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How to Improve Your Company’s Payroll Efficiency in 2020

January 4, 2020 Kevin Kenealy payroll processing, payroll processing systems Comments Off on How to Improve Your Company’s Payroll Efficiency in 2020 ,
How to Improve Your Company's Payroll Efficiency in 2020 - By the Payroll Company 505-944-0105
How to Improve Your Company’s Payroll Efficiency in 2020
– By the Payroll Company 505-944-0105

Working with an online payroll processing system to run your company’s payroll is not too difficult, if you select the correct payroll system provider for your company that makes the most sense. The system must have the functional features, data and reporting capabilities your company needs to run its payroll effectively. Certain online payroll providers like, the Payroll Company, for example, offer dedicated employee online portals which provide limited feature access that allows staff to update basic employee details, such as number of exemptions and employee benefit payroll deductions, for example.

Online Payroll Calendar Importance

Simplifying and improving payroll data entry is just the start. If the data needed to complete payroll does not arrive in a timely fashion, it can turn any payroll period into a disaster, no matter how amazing the new payroll processing system is subscribed to by a company. Company’s must have a payroll calendar so everyone in the company knows when payroll is due and when it will be paid.

Developing a payroll calendar is simple process that is not too time consuming. In some instances, if the new online payroll processing system a company signs up for doesn’t include a payroll calendar development tool, an excel spreadsheet will work. Most payroll software provider companies, like Albuquerque, NM, based payroll processing company, the Payroll Company, have a payroll calendar tool built into its payroll processing software.

Payroll Integration with Important Company Systems

Payroll is interdependent in most companies with several standard company business systems and department. Those systems and departments including tax, bookkeeping, accounting, timekeeping, benefits management and human resources. When a company processes payroll manually it is like juggling multiple balls in the air, which is close to impossible. To make this happen effectively and do it correctly mean all the information for each department and business system would need to be very organized and easy to access.

Signing in on for an effective payroll software program will bring all these tasks and integration into one system that ties it all together.

The top online payroll processing software packages include dynamic user-friendly integration components ready to use immediately. The minimal system that makes the most sense to sign up with must be able to connect with your company’s accounting and bookkeeping software and keep track of attendance. The system should viewable in one place from both desktop and mobile. If it has these features, it means users can handle payroll from anywhere and be able to view reports as well anytime of the day or night.

For company’s that want to implement high-level integration there are payroll software programs that feature application programming interface capabilities. This type of system allows subscribers to develop specific integration that meets the exact needs of the company, instead of just the canned features the systems includes out of the box.

Scheduled and Random Audits of Company’s Payroll System

Reviewing company payroll on a regular basis is a plain prudent strategy every business should follow. Auditing payroll should be part of a company’s ongoing monthly task list and it should also be done randomly as well. Since the beginning of time in business payroll has been a place where fraud has been perpetrated by unscrupulous people. It is much better to trust your staff, but then verify to confirm the monies being issued by payroll employee rolls match up with the company’s accounting, bookkeeping, and human resources records.

When doing a payroll audit, review the company’s payroll rules and polices. Be sure to be seek out any policies that cause misunderstanding and then change them where it makes sense to make the rules as user-friendly and easy to comply with as possible. Discuss your payroll audit with the company and ask for direct discussion and comments about issues, problems or concerns. Two sets of eyes or more are always better than one. The company staff can help identify payroll problems and bring them to the company’s attention. Do this on a regular basis to be certain all issues and problems are dealt with well and immediately.

Moving forward, complete an analysis of each phase in the company’s payroll process to check that it’s operation effectively. Consider each phase of the payroll process and then decide if each phase is needed or not.

Lastly, be certain your company’s payroll software is operating correctly. Test all integrations connected to it to see if there are any problems or real-life business mistakes that need to be corrected immediately. When it comes to critical areas like timekeeping, payroll tax compliance these areas have long lasting implications both financially and legally. Testing the company’s payroll software to check and see if it is set up and operating correctly is just smart business that will help your business stay in line in all areas connected to it and the company.

If you need assistance picking the best payroll service to meet your company’s needs, it makes sense to explore several new ones and then make the switch to one that will help your company in the best way possible.


