive more qualified sales leads and business opportunities. Read our business payroll services advice. Compare payroll management quotes.
Article Source: http://EzineArticles.com/?expert=Daljeet_Sidhu
outsourced payroll services on alexa
Outsourced payroll services become even more important for start-up businesses. While you take care of everything from product development, to advertising and marketing and sales, payroll is one function that can be easily outsourced to a payroll service.
Over one-fourth of the companies are already enjoying the benefits of outsourcing payroll. Here are the main benefits you can expect from outsourcing.
Free payroll software
Outsourcing payroll eliminates the need to buy, install, support and maintain payroll software and reduces the IT labor needed, resulting in several immediate cost reductions. Several payroll companies also provide software integration into your office accounting systems along with customization. Further, payroll services regularly update their software giving you another indirect cost benefit.
Easy scalability at minimal cost
When you outsource to a professional service, you do not have to worry about adding new staff to deal with business growth. Similarly, they take care of reassigning tasks, lay-offs and unemployment insurance for contracting businesses, thus freeing the owners of this responsibility at affordable prices.
Focus on your core business
Payroll takes up a total of eight-ten hours of employee time, every pay period. Outsourcing payroll saves valuable employee time that can be devoted to core business issues for improving productivity.
Employees prepare and submit own payroll data
Payroll services use software as a service, which delegates to employees the responsibility of gathering and submitting work hours themselves. For this, each employee uses his login to enter information about work hours into electronic time cards on the providers website. After completion, these are electronically reviewed by the manager, who can either approve or send back any inaccurate time card. Defaults for submission, approval and correction ensure that employees get paid even when the manager is unavailable for reviewing the time cards. Variable pay such as bonuses, commissions and fines are also accommodated by most services.
Convenience of Paper Paychecks or Direct Deposit
You can ask for paper checks to be delivered to your office, or provide for direct deposit to employees. In either case, the payroll company takes care of statutory withholdings and contributions to health and retirement plans.
Onus of regulatory compliance shifted to payroll service
The biggest headache when processing payroll is keeping pace with changing tax regulations which lead to unnecessary fines and penalties for your company. Payroll services can better handle mandatory tax regulations and ensure compliance with them. Additionally, payroll services themselves pay for penalties, if any, saving you money and worries.
Outsourcing payroll can be one of the most profitable decisions you make. Go ahead and hire a payroll service to reap the benefits of increased business output and profits.
Daljeet Sidhu is Co-founder at TradeSeam Business Network. Connect with customers, suppliers, partners and service providers online and start receiving qualified sales leads to grow your business. Find, Compare Prices and Save on vendors and suppliers for your business needs. Power up your business by leveraging the Tradeseam verified seal to build trust with customers, partners and suppliers and receive more qualified sales leads and business opportunities. Read our business payroll services advice. Compare payroll management quotes.
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