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small business payroll services
Increase Efficiency With Enhanced Small Business Payroll Services
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By: Arlette Measures
Why is Payroll Accounting Important?

Payroll accounting is a critical part of any successful business. Through payroll accounting, businesses manage the following items for their employees and for the business:


• Paycheck distribution.

• Federal taxes

• State taxes

• Record keeping

• Bonus withholding

• Tip reports

• W-2 taxable wages

• Year-end payments

• Benefits, such as health care, life insurance, and vacation time

• Social security taxes

• Year-end balances

• Year-end checklists

While payroll accounting is often done on-site, some businesses choose to outsource their payroll functions to payroll accounting firms. These firms specialize in providing paychecks as well as special reports and services while meeting tax filing deadlines and keeping the business's payroll accounting organized.



Payroll Services


Here are just a few of the services your company can take advantage of when you outsource your payroll:



Paycheck processing for multiple company locations can be easily handled by your payroll supplier. Some vendors have a branch in every major city. Smaller suppliers will distribute paychecks to multiple locations via an overnight delivery service.


Direct deposit is a feature that most employees appreciate and that smaller businesses are unable to offer through an in-house system. Funds deposited directly into employees' bank accounts are often available a day earlier than a paper check would be.


Check stuffing for those employees who prefer a paper check. Your payroll service will handle the time-consuming chore of printing checks and placing them in envelopes.


Special reports. Ask your payroll vendor for a list of their report-writing packages. This service can be of real value if your company needs any type of specialized report. Again, many in-house payroll systems do not have this capability.


Data backup. You won't need to be concerned about losing payroll information because most payroll providers back up their data regularly.


New employee reports. The law in most states requires businesses to file a report for each new hire. Your payroll service can compile the data of all your new employees and submit this information to the government electronically.


Tax services. Save yourself the anxiety of possible penalties due to inaccurate tax payments by having your payroll provider remit all employee taxes.


Expertise. You will have a team of payroll processing experts at your service. Your payroll provider will usually be able to answer your questions over the phone and some will even come to your location for a consultation.


Your provider can also take over many processes normally handled by your human resources department, such as the administration of 401k plans and other benefits, saving your company even more labor dollars.



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