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An Introduction to Payroll Services
If you run a small business, you may have to face many challenges while setting up your company. One of your biggest challenges may be setting up payroll services. At the end of the day, you have to satisfy your workers, which means you'll need a working payroll system that delivers on time.
To speed up this process, most businesses look to outsource by choosing a payroll service. If you don’t have much experience in this topic, continue reading this article. We’ve outlined the basics as an introduction to payroll services and a few things you should look out for when picking one!
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What is a Payroll Service?
A payroll service makes your life easier as a business owner. It is a third-party service that will help you manage your employees' payroll. Furthermore, the service helps you manage your tax compliance, ensuring you're not landing in hot waters with the IRS.
Payroll services work by calculating employee salaries and wages while deducting tax from the payroll. Furthermore, it can redirect the taxes to the right government agencies to ensure that you are compliant with their rules. However, the service doesn't just stop there.
Some payroll services may offer additional features that will make running your business a lot easier. They could have direct deposit, attendance tracking, and human resource management features. Lastly, its main goal is to make your payroll process more efficient and hassle-free so you can focus on running your business.
Factors to Consider When Choosing a Payroll Service for Small Business
If you don't know much about payroll services, you could have a tough time picking the right service for your business. Before you enlist the help of a payroll service for your business, consider the following factors so that you know you're on the right track.
The number one reason businesses will opt for a payroll service is to save time. The payroll process can be time-consuming, which may distract you from other important tasks. However, choosing a payroll service for your company can help save you time and energy.
The biggest factor you should look for in a payroll service is convenience. Usually, all the business has to do is provide the service, the hours, deductions, and salaries, while the payroll service handles the rest of the job.
This is meant to simplify your payroll process, as the company will ensure that you are compliant with all the regulations. Lastly, if your chosen company isn't convenient, it may be time to switch to a better option.
#2 Functionality and features
A payroll service simplifies running a small to mid-sized business in many ways. Hence, the next factor you should look for in a payroll service is functionality. The service should be both user-friendly and high-tech, so your business can run efficiently.
Moreover, a payroll service can do direct deposits and run employee retirement plans. Alongside this, it can help give you access to management reports, tax calculations, and W2 forms. Thus, it works as the one-stop shop for all your payroll needs.
Aside from this, you should also consider the other features offered by the service. While most payroll services will only stick to clearing payroll, the better companies will offer more features. Lastly, some payroll companies may also offer employee management systems, attendance, and human resource management.
Having a payroll service that doesn't do its job correctly could make it harder for you to run your business. The main reason for outsourcing your payroll is to make matters easier for your company. Hence, the third factor you should look for in a payroll company is accuracy.
When looking for a good payroll company, ensure they have the expertise and offer a quality assurance promise to deliver your payroll on time, every time. A top-quality payroll service will always ensure your payrolls are completed quickly and without mistakes that may complicate the process.
#4 Ensuring Compliance
Even if you run a small business, there are various laws and regulations that you will need to follow, so you don't get in trouble with the government. Oftentimes it could get difficult to keep up with these laws if you don't know a lot about them. Moreover, these laws are often changed, and it is hard to keep track of them.
However, opting for the right payroll service could solve this problem. These companies employ experts that know all about the laws to ensure your company isn't falling back on any of them. It could also help you save money on legal fees and fines if your company is found non-compliant with any of the laws.
How Much Do Payroll Companies Cost?
The cost of payroll services can vary greatly, and there's no one-size-fits-all answer. For a small business, you can usually expect to pay anywhere between $30 to $150 every month for a basic payroll service.
However, there are more advanced payroll services, but they will cost significantly more. Some payroll services may cost over $500 a month. Before you pick a payroll service, ensure it offers you what you need and falls within your budget, so you don't have a hard time maintaining it later.
Which Payroll Company Should You Pick?
Here at The Platinum Group, we make the payroll process incredibly simple for you. With experts that are trained to handle your business, we can help speed up your process and make it more efficient. If you're looking for a payroll solution, we'd highly recommend you work with us, and here's why.
TPG’s payroll services are incredibly user-friendly, and we’re always there to handle any queries. One of the biggest pros of opting for our services is the ease of use. Payroll systems should be easy to use for your employees, which is why we go the extra mile to ensure you’re familiar with what you receive.
You can trust The Platinum Group with something as vital as the payroll. We work day and night to ensure your company's payroll will be completed on time, ensuring that there are no mistakes whatsoever! We understand the importance of providing you with the right tools; hence, we offer tailored solutions to most businesses.