Are your employees spending too much time on payroll or receiving tax penalties from the IRS? You may want to consider replacing your error-prone processes with a professional corporate payroll & HR company. Afterall, payroll is the lifeblood of an organization and mistakes can have costly consequences.
Corporate Payroll Services Explained
A corporate payroll service is an approach to running payroll that takes full advantage of modern technology. There are two different types: full service and ala-carte service. Full service payroll alleviates you of all tasks associated with payroll, including processing, issuing of checks, tax filings, and tax payments. Ala-carte payroll services usually break the above into individual components, so you only pay for services you require. When selecting a Payroll and HR firm to do your corporate payroll, make sure you select a company that only charges you for services you need.
How can a corporate payroll service help a business like yours?
The main benefit to a corporate payroll service is that it allows businesses to focus more of their efforts on growth-related activities, such as sales and marketing, customer service and product development. Other top reasons include:
- Time savings
Automation and technology, common features of corporate payroll services, greatly reduce the time it takes to complete the most labor-intensive aspects of payroll, like calculations, tax withholdings and wage payments. It also allows user access and engagement when changes need to be made.
- Easy to use
Some payroll services are easier to learn than others. High-quality providers typically provide demos (https://libertypayrollhr.com/streamline-your-essential-hr-tasks/) so your account representatives become as proficient as possible with their product.
Federal and state governments have different requirements for payroll data. A corporate payroll service can help maintain the records needed for compliance in one database and enables reporting on a variety of metrics, including wages, deductions and more.
What are some features of a corporate payroll service?
The features of a corporate payroll service range from basic administrative functions, like wage and tax calculations, to value-added options capable of enhancing the user experience. Here are some examples:
- Payroll processing from 2 to 500+ employees
Payroll technology should be scalable! Corporate payroll can accommodate organizations with just 2 employees as well as those with hundreds of workers. You should be able to purchase payroll as a standalone service and add features when necessary.
- Payroll tax processing
Full-service payroll companies help businesses keep pace with changing regulations so that tax withholdings and payments are correct. They’ll also be proactive in filing the necessary paperwork with government agencies on time.
- Direct deposit
Direct deposit remains the most preferred method of payment for most businesses. Employers using a corporate payroll service can usually take advantage of direct deposit as long as they’re able to supply their employees’ bank information.
- Online access and management
Cloud-based payroll services can reduce infrastructure costs and improve security. The cloud also makes it possible to centralize data from multiple sources and access payroll information on demand.
- Employee Engagement and Control
With a corporate payroll service, employees may be able to view their pay information, update their personal and tax withholding information, and manage their benefit selections. Self-service features like these improve employee engagement and save time and money.
What should employers look for when choosing a payroll service?
When choosing a corporate payroll service, employers tend to look for providers who have experience using integrated technology to deliver accurate, timely results. Google reviews is a good place to start. Check for companies that may have a reputation for low introductory offers which have heavy increases after just a few short months. Here are a few more items to check:
- Future payroll growth as your company grows
Organizations that expect to expand typically need a corporate payroll service that can grow with them and accommodate their future needs.
- Security and privacy
Whether it’s multiple layers of data backup or physical security measures, payroll providers should be able to protect business processes, infrastructure and sensitive information at all times.
- Rethinking Payroll
Reputable corporate payroll providers tend to have a long history of stable ownership, transparent financial results, and superior peer reviews.
In addition, the availability of a day-to-day support team, compliance advisors, online customer communities or product advocacy programs contribute greatly to the overall experience of a payroll service. Some things should be a given like, does a live person answer the phone? Do you have a dedicated representative?
Why are people Switching to Liberty Payroll & HR?
As a local company serving NJ and NY, we understand your business and the laws effecting payroll and HR. Liberty Payroll and HR continues to lead the way in outsourced payroll services throughout NJ and NYC.
Liberty Payroll and HR offers customized solutions to fit your small business needs. Our payroll and HR services are scalable! Whether your business is small or large or somewhere in between, we will customize a solution with the payroll features to meet your exact needs. Payroll by people, not just software.
Call 973-690-5200 or click here!