One
very important component in owning a business is the payroll. Many companies
are now turning to outside help for their payroll processing needs. Usually,
these companies operate in the cloud. Getting another one to handle their payroll services Westlake is one way of coping
the many complex difficulties.
When
companies grow, the stress on logistics and human resources also grows by leaps
and bounds. In the process, the businesses can now manage and run their payroll
from anywhere and can be used to pay full-time, part-time as well as
contractual and freelance workers.
Payables
These
payroll companies can calculate how much employees should be paid for each
specific pay period. The systems they use account for the shift differentials,
overtime, holiday pays and taxes.
After
all these are calculated, the company will then make payments to the employees
via direct deposits, prepaid debit cards or with the use of checks.
Taxes
The
companies are also able to withhold taxes of the employees, do the fining of
the quarterly payroll tax reports, and pay the appropriate tax withholdings to
state and federal agencies. The process includes the issuance of employee W-2
and 1099 forms set for the year end.
Payroll
companies withhold employee taxes, file the quarterly payroll tax reports, and
pay tax withholdings to state and federal agencies. They can also issue
employee W-2 and 1099 forms sat year end.
They
also can report to the government the new hires on behalf of their
client-companies. They also can integrate within the payroll-related programs
which the business is presently using. These can include accounting software,
time and attendance systems, and software on human resources.
Paid-time-off /
access
These
companies also do the management of paid-time-off by tracking how many
vacations and sick hours the employee have earned and how much they have used. In
turn, the company’s employees can access the system to view pay stubs, PTO
balances and year-end tax forms.
There
are many service companies now that offer mobile apps or mobile-friendly
websites that let the business manage and run payroll from smart phones and
tablets.
Benefits / downsides
The
point is that these services do the work for the company, including the payroll
calculations, payroll tax payments, year-end tax forms and others. These
systems are run in very short time periods.
The
downside for the services is that they might be more expensive than handling
the payroll on one’s own. You are also banking that your payroll service
provider will get everything right in time (with no mistakes) or there will b
angry employees or fines from authorities.
Costs
The
pricing for the services of these companies are varied, but they also follow a
standard pricing structure. One is a flat base fee chargeable each month or per
pay period. The providers for per month allow for unlimited payrolls each
month.
Depending
on the plan and the provider, the base fee can go between $20 and $100. Many
also charge from $1 to $15 for each paid employee or worker per month or per
pay period. Some payroll services Westlake put in some added costs to use direct
deposits.
