10 Reasons Your Business Needs Payroll Services
Businesses of all sizes need online payroll services. The online environment is constantly changing and it's important to stay current with the trends to ensure success in the future. Online payroll services provide a number of benefits that include: Reduced paper burden, time savings, and reduced errors. It's also easier than ever to find an online payroll service that fits your needs and budget.
Your business is growing at a rapid pace and it may be difficult to keep track of everything. Payroll services are an ideal solution for the small business owner who needs help keeping up with all aspects of their company's finances while still meeting legal requirements. Payroll services include a number of benefits, including:
1. Pay Frequency Control
2. Pay Error Prevention
3. Pay Flexibility
4. Pay Tax Management
5. Pay Compliance Assistance
6. Pay Security
7. Pay Cost Savings
8. Pay Vendor Negotiation and Management
9. Pay Access to Specialized Calculators and Tools
10. Pay 24/7 Access to Accounts
Pay Frequency Control: Pay frequency control is the ability to set up payroll to be paid on a schedule that works best for your business. If you want to pay employees weekly instead of bi-weekly, you can do it with Payroll Services. Paying employees every week allows employers to have more frequent income throughout the year and helps them meet their financial obligations.
For the employer, a weekly payroll is an affordable option. Pay frequency control also means you can pay employees every two weeks or every month instead of each paycheck being different. Pay Error Prevention: Payroll services allow employers to take advantage of the direct deposit without worrying about the checks getting lost in the mail or accidentally truncated by a bank due to insufficient funds. Pay Error Prevention also means that Payroll Services will automatically deduct employees' contributions to their retirement accounts.
Pay Flexibility: Payflex, a division of Paychex, is an online payroll service that allows employers to offer flexible spending account options for employees who want to use pre-tax dollars to pay for child care or medical expenses. Pay Flexibility can also mean different deductions for employees. Payroll services will allow employers to offer different deduction options, such as transportation and parking cards, acting or modeling fees, and long-term care premiums. Pay Tax Management: Payroll providers help small businesses to manage the many taxes that they may have to pay throughout the year. Payroll can handle employer taxes including payroll withholding and unemployment deductions in most states. Payroll Services can also help you with your quarterly federal and state tax filings.
Pay Compliance Assistance: Payroll helps business owners deal with the complex laws surrounding payroll, such as minimum wage and overtime pay regulations. Payroll providers can guide you through the process of hiring employees and ensure that you are complying with all laws. Pay Security: Payroll services will provide you with a safe and secure means for completing your payroll. Payroll providers have data centers that are compliant with the SSAE 16 Type II, which is an auditing standard prepared by the American Institute of Certified Public Accountants. Payflex even has a policy in place to ensure that your data is not being monitored by third parties.
Pay Cost Savings: Payroll providers offer businesses a means to save money on their payroll process without having to turn down legal benefits for employees. Payroll services can help employers reduce the amount of time spent on payroll, allowing them to focus on other aspects of their business. Pay Flex offers several cost savings options including Payroll Tax Payroll Processing and Payroll System. Pay Vendor Negotiation and Management: Payflex also offers tools that allow employers to better manage their COBRA or medical benefits vendor. Payroll providers can help you handle your claims by tracking them on a single interface on their website.
Pay Access to Specialized Calculators and Tools: Employers can also take advantage of Payflex's payroll calculators, which include a Paycheck Calculator and Pay Budget Calculator. Paycheck Calculator is a tool that will calculate your paychecks based on the deductions you input. Pay Budget Calculator helps employers estimate their year-end tax liability after taxes have been deducted from each paycheck during the year.
Pay 24/7 Access to Pay Information: Payflex allows employers to access payroll information, including pay stubs and tax filings, via its 24/7 online portal. Payflex also offers phone support for any questions they may have about their paycheck or taxes.