PDF-What To Look For In A Quality Outsourced Payroll Service

What To Look For In A Quality Outsourced Payroll Service. December 2013. RETIREMENT SERVICES. Agenda. Introduction. Payroll Processing. New Participation Agreement form -Deferral Report. Plan Service Center Website Demonstration. 2. Payroll Processing Overview. BY CARMELA MILLER, CPP. HOWARDCARMMILLER@MSN.COM. OBJECTIVES. DEFINE CUSTOMER SERVICE. IDENTIFY CUSTOMER SERVICE PRINCIPLES. RELATE CUSTOMER SERVICE TO THE PAYROLL DEPARTMENT. LOOK AT PROVIDING THE ARE OF CUSTOMER SERVICE. Employees who arrive late, take longer than permitted for their lunch breaks or slip out of work early, can cost your business dearly, with up to 20 hours of productivity being lost in some cases. So, what can you and your business do to help prevent this and get back all those lost hours? The solution is to make your employees more accountable by implementing an effective time and attendance management system. While the process itself may seem easy – you’ve just hired your first employee and you need to pay them – if you’re new to business and payroll, you may find that it’s not clear exactly what you should be doing and how to go about it. There may be many words and phrases that you’re not familiar with, such as ‘pay periods’, ‘unemployment tax’ and ‘Form 941’ to name but a few. Contrary to what some non-business minds may tell you, when put in place effectively, outsourcing payroll can be a fantastic way of cutting costs and giving a business an even better return on their investment. Read on to know more: Every business owner must start somewhere, and even if you have grown up around business owners or your family runs a business that you are involved in, going it alone can be a whole different kettle of fish. While it’s highly advisable that new business owners seek professional help and guidance when setting up their company and preparing to take on and pay a workforce, there are a few basics that it can be helpful to understand before you begin intake proceedings. The government have of course made many changes to tax laws over the years, and with the current reforms, it can be difficult to stay on top of all the alterations, adjustments and revised regulations. When it comes to retirement, the changes to contribution limits can be hard to stay abreast of, but it’s essentially good news for retirement savers in 2019. Changes to individual retirement accounts such as 401(k) plans, traditional IRA’s and even ROTH IRA, are all part of the annual inflation adjustments recently made by the IRS. Lower tax bills naturally come as a result of larger retirement contributions and can also mean more income in retirement: Aside from it being deeply irritating and disrespectful when your employees don’t show up to work on time, it can affect your business in other ways, too. Of course, there is the potential for a loss in productivity, especially if the employee (or employees) shows up late on multiple occasions, but the reputation of your organization is also at stake and at risk of being tarnished. Small businesses are said to employ almost half of all workers in the U.S. and if you run a business with employees, then your payroll is likely to be a little different this year; here are the top 10 changes to payroll for 2019: Every decision that you make as an employer can be an important one, especially when you have a budget to stick to, employees to provide for and laws to adhere to, and planning for the long term often gets put aside in favor of staying afloat and staying within budget. However, there are some long-term planning decisions that may be critical to the success of both you and your business and should be given careful consideration no matter how busy budgeting you are. One such decision concerns your retirement, and without the luxury of an employer offering you a 401(k) or a pension plan, you have no choice but to consider your options for yourself and ensure that your future is well protected. Time management in the workplace is imperative, and when it is not managed effectively, it can have disastrous effects on a company. From negative employee morale, labor law compliance and payroll processing efficiencies to employee productivity, poor time management is bad news for business and can hold back company growth and profits. Naturally, as an employer it’s your responsibility to ensure that your employees are paid accurately and in a timely manner, irrespective of how many workers you have. You must be aware of all laws pertaining to payroll and stay up to date with the myriad changes to these laws that can occur throughout the year. You also need to understand payroll taxes and be sure to file accurately and on time to avoid costly penalties. For most employers, payroll can be a minefield and the sensible solution would seem to be that of hiring a payroll professional to help you get it right. The strength of any business is often dependant on its most valuable of assets: employees. What they do when they are at work, where they put their energy and what they are strongest at doing can all be important factors in determining the success of the company. When you outsource your payroll requirements to a specialized, professional firm, you’re not only guaranteeing to pay your employees accurately and on time, but you’re also ensuring that all payments are in compliance with relevant laws, and that information and documents about your workforce, are kept safe and secure.
Helping to streamline the processes involved with payroll, reducing the risk of being non-compliant, and ensuring accurate and timely tax payments, outsourced payroll has a number of advantages that are hard to ignore, and here are just six of them: