How will a Top Payroll Company Help your Business?
Payroll, in general, gives the feeling of the tedious work of calculating each employee’s work with leaves and gratuity with other benefits. This starts becoming a tedious job once the number of people start increasing and with varying levels of payment. A professional and expert company with the required software infrastructure and understand payroll processing is the cheapest way than having the process in-house. Even large Fortune 500 companies, outsource a large chunk of their payroll processing work to Top Payroll Company who are sophisticated in this work and are ready to quickly adapt legal and compliance changes. This is a significant cost and time save for most companies.
What is Payroll Processing?
Automating and streamlining the tasks related to payroll processing calculating rebates, taxes, producing payslips, tax forms and various other reports, showing professional taxes and keeping reports handy for compliance reporting, are some of the essential tasks in outsourcing payroll services. It requires stringent control to minimize errors and provide all the above mentioned on time.
The common method is using n external vendor to do this. Now various software which is SaaS or cloud-hosted payroll management systems is also commonly used. They are also now part of standard ERP (Enterprise Resource Planning) packages.
How Does Outsourcing Payroll Services Help you?
- Initially it might seem like a lot of work to pass out details of your employees and their salaries to an outsider with a lot of liability and trust issues, however, if you have the right partner, you can get these things smoothened out with well-structured contract and processes.
- Federal taxes like payroll and employment taxes take more than 80 hours each year as per concerns by small businesses. Outsourcing adds this many hours to your productive business time.
- Understanding laws such as Fair Work Act of 2009, workplace rules and unionized industries employee protections that need to be considered or Enterprise Bargaining Agreements and national laws can be daunting and time consuming for small to medium companies. A professional external payroll vendor will already be hands-on in practicing these laws.
- Reducing and Eliminating errors is the key reason for hiring professional payroll services as it will keep you hassle-free in terms of compliance and penalties.
- Most sophisticated vendors provide Payroll on the go, with a click of the button, apps and culminating the entire 100 odd exercise into that of a 10-minute task with various automation. It has become a simple and easy part to deal with.
- Many vendors provide industry-specific reporting, taxation and expense management. For a management analysis of employees expenses, these services can be an integral part.
- Smart Payroll systems are not able to manage detection of early frauds in tax filing, refunds, and rebates.
- many systems can also help you integrate with other necessary software such as XERO, MYOB, SASSU, and other popular cloud solutions like – 9 Spokes, MYHR, and IDT for award interpretation and time and attendance.
- At an affordable rate which can come to as low as $3 per employee per month,
- Backups of the database for disaster recovery and business continuity reasons Vendor services now even provide Employee Self-service portals for employees for applying for leaves, viewing payslips, asking for clarifications, making changes.
These systems also allow superannuation payments in clearing houses and ready for laws like SuperStream. Also, payments to external vendors and third-parties such as PAYG to ATO, union fees, health funds, child support and novated leasing.
Payroll processing software and companies call help you in the following details –
- Calculating bonuses, commissions, expenses,
- Job and time sheets for attendance
- Laws and rules get updated automatically
- Job costing for each function
- Availability of Payroll reports and timesheets
- Taking care of new onboarding, termination and redundancy changes
- Setting up tax accounts and deductions of each employee per their tax filings
- Software-enabled, click of button services are accessible
- Security of all employee data
- Flexible reporting during and at the end of the month
Things to Lookout for While Hiring a Payroll Vendor
You should always prefer a vendor with a few years of experience in payroll processing and also look at how well their infrastructure is built for your company’s size and structure.
Companies like Deloitte also provide consulting and HR support for your hiring needs as well. Select a vendor who can customize their service levels per your scale and is ready to respond to queries with automation any time of the day.
There are various top software for Payroll processing –
ADP Workforce Now ( for more than 50 employees), RUN powered by ADP ( is designed for smaller businesses), Kronos Workforce Ready, Zenefits ( allows employees to even sign contracts online). These are cheaper of the software.
Then come Namely (a single manager for HR), APS (Automatic Payroll Systems, Inc.), Paycor Perform, Ascentis which come in the higher pricing levels.
Conclusion
While there will always be this essential function of payment and even payment, payroll processing will claim its position. It is becoming a sophisticated industry with its own set of standards of quality, rules, and rules of engagement. Intelligence systems, AI, and Big data in the future will help you Contact Us and get more minute and sophisticated analysis.
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