A payroll outsourcing company relieves your business of the tasks of processing payroll, issuing checks, withholding tax and benefit deductions, tax filing, or retirement services. It manages for you your payroll functions with great accuracy, such that you would almost always no receive any complaint with tax laws and regulations. In some cases, payroll outsourcing providers could even provide complete HR services, managing the entire HR department for you.
General payroll tasks include:
- Preparation and delivery of payroll
- Reporting of payroll
- Calculate of FICA, FUTA, SUTA, Federal and State withholding
- Filing of payroll taxes
- Audits
- Updating of employee files
- W-2, W-3 and 1099 forms
- Reporting of 941 and 940
- Garnishments
- Assumption of liabilities and responsibility for payroll taxes, reporting and audits
What exactly should you look for in your payroll outsourcing company?
- Flexibility and customization-optimum mix of services for your payroll should be met, allowing employees to have an unlimited number of pay rates, job distributions, automatic payments, deductions, and taxes, payments in multiple banks. Payroll outsourcing company system should allow payments made by employees to be delineated by financial institution, flat percentage, or repeating payment amount.
- Integration-payroll system must be able to integrate with your business' current accounting software, not the other way round.
- 401(k) Administration-system of payroll processing company system should allow the employee's contribution, employer matching contribution, profit sharing, and other fund sources to be distributed independently to different chosen funds.
- Time-off Benefit Management-payroll system should allow an unlimited number of time-off benefit plans for each employee.
- Reporting-payroll outsourcing company should follow the reporting system specified by the company.
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Pete Miguel is an online entrepreneur and has been involved to helping other people in achieving their goals towards career advancement.
Article Source: Ezinearticles