How to Choose the Right Payroll Service for Your Business
Are you in the market for a payroll service for your business? Whether you’re wanting to switch your current payroll provider due to unpleasant issues, or a new business trying to choose the right match, there are a few things to take into consideration. First and foremost, you want to choose a payroll service that you can trust with confidential information. You also want to choose a payroll service that you can rely on for support with any questions or issues that arise. Keep reading as we go over how to choose the right payroll service for your business.
Payroll Service Benefits
Using a payroll service for your business provides many benefits. One of the largest benefit is that it allows you to save time. The automated services do a lot of the work for you which means you can kiss the days goodbye where payroll consumed your workload. In addition, payroll services cost less than hiring a full-time bookkeeper onto your staff, so it allows you to save money all while making your life a little easier.
Gain an Understanding of the Services You Need
Before choosing a payroll service you should find out what services the provider offers. A good rule of thumb is to put together a list of needs and wants, then compare it to what the prospective provider offers. This will help you decide whether or not the payroll service provider is the right fit for your business.
Offered Services You Should Take into Consideration
When choosing the right payroll service for your business, you should look for the following offered services:
Continuous Payroll Processing. This means that they automatically run payroll and calculate how much each employee earns for that pay period. You should also be able to gain access to this information at any time.
Adjustment Management. For many employers this service is extremely critical because it allows you to manage bonuses, reimbursements, commissions, tips and any other garnishments for your employees.
Versatile Pay Rules Engine. A service that determines the pay for regular and overtime hours. When looking at this service it should support various things like shift differentials, location, order of importance, etc.
Direct Deposit and Paychecks. While many payroll services will print out paychecks, the ideal provider will offer the option for direct deposit. This allows your employees’ funds to be deposited directly into their bank accounts. Plus, it helps reduce wasting paper.
401(k) Plan Administration. With this feature, you’re allowed to setup and track employee retirement plans.
PTO requests. Knowing when an employee is going to be out of the office on vacation is important, especially if you need to assign someone else to oversee their duties. Make sure before choosing a payroll provider that you can keep track of paid time off and have the ability to approve or deny any requested days off.
Alerts. If you are trying to minimize overtime hours throughout the workplace, you should search for a payroll system that sends you alerts when an employee is getting close to receiving OT. Other alerts may include notifications of any flagged issues in the system or an employee being eligible for benefits.
Coastal Human Resource Group, Inc. is a Human Resource Outsourcer (HRO). We serve as a full-service human resources department for small and medium-sized businesses which provide compliance screening as well as background checks. Visit www.Coastal-HR.com or give us a call at 251-478-7444. We’re here to help ensure that all your human resources needs are met.