The benefits of using a payroll service
A payroll service is a business whose primary function is to handle the payroll duties for other businesses. Typically, this entails the printing of payroll checks, direct deposit of pay, calculation and withholding of taxes, depositing of the withheld taxed amounts with the appropriate local, state and federal authorities, and printing of quarterly and annual reports and tax documents.
Most payroll processing services are operated by Certified Public Accountants, although it's rare for payroll administration services to offer the tax and general accounting services that are offered by most accounting firms. Generally, payroll services focus their efforts entirely on administering payroll for their clients with absolute accuracy.
Perfect for Small Businesses
Small and mid-sized businesses are the most common clients of payroll services, as they frequently have enough employees to require payroll expertise but not enough employees to staff a payroll department on a full-time basis. Payroll outsourcing services allow businesses to ensure that their payroll processes are accurate, compliant with all applicable laws and, most importantly, cheaper than if they were administered in-house.
How to Choose a Payroll Service
Once you've decided to outsource your payroll duties, it's time to begin searching for a payroll service that will be a good match for your business. First and foremost, you should look for a payroll service provider that's certified by the American Payroll Association. Once you've narrowed your list down to certified payroll services, find one that has experience doing payroll for companies that are roughly the same size as your own. Price should be a major consideration, but it's worth it to spend a bit more money for the peace of mind that comes from hiring a payroll service with a proven track record.
While most payroll services for employers limit the services they provide to payroll-related tasks online, a select few do offer additional services, such as attendance monitoring, HR consulting and even the administration of 401k plans. It's certainly not essential that you find a payroll service that offers these additional services, but it can be a pleasant "bonus" to find one that does.
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