Choosing a Professional Payroll Service
If you’re operating a business, there are two main ways of paying your employees: Choose to handle payroll yourself, or you can choose to use a professional payroll service to do it for you. However, if accounting is not your area of strength and you aren’t knowledgeable regarding payroll tax laws, then a professional payroll service is the likely way to go.
Before you select a professional payroll service, however, it’s crucial to understand how your company will benefit from the services provide, what accounting tasks a professional payroll provider can perform, the costs of the services they provide, and exactly what you should look for in a payroll service during the decision making process. You will also have the option to choose a local payroll service, or you can choose to use an online payroll services which may be accessible from anywhere.
Professional payroll services assist businesses with managing payroll. Typically, payroll services offer the following services:
- Run payroll:Professional payroll services uses an automated system to calculate how much your employees should be paid per pay period, and they will deposits funds via direct deposit or issue a check.
- Payroll taxes:Professional payroll services can withhold employee taxes, file quarterly payroll tax reports and distribute the tax withholdings to the appropriate state and federal agency. Additionally, they will issue W-2 and 1099 forms at the end of the tax year.
- Report filing:Professional payroll services can complete all of the required reports and filings that with federal, state and local governments agencies. Additionally, payroll services will submit the reports time. Also, some payroll services offer businesses the ability to review reports online.
- New hires:Many professional payroll services report new hires to the government for you.
- Integration:Most professional payroll services integrate with accounting software. This provides businesses with the ability to keep more accurate financial records.
- Paid time off:Many professional payroll services keep track of employees’ paid time off. This will give your business the opportunity to approve or deny paid time off requests.
- Benefits administration:If your company offer employees health insurance options, professional payroll services may offer programs to manage your company’s health insurance plans, flexible spending accounts and transportation reimbursement plans.
- Retirement services:Professional payroll services may use a system which will make it easier for your business to set up and monitor a retirement plan such as 401(k) and IRA retirement plans, and allow for employees to control their contributions.
Consulting Services Tax & Accounting is a full service agency. We offer in-house accounting, professional payroll services to help you manage payroll, health insurance plans, flexible spending accounts, and bookkeeping services. Call us today, and we will be happy to give you a free strategy session before we begin to work together.