Need of Every Business – Perfectly Managed Payroll

Every business owner knows the importance of perfectly managed billing system. The size of the business is irresructive while managing the payroll because all the paper work still remains the same. The payroll does not only mean the calculation of employee's salary, it basically means: Keeping a track of every employee working hours Giving due…

Every business owner knows the importance of perfectly managed billing system. The size of the business is irresructive while managing the payroll because all the paper work still remains the same. The payroll does not only mean the calculation of employee's salary, it basically means:

  • Keeping a track of every employee working hours
  • Giving due importance to their traveling bills, meal vouchers, retirement benefits etc.
  • Keeping a track of all the taxes and their deadlines
  • Processing the invoices, receipts and company's payroll

Wrong paper work and unmanaged bills can create lots of problems for the business owners by the end of the year. Here, the owners of the company should pay special attention towards accounting and payroll department from day one. The company can also choose to outsource their services to some other payroll processors.

Some of the basic advantages of outsourcing payroll processing to other company are:

  1. Time efficient and accurate : when you outsource your business to some other company, you will see that they are on top of it 24×7. You can call them or e-mail them with your employee's details and they will get back to you with the accurate amount of checks for every employee. You will be able to work on other things while a professional is working over your payroll processing.
  2. Less paper work : as a company, you will have to do paper work on a minimum level. You just have to either call the payroll processing company or just e-mail them with your employee's details, working hours, benefits etc. They will do the rest for you. You do not have to perform all the difficult calculations yourself.
  3. On top of the things : pay processors are always very well versed with all the latest tax slabs, new adjustments, deadlines etc. They do not miss any deadlines. They make sure that your employees get their salary checks on time, you pay state, federal as well as Medicare taxes on time. This otherwise can be a very painful job to perform.
  4. No liability : when you hire a salary professional, you hire them as your consultant. You do not take their liability on your company. It basically serves your purpose as well as make you tension free.
  5. Cost effective : hiring a full time person to do a payroll for you can be a very expensive affair. Having said that, when you outsource your company's payroll processing to some other company you only pay them by the hour. At times, you also pay them fixed amount which is way less than renting an individual for your company.

Outsourcing or in-house, the bottom line is that business owner should maintain their taxes and payroll papers properly. If you still finding it difficult to manage, then you certainly need an expert.

4 Good Reasons to Use Clocking In Machines

Time clocks have been around for years and they have been an important tool in the workplace. The clocks help companies to keep track of the hours that the employees work, making them important tools for payroll. While not all companies use the systems, they come in very handy especially for businesses that have a…

Time clocks have been around for years and they have been an important tool in the workplace. The clocks help companies to keep track of the hours that the employees work, making them important tools for payroll.

While not all companies use the systems, they come in very handy especially for businesses that have a large workforce. There are several reasons why it is a good idea to use clocking in machines to enhance efficiency in your business.

Precise Tracking of Hours

The machines make it easy to track time because if it is left to the individuals or the employer, it is not possible to get precise records. With the machines in place, you can ensure that the attendance records are accurate and you do not have to worry about fraud. Without the time clock, trying to figure out the hours worked can be very difficult.

Make Processing Payroll Easier

The modern machines make it easy to record information that is relevant for payroll. The information is collected and transmitted to a central file and this helps to eliminate transcription errors or issues of delay. Apart from reducing the work of the payroll staff, it reduces cases of complaints due to errors. Manual transcription often leads to errors.

Determine Employee Presence

When you have to deal with many employees, it is very difficult to know when they are working and when they are away from the office. Trying to monitor employee presence in a busy company can be nearly impossible. It can be a real problem when something needs attention, or a customer needs help, and you do not know if the employee is responsible is present.

Enforcing Company Policy

The advanced machines can be programmed to maintain the schedule of each employee and they can be used to monitor employee behavior. The system can inform the manager if an employee is late and it can also take note of any employees who have not taken a break by the end of the shift. The information obtained can be used to discipline some employees and encourage others to take breaks.