Payroll Processing Outsourcing Plus & Minuses – Part Two

June 15, 2019 Kevin Kenealy payroll processing, payroll processing company, payroll processing systems, payroll services Comments Off on Payroll Processing Outsourcing Plus & Minuses – Part Two ,

Take a minute to review the pluses and minuses
of switching your business to an outside payroll processing services provider.
Featured below are both the pluses and the minuses.

The
Pluses

  • Time savings – Several surveys over the years completed by a variety of business associations have reported that business owners place payroll and payroll taxes as the number 2 task that takes up the most time and creates the most hassle of all the tasks categories it takes to run a successful business. It’s obvious that running payroll 1 to 4 times a month requires a ton of time and focus to complete. Switching to an outside payroll processing service provider frees up time and improves effectiveness for most business owners.
  • Reduction in Expenses – Each pay period requires completion of a long list of required tasks including preparing and paying mandatory payroll taxes, running payroll reports, figuring out wages for the entire company staff, printing, signing and handing out payroll checks.
  • Better Company and Employee Data Security – In 2019 payroll processing service providers provide, mirrored backup systems, several server farms, the most up-to-date technology, solid secure SSL (secure socket layer) firewall protected systems to safeguard private employee and company information and data.
  • Keeping Current with Regulations – It is hard to stay compliant and current with payroll tax laws and payroll taxes. The financial penalties are huge. Payroll processing service providers know all the rules and regulations like the back of their hand. Their primary objective in running their business is implement this knowledge, process your payroll for your company and keep you current with all requirements and regulations.

The
Minuses

  • Ease of Use Getting Wage Reporting and Employee
    –     Certain payroll processing service providers do not offer reporting
    on payroll costs and other critical data about employees due to the fact they
    do not have the information or because the data is on their servers, which your
    business does get access to for various reasons.
  • Time Issues on Fixing Payroll Mistakes –
    Payroll companies are sometimes slow to respond to payroll errors. If the
    company or the employee needs aren’t met when it comes to payroll errors, it is
    bad for everyone.
  • Payroll Services Pricing –
    In some instances payroll processing service providers do not customize pricing
    to fit a company’s needs. Check to make sure the services provided fit your company’s
    needs and not the other way around.
  • Chance Your Payroll Processing Provider Closes
    Its Doors     – Businesses close all the time. It can be due failure,
    loss of a primary partner or any number of reasons.  If this were to happen to your business, you
    may lose out on access to company payroll data, employee data and potentially
    your company’s money.  

The
minuses described here do not have to be part of your picture. The main thing
to make sure you do is your due diligence in checking out the company thoroughly
first. Use the following guidelines to make a smart payroll processing service
provider choice:

  • Recommendations from associates, mentors and business owners
  • Documented credentials including time in business, similar company
    payroll processing experience and confirmed business licenses.
  • Confirmed quality customer service and personal attention to
    detail
  • Services and support offered meet your company’s needs
  • Pricing and additional fees or charges are documented upfront
  • Reporting of data, data reporting needs and security of data are
    rock solid

Payroll Processing Outsourcing Plus & Minuses – Part One

June 13, 2019 Kevin Kenealy payroll processing, payroll processing company, payroll processing systems, payroll services Comments Off on Payroll Processing Outsourcing Plus & Minuses – Part One ,

In today’s modern web-based technology world,
companies can choose from multiple options to complete payroll. Business owners
that opt to do it themselves is one way and businesses that choose to assign
the task of doing payroll to a department, like human resources, is another way
to go. Lots of businesses choose to go to a provider outside the company for
payroll processing like a bookkeeper, accounting firm or an online payroll
processing company. The rub lies in figuring out which method is the best way
for your company to do its payroll.

Small-business owners need to take a hard look
at where their time is best spent. Look at how much time is being spent now by
you each month doing the company payroll. If the answer is too much where for a
small monthly fee payroll is completed and the time is gain is used closing new
sales. Review your payroll to make sure you are current with all state and
federal laws, rules and payroll regulations. If you’re not sure or you’re not
current, it might be time to switch to hiring a payroll processing provider.
Look to see if you’re keeping all your company’s and your employee’s financial
data well secured and private. Also, check to make sure your company’s records
for wages, benefits and retirement programs are on time, current and correct.

