What You Need to Know About Online Payroll Services
Online payroll services can enhance your business in many ways. If you run a small to mid-size business, you may have handled all your payroll affairs in-house. But if this process has grown overly complex and too time-consuming to handle on your own, then it’s time for a change. It’s time to switch to online payroll services. But what does this mean exactly? Continue reading to learn more.
Most online payroll services exist as cloud-based solutions, meaning your business neither purchases software nor installs any on company computers. The cloud-based nature of online payroll also means both your business and your payroll provider have access to up-to-date payroll data at all times, from any computer. You simply log in via the payroll services’ website.
Online payroll services offer a range of functions that make the payroll process easy for employers. Through the cloud software, these services will do the following:
- Process payroll: This includes calculating exact employee pay from hourly and salaried reporting; deducting taxes, Social Security, and any benefit deductions; and making direct deposits or cutting checks.
- File taxes: In addition to withholding correct tax amounts for each employee, online payroll services will file quarterly tax reports to federal and state tax authorities, as well as pay any necessary withholdings to those agencies.
- Handle time-off payments: This involves tracking used and unused vacation and sick hours.
- Offer mobile access: Many online payroll services offer mobile apps that allow for on-the-go access to payroll data and reporting.
- Manage new hire reporting: When hiring new employees, companies must report such activity to appropriate government agencies. Often, online payroll services will file the reports for you.
- Integrate with existing software: If you’ve been handling payroll in-house, you’ve likely used one of the many software solutions available. Most online payroll services will seamlessly integrate with your existing software and allow importing of data.
- Create payroll reports: Most online payroll services create detailed payroll reports that offer comprehensive insight into wage and labor data.
Time Saved Is as Good as Money Earned
If your business handles payroll in-house, it’s tempting to view online payroll services as an added and unnecessary expense. However, the time saved by such services, along with the many added benefits they bring, more than justifies their cost. If you haven’t already, try using a payroll service like LCAF Payroll and see the benefits for yourself. Our team is dedicated to providing excellent online payroll services to our clients. Contact us today to learn more about our services.