Time clocks have many benefits and the new systems can help to simplify life for employees who work outside the office. The multi-location systems compile payroll information from multiple locations at the same time and the employees do not have to return to the office to clock out. The systems help to simplify record keeping that helps to save time and enhance efficiency.

3 Reasons Why You Should Use Managed Payroll Services

Payroll is a very important function in any business and it is usually the most sensitive and time-consuming task of the HR department. The process involves maintaining the collective financial records of the employees in a company. For any small business owner, the payroll process can be a thankless job that never ends for as…

Payroll is a very important function in any business and it is usually the most sensitive and time-consuming task of the HR department. The process involves maintaining the collective financial records of the employees in a company.

For any small business owner, the payroll process can be a thankless job that never ends for as soon as you complete the process, it is time to do it again. When something goes wrong during payroll preparation, it can lead to legal issues. There are good reasons to consider using a third party to provide the service.

Avoid the headaches

For a small business owner who is working with a limited budget and resources, managing the payroll can be a real headache. It can be quite expensive to manage the process internally when you think of the high cost of hiring qualified staff. For any small business that is probably working with a limited number of employees, freeing someone to carry out that task can have a negative effect on the business.

Some business owners try to do the job themselves but this can be very difficult if you have several employees. The process can also take up all of your time affecting other areas of the business.

Disgruntled employees

The easiest way to affect productivity negatively is by having angry employees. If you try to manage the salary function yourself, it can result in errors such as failing to include overtime earnings or someone's holiday pay.

Having dissatisfied workers will affect your business and you need to make sure that you avoid the errors. Sometimes, the issues can be caused by misunderstandings and hiring professional services can help to ensure that this does not happen.

Changing wage laws

One of the best reasons to get managed payroll services is to avoid legal problems or penalties that occur when you fail to comply with the employment and wage laws. The outsourcing services will make direct tax deposits to make sure that this is performed on time.

The reporting and filing for tax returns service provided will help to ensure that you do not have to worry if you are not aware of the latest changes. The service providers make sure that they stay informed to ensure compliance.

There are many companies that provide payroll service and they play an important role in providing small business solutions. You will not have to worry about delays in paying your employees or dealing with complaints about errors.

5 Advantages of Using a Payroll Service

Processing payroll can be a complex and time-consuming task for any small business. The different payroll functions include determining the employee wages, withholding taxes, updating sick and vacation pay and deducting different staff-contributed payments for the benefits. Mistakes in preparing the payroll can have a negative effect on the business and it is important to…

Processing payroll can be a complex and time-consuming task for any small business. The different payroll functions include determining the employee wages, withholding taxes, updating sick and vacation pay and deducting different staff-contributed payments for the benefits. Mistakes in preparing the payroll can have a negative effect on the business and it is important to make sure that the job is performed accurately.

How to Find the Best Time Clock Software for Your Business

Because your company is unique, you'll want to find software that is compatible with your unique needs. The features that sell another company on a time clock software package may not be the features that are right for your company, and it may take some work to find which has the best features for the…

Because your company is unique, you'll want to find software that is compatible with your unique needs. The features that sell another company on a time clock software package may not be the features that are right for your company, and it may take some work to find which has the best features for the needs of your business. In addition to features, there are four important considerations in selecting a time clock software:

1. What kind of trial is offered?

2. What kind of technical support is available?

3. Is the provider reputable?

4. What are the costs of the software and support?

Let's consider each:

1. Time Clock Software Trials

Free trials are a great way to get acquainted with new software. They give you an opportunity to explore the features and get a feel for the utility and ease of use of the software. This can be a great way to do side by side comparison of rival time clocks. Some companies only offer limited versions of the software to trial users. The most useful trials give you full access to the software, allowing you to explore everything it will allow you to do.