Payroll Processing Success, But Is It Taking
You Away from Important Tasks

You are managing running your company’s payroll successfully. However, if keeping up with running payroll, maintaining legal requirements, data security and records is eating up a good amount of your time, you may want to switch to outsourcing payroll to an online payroll processing company. Payroll processing company will calculate your company’s payroll and its associated taxes, print and handout checks, complete direct deposit payroll checks and complete all the company’s payroll reports. It will file payroll taxes, issue annual Forms W-2, set up worker’s 401(k) deductions and connect their contributions to investment account providers and keep records on benefits of employees.


Payroll Processing Systems in 2019

June 5, 2019 Kevin Kenealy payroll processing, payroll processing systems Comments Off on Payroll Processing Systems in 2019
The payroll company payroll processing albuquerque nm

Payroll is the biggest financial duty each business must comply with other than paying its legally owed income, payroll and sales taxes. Payroll mandates accurate payment to employees and full compliance with all federal, state and local government laws, rules and regulations. Severe financial fines by government agencies like the IRS and State and employee anger will be part of a business’ picture if payroll processing is not done accurately and on time. Make a choice to use online payroll processing or to use in-house payroll processing hinges on having a full understanding of the needs your business for both payroll itself, financial accounting, cash flow and budget forecasting.

In-House Payroll Processing

In-house payroll
processing is a solid selection to consider if your company features ten or less
employees with little to no changes in hours, benefits and deductions from week
to week and month to month. If your company’s payroll processing requirements
are simple and payroll fields for deductions are easy to update and answers to
questions from employees are easy to provide, keeping payroll processing in
house using a payroll software program. The bottom line for in-house payroll
processing is the company’s employee charged with the task of doing payroll and
managing it on-going basis absolutely has to stay current with company staff
turn-over, payroll tax laws and stay current with tax filings, tax withhold for
the company and its employees and pay payroll accurately. In-house payroll processing
might reduce security and risk factors for the company and its employees’
financial data.

Bookkeepers and CPAs Payroll Processing

Businesses across
the USA outsource payroll processing to bookkeepers and CPAs all the time, but
most of time each one prepares it similarly to doing it in-house and bank
interface services including 401(k) deductions and direct deposit for employees
may not be offered or available. Be certain to check to see if the bookkeeper
or CPA provides the knowledge and skill sets your company requires such as payroll
changes like increased wage per hours or new deductions to keep any payroll processing
mistakes from being made.  Federal tax liability
payroll deposits and payments to the IRS are a 100% a business’ responsibility.
If an error is made the IRS will call you the business owner and not the
payroll processing company. Be sure the company you hire can and will take care
of all tasks on time and without fail.

Payroll Processing Service

Payroll processing service provides are professionals with
high-level payroll tax and regulatory mandate expertise. They are professions
with excellent skill sets that will make sure your business is 100 % current with
all regulatory reports and tax deposits, leaving your time completely unencumbered
from dealing with payroll task responsibilities. Payroll processing services
include disbursing payroll wages to company employees via paper check, payroll
debit cards and direct deposit as well as automated deductions from paychecks
for benefits retirement savings such as 401(k) and 403(b). Payroll services
quite often provide services guarantees and the chances of mistakes and ensuing
penalties for incorrect or tardy payroll tax filing are very low. The federal
government’s Electronic Federal Tax Payment system provided by the U.S.
Department of the Treasury is a no cost secure service gives employers the
ability to login online to the Treasury website and confirm their tax payments
have been made through the system.

Online Payroll Processing

Managing and overseeing payroll 365 days a year, 24 hours a day, is offered by online payroll companies through a web based online payroll processing platform complete with an SSL certificate and firewall to protect sensitive company and employee data.  Once enrolled with an online payroll processing provider you will not have to buy payroll software or expensive equipment. On-boarding new employees for payroll, entering current payroll and tracking employee paid vacation and sick leave pay can all be done from a desktop, laptop computer or a smartphone. Most online payroll companies provide payroll services, payroll tax filing and payment. Signing up for online payroll services with tax filing and payment included gives company owners peace of mind and it frees up time to manage and grow their company.

Consider all the options for payroll processing while looking at the needs and legal requirements of your company and then make a smart well-informed decision. For further information about payroll processing look at this article: “Why Payroll Processing Is Highly Important to Every Albuquerque Business Part One“.


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