As a SMB owner, you might be considering handing your payroll services off to a Phoenix small business payroll services firm or purchasing software to help you. Payroll can be challenging to manage, even if you consider yourself an expert. Time cards, overtime, benefits, PTO, taxes, social security, and many other factors make each employee a minefield of potential payroll errors. So, you’ve decided you need help. What are the top most critical payroll offerings for small businesses?
Online Access to Payroll Reports
Rock Tolman, HR expert from LocalWork.com, states, “All payroll professionals should move from a simply transactional function to a focus on more strategic factors impacting decisions at the executive level. This cannot be done without customized, on-demand reporting which tells the story of why change may or may not be needed.”
It’s difficult to know where vital course corrections are needed without comprehensive and easy-to-access reporting.
Payroll reports are accessed often in the course of normal business because there are frequently disputes about tax withholdings, hours worked, and other hot topics. Also, you CPA or bookkeeper will need to diligently keep an eye on these reports, filing the proper payroll taxes as needed, which is pretty frequent, depending on the business.
It’s a great idea for your trusted employees and contractors to have their own logins to your online account so that they can access these reports whenever they are needed. Often, this means that you can track their activity if there was ever a concern about fraud. Having ready online access will make your business more efficient and there will be less room for error.
Federal and State Tax Filings for Business Owners
Filing payroll taxes can be time consuming and, since they are filed quite frequently throughout the year, must be kept current. Failure to do so can result in fines and penalties from the IRS. Remember, you are withholding funds from your employee’s paychecks in order to pay these taxes, and this is a big responsibility.
While you might have a CPA or accounting professional helping you, it may be cheaper and more efficient to use your payroll services to handle this task. Many software products can handle tax reports, and a great outside HR firm will make sure it’s done right with professional oversight.
Pay Employees with Direct Deposit
It would be difficult in this modern technological era to tell your employees that they will be mailed or given a paper check every month. Direct deposit functionality is a must in today’s company, whether large or small. But, direct deposit isn’t as simple as it might seem. Usually, the payroll funds are moved from your account to a holding account and deposited into your employee’s personal accounts.
This means that you need to set up the right time frames and have a service provider that handles this work without a glitch. If you want to see unhappy, panicked employees, watch what happens when they wake up Friday morning and check their account and the funds are not there. This is often a sign of distress at your company even if it’s simple payroll error, a message you definitely do not want to communicate. Find a great service that will handle direct deposit without a hitch, ever.
Phoenix Small Business Payroll Services
Looking for a payroll service that really covers all the bases for is important. Some services specialize in various ancillary add-ons, but most services will offer you these three essentials. Make sure, when shopping around that your specific needs are also being met. For instance, if you own a restaurant and tips are a factor, make sure that you find a payroll servicer who really understands tips as part of income for your employees. In the end, the right fit is all about what is offered, so ask questions and find the right payroll company for your needs.