Outsourced Payroll Services – What’s Included?
What To Expect From Outsourced Payroll Services
You’re an entrepreneur with a vision, building your business from the ground up. But let’s be honest, accounting and payroll services were probably not the driving force behind your dream. You’re fueled by passion, ambition, and the desire to do business right. So why should you get bogged down in payroll and other administrative tasks when you could be focusing on what truly matters to you?
At Accountex, we provide payroll services for small businesses and have put together this overview to help you understand these services better. Here’s what you should look for in an outsourced payroll service provider:
Accurate Withholdings Calculations (Federal & All 50 States)
Work with a payroll provider that can deliver accurate withholdings calculations for Federal taxes and all 50 states. This will help you remain compliant with tax regulations and make all your paperwork seamless.
Multiple Payroll Schedules And Types
There are diverse payroll requirements across the different types of businesses and industries in the US. You need to outsource payroll services to a company that supports multiple payroll schedules and types, including retroactive payments, tips, reimbursements and on demand payments.
Direct Deposit
Look for outsourced payroll services that offer the convenience of direct deposit to your employees. This eliminates the need for manual checks and simplifies the payment process, ensuring timely and secure transactions.
Standard Deductions & Customizable Deductions
There are a wide range of standard deductions, such as healthcare, retirement contributions, and taxes that need to be accounted for. Your business may also have a number of custom deductions that need to be worked into your payroll system. Make sure you’re aware of these before outsourcing payroll services.
Vacation, Personal, & Sick Time
Employee leave management is essential for maintaining accurate payroll records and ensuring fair treatment of staff. A good outsourced payroll service will track the usage and accrual of vacation, personal, and sick time, so that you can look after and manage your workforce well.
Electronic Payment Of Payroll Taxes
Say goodbye to manual tax payments and paperwork! Outsourced payroll services can handle the electronic payment of federal and state payroll taxes, ensuring timely and accurate tax compliance. Your payroll tax-related responsibilities will become a lot simpler.
Filing Of Payroll Forms
Staying compliant with payroll tax forms can be a daunting task. Outsourced payroll services take care of quarterly filings as well as annual federal and state payroll form submissions on your behalf. You can save time and stop stressing about fillings.
W-2 And W-3 Reporting
A payroll system includes complete W-2 and W-3 reporting, making your year-end tax reporting process streamlined and stress-free. At Accountex, we generate W-2 forms for your employees, simplifying the reporting process and reducing the risk of errors.
Payroll Compliance Reports
Compliance is an important part of payroll management. With outsourced payroll services you can access a full range of compliance reports. These reports provide detailed insights into payroll tax liabilities, deductions, and other compliance-related information, helping you stay on top of your obligations.
Professional Payroll Advice
At Accountex, we don’t just provide payroll services; we offer professional advice and guidance on various payroll and accounting matters.
Our payroll specialists are available to answer your questions and provide support. Our goal is to ensure that you have the knowledge and resources to manage your business well.
Reach out to our team today and stop worrying about your payroll.
FAQs
Why outsource payroll services?
Payroll outsourcing provides businesses with cost savings, time efficiency, expert compliance, and accurate payroll processing, allowing them to focus on business operations and strategic growth.
Is outsourcing payroll cost effective?
Yes, outsourced payroll services are often cost effective as it eliminates the need for in-house payroll staff, payroll software, and ongoing payroll-related expenses, resulting in potential cost savings for businesses.
Is it better to outsource payroll?
Yes, payroll outsourcing is often considered a better option as it allows businesses to leverage the expertise of payroll service providers, ensuring accurate and timely payroll processing, compliance with regulations, and freeing up time and resources for core business activities.