Did you know that your company could save time and money by offering your employees integrated payroll processing and retirement plan systems? This integration also makes it easier to ensure accuracy, because you are using one IT platform instead of two or more.
If you are outsourcing your payroll services and payroll tax, keep in mind that if you own a small or medium sized business you will need a provider who offers tools for employees, like an automated phone system and an online portal where they can go to download pay stubs and see tax information.
When employees can access payroll accounting online, they can also do things like download W 2 forms, and update their payroll and personal information, so that way their employer does not have to do the work for them.
If you are still managing your payroll in house, you are tasked with such burdensome, time consuming responsibilities, like
- Hours totaling
- Performing gross to net calculations for every single employee
- Calculating payroll taxes
- Depositing payroll taxes
- Preparing accurate tax returns
- Filing accurate tax returns
Outsourcing these tasks to a payroll company will give a business owner back his time, ensure compliance with payroll tax and he may even be able to save money.
An outsourcing company will also be able to help you automate time and attendance practices, which makes labor law compliance a heck of a lot easier.