Payroll Services Continued…

Many companies will turn to a Payroll Service because of the convenience involved. Managing payroll even with the help of automation software is time consuming and requires ongoing education in regulations. A Payroll Service can provide safeguards against accounting mistakes and provide assurance that changing payroll regulations are adhered to. A Payroll Service will take the responsibility should an error occur that results in a tax or regulatory penalty.

Additional Benefits Available

Many Payroll Service providers have a variety of solutions they can offer your business. In fact, Payroll Service providers are taking on a number of administrative functions that would normally be managed under Human Resources or Business Management departments. Payroll Services are providing:

• 401(k) administration


• Wage garnishment management


• Third-party benefit administration


• Payroll direct deposit management


• Document employee attendance and performance


• COBRA/HIPPA administration


• Screening and hiring administration

A Few Tips on Choosing a Payroll Service Provider

If you are going to take the next step and obtain Payroll Services, it is important to first outline what services you expect from a potential provider. Given the many different product choices and the variety of Payroll Service companies eager to earn your business, it is essential that you be prepared to discuss your business payroll goals in detail. There are some key factors that will affect your decision in the long run.

Price and payment scheduling vary from Payroll Service to Payroll Service. You will want to know how much to pay, when, and what is covered. Important: what reports are covered and when/how often are they produced.

Customer Service should be a concern. There should be an easy means of getting hold of your Payroll Service staff. Staff should be knowledgeable and helpful when contacted.

Find out how much access your payroll manager will have to your data. Can reports be freely run? Can information be updated? It should also be easy and convenient to transfer data between your company and the service.

Overall you want to make sure that your Payroll Services provider is reliable and trustworthy. The Payroll Services provider must be able to securely store and retrieve your data and protect the privacy of the information therein. Get references and have your legal advisor or financial advisor check them out.

By MS Kauffman