Processing payroll can be complicated and time-consuming. Payroll functions can include anything from determining employee wages and withholding taxes, to updating vacation and sick pay and deducting employee-contributed payments for benefits.
HR software can you help with the tasks of hiring, firing, benefits administration, and performance management. It gives you the tools to manage employee records and track your employee’s success from recruitment to retirement.
Benefits of using a Payroll Application
Convenience. You simply provide the hours, deductions, and salary amounts of your employees, and the firm processes the check. Many services also let you conveniently update employee payroll information thru their Web sites.
Functionality. Many payroll companies also handle employee retirement plans and direct deposits. And a number of them provide management reports, calculate employee tax obligations, and prepare W2 forms for their clients.
Expertise. A professional payroll company employs individuals who specialize in the complexities of payroll taxes, as well as compliance with government regulations. It’s what they’re trained to do and part of the guaranteed service they provide.
Compliance. Government rules and regulations are always changing, and not all business owners can be expected to stay on top of these changes. Professional payroll providers, on the other hand, must stay current with rules, regulations, and changes in tax rates. Some even have whole departments dedicated to helping clients stay aware of regulatory updates, so they can make more informed decisions about their business.