The payroll department doesn’t always get the credit it deserves. There is much more to payroll management, you know, than cutting cheques.
In Canada, there are 190 laws on payroll accounting alone. Business owners who handle payroll themselves are responsible for totaling hours, determining wage calculations for each employee, depositing payroll taxes, and preparing tax returns among many other things. For business owners who know very little about payroll duties, payroll processing can be quite frustrating. And coupled with the fact that even the smallest mistake can be detrimental in the long run, it can be frightening, too.
That is why payroll processing services are so useful for business owners who have little-to-no experience with processing payroll. Third-party payroll management services take care of a business’s payroll needs with accuracy, transparency, and speed, leaving the business more time and resources to focus on their core projects. Especially during tax season, having an outside payroll provider handle a company’s taxes is a huge time-saver for many businesses.
Many payroll services also provide general human resources support, such as handling employee insurance policies and managing employee benefits. Small businesses across the country are taking advantage of payroll service companies. These companies are composed of professional accountants, HR specialists, and others that focus on taking care of a business’s payroll needs. These services are so useful, in fact, that 85% of certified public accountants recommend that small businesses should hire third-party services for payroll solutions. These services offer one report to look over and one invoice to pay. That is much preferable, no doubt, to the mounds of paperwork and calculations a business owner would have to do otherwise.
What do you think about these services? Do you or anyone you know have any experience in the field of payroll or human resources? Feel free to leave a comment or question about payroll management services.