What Are Payroll Services? A Breakdown of What Payroll Companies Do
When does it make sense to outsource payroll services? In recent years, this has been a popular question for companies of all sizes. Ultimately, it is a decision you have to make for the betterment of your own business. But when you hire a payroll company like LCAF Payroll to handle it, we take care of all your payroll pains and headaches.
Want to learn more? Continue reading! This article outlines what payroll services are and why your business should consider hiring one.
Payroll Services: What and Why?
Businesses generally hire payroll companies for one or both of the following reasons:
- When, due to the sheer numbers, payroll becomes too complex and too time-consuming, and/or;
- When owners and managers conclude the time spent on payroll is better spent on more central company matters.
Payroll companies provide their clients with a variety of services related to your business’s payroll needs. This includes processing employee hours, cutting checks, directly depositing funds, and ensuring that your employees are paid correctly and on time, every time.
More Than Just Checks and Deposits
It’s true: cutting checks and handling direct deposit are central to what most payroll companies do. However, such tasks only account for a fraction of the services payroll companies offer. Other common payroll services include, but are not limited to:
- Handling all payroll compliance matters at the state and federal levels
- Generating and distributing electronic payroll records to all relevant parties
- Recording and checking employee attendance and on-the-clock time
- Overseeing new and existing direct deposit accounts
- Ensuring accurate payroll tax and deductions
- Applying any employee 401(k) plans
- Oversight on workers comp payments as they relate to payroll
On-The-Clock Monitoring
When hiring a payroll company, many businesses request precise monitoring of employee hours. By and large, payroll companies offer this service in the form of clock-in technologies. This might involve scanning a badge when going on and off the clock, inputting an employee specific code, or even relying on fingerprint scanners. However, when a specific payroll company manages the process, the result is an exact record of on-the-clock time for each employee, including clock-in and clock-out times for breaks. Such records allow payroll companies to catch employees who over-report their hours and ensure that employers pay their workers for only that time they spent working.
Since 2009, LCAF Payroll has assisted various companies with their primary payroll activities. In addition to our basic payroll services, we provide on-the-clock monitoring with adherence to state and federal tax compliance laws. With LCAF Payroll, you can rest easy knowing that your payroll tasks are in the hands of experts.
To learn more about our payroll services, contact LCAF Payroll today.
