What things do payroll services include? Payroll Services is a third party provider that performs payroll operations on your behalf. Employing a payroll service provider enables businesses to contract out payroll processing and other duties. This can be a huge help for small Business Accountants that have reached the embarrassing point where they have too many employees to manage payroll on their own, but don't yet have a formal internal payroll department. Payroll service providers can help you: ● Report taxes to the IRS, CRA or local government agency ● pay taxes ● workers' compensation ● bookkeeping ● employee benefits ● employment tax form ● Run payroll report ● year-end report ● Employee Attendance and Hours ● Direct Deposit (2 weeks or if company chooses) ● Additional Human Resources Capabilities 8 things payroll services companies should do ● Generate reports - as often as you like You can't exist if you don't know where you stand as a business at any given time. Some Payroll processing & reporting in Washington offer quarterly or monthly reports, but being able to generate on-demand reports has become the norm and you don't want to pay less for anything. In these uncertain times, waiting until the end of the quarter to determine where you are now doesn't mean flying. Report inclusion is just as important as report timing. Does the report you receive contain all the information you want to know? Don't be afraid to look for providers that offer customised reports. Additional knowledge can make a big difference to your business. ● Handling all tax returns Taxes may be exact, but the rules for what is withheld, carried forward, and refunded vary from year to year. Payroll service providers must be able to process every single tax return to ensure that the correct amount is always withheld. This is especially important if you have employees who are paid according to different schedules or through different pay structures. Make sure your payroll platform can handle any irregularities in your payments and still properly process your Tax advisory . You shouldn't spend days draining cash from your employees before the filing deadline because your employee's payroll services platform doesn't properly calculate withholding. ● Send W-2 Businesses are legally required to send full-time employee W-2 forms within one month of the end of the previous year, but most businesses cannot afford to compile and distribute that information themselves. If your payroll service provider cannot generate an accurate W-2 in a timely manner, your business could be put on the chopping block. ● Guaranteed Legal Compliance Laws around employee pay and company taxes can be tedious and complex, and penalties for violations can be implied and harsh. A good payroll service provider may not cover all your bases when it comes to the law, but efficient, well-documented payslips and on-time tax returns can help you stay compliant. Any payroll tool should be able to generate the information needed for an audit at the touch of a button, but a good payroll platform can alert you the moment an employee is out of compliance. If you live in a state or territory that has special laws or rules regarding employee pay, check with your payroll provider to see if they can do the job. ● Centralise all data If your business is being audited, you should know that all the data you need is at your fingertips. Every company needs a payroll platform that stores all employee payroll data from previous years centrally and securely online. This data does not need to be stored only in case of emergency. When a payroll service thoroughly reviews a company's payroll over a period of time, that data can help analyse trends and make cost-saving decisions. A centralised data store may be an afterthought to some people, but when used correctly it can make all the difference. ● All types of workers allowed One-third of the US workforce is freelance workers, so companies need to put in place an infrastructure to accommodate them. Whether it's a custom payment schedule or on-time 1099 delivery, payroll companies should have many of the same features for handling freelance workers as they do for salaried employees. The pandemic has created uncertainty for many jobs, giving more people than ever the opportunity to work as a freelancer. If your company isn't equipped to effectively onboard, pay, and manage a group of freelancers, you're already one step behind the competition. ● Pay your employees any time, any way. You don't want two employees to have their money arrive at exactly the same time. Some employees may be interested in weekly direct deposit, while others may want monthly checks. However, Payroll Services in New Jersey must be ready to meet employee needs as they arise. Many older payroll providers cringe at the notion of paying employees outside set intervals, but you should always choose a platform that will put your employees' needs first. ● Simplify onboarding With high levels of staff turnover now a reality in many sectors, the onboarding process needs to be as efficient and cost-effective as possible to keep operations running smoothly. The most sophisticated payroll providers now offer self-onboarding, a simple process where employees enter all required personal information and software automates the rest. Payroll is only a small part of onboarding, but it is an important part and a point that payroll providers should implement. While your payroll needs are much larger than those on this list, here are some of the key processes your supplier should have in place for your business: But don't stop there. Finding the right product for your business can save you hours of headaches.