Payroll functions include anything from determining employee wages and withholding taxes, to uploading vacation and sick pay and also deducting employee-contributed payments for benefits. Payroll can be complicated and time-consuming for small businesses.
Convenience: With outside services, you simply telephone their offices, give them the hours, deductions, and salary amounts of your employees, and the firm processes the check. Many services also let you update employee payroll information on 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.
Accuracy: Payroll firms know they must do an accurate job if they want to keep your business. You can also count on them to stay up-to-date with new tax laws related to employee payroll.
Compliance: The payroll function entails a complicated array of state and federal legal obligations. Hiring an outside company can save you money on legal fees, and put compliance in the hands of a business that understands these legal issues.
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