2. Time Clock Technical Support

Good technical support can spare you hours of frustration and lost time and ensure that you are getting the full benefits of the software you purchase. Because you do not want to be bogged down with technical issues, you'll want to purchase a time clock system that is backed by reliable technical support. When looking for technical support, there are several important factors to consider:

Format: What types of support are offered with the software? Common forms include email, live chat, and phone support. Having live support via chat or telephone can get you real-time solutions and ensure you get minimal frustration and maximum usefulness from your time clock software.

Hours of availability: You'll want to know when support is available and if the hours work for you and your company. If a company's live technical support is only available from nine to five in the Philippines, but you operate in the North America or Europe, the support may not be very compatible with your business.

Availability during trial period: Can you access technical support during the trial period? This access can help you determine whether the technical support is going to meet your needs and can allow you to make an informed decision on the software and support package that you purchase. The trial period is a great time to learn how easy it is to contact technical support, while you get to talk to an actual person, how timely technical support is in responding to your communications, and how helpful the people are to you. These factors will all make a big difference when you run into questions or issues down the road.

3. Reputation of Time Clock Provider

The legitimacy of a company is important to consider in any kind of purchase. While the internet allows you to compare thousands of options before making a transaction, the ability to purchase remotely comes with certain risks. Among these is the difficulty of distinguishing reputable companies from pop-up companies or scammers.

One determinant of credibility is the length of time a company has been in business. If the company has been around for years, it is likely to be a legitimate company. It is also more likely to have reviews from external sources that support (or detract from) its claims, and these can help you to make an educated buying decision. A company that has sustained success over a long period of time is likely to have the skills and infrastructure to remain a viable company in the future. This means they're more likely to be there to support you and stand behind the time clock software you purchase.

External software reviews come in various forms, ranging from customer reviews to professional reviews. Customer reviews can be found on company websites, personal blogs, and through social media. These can give you an indication of the satisfaction of current or past customers with the company, its products, and the customer service it provides. Professional reviews can be found on industry websites or professional review websites. These often review multiple products or services in the same category and can help you compare one company or product to another. Such reviews are a great way to compare time clock features and support plans side by side and determine which software package is best equipped to meet the needs of your business.

4. Time Clock Software and Support Costs

When it all boils down, costs can significantly determine which time clock program will meet the needs of your business. You'll need to consider how much you are willing to pay for a time clock software package. The nature, structure, and size of your business will determine the savings you can expect by purchasing an electronic time clock, and this can help you decide on a price that is right for you.

Comparing prices of similar time clocks can help you get a feel for the range of reasonable prices. You should also consider the payment method and structure. Will the purchase require monthly or yearly payments or a one-time fee? Will you be charged per number of computers or number of users? Are there additional fees?

One additional fee that's important to consider is technical support. Support is often available on a per-incident basis, but it can be much less expensive in the long run to have a support plan that will cover all of your needs. You will want to ensure that you have access to good tech support, so you'll want to know what it costs and what the support plan includes.

When you know what features you¡¯re looking for and what you are willing to pay, download a free time clock software trial and find out how well the software and technical support will work for your business.

4 Ways Help To Keep Your Company Safe With Employee Pay Cards

As in most areas, the US is behind most of the rest of the world in how employees are paid their wages. Employers in most other countries only pay their employees electronically via direct deposit to a bank account or through a pay card. In the US, employers are pushing for electronic wage payment to…

As in most areas, the US is behind most of the rest of the world in how employees are paid their wages. Employers in most other countries only pay their employees electronically via direct deposit to a bank account or through a pay card. In the US, employers are pushing for electronic wage payment to all employees. The main reasons for this push are not only the reduced work of printing and reconciling paper checks, but also for business continuity reasons as well. If something happens to the physical business location, it can still ensure employees are paid if they are on an all electronic wage payment system.

However, in the US many employees either can not or are not willing to open a checking account to obtain direct deposit from their employer. In these instances, the employer may opt to offer a pay card to these employees. With a pay card, the employee's funds are direct deposited onto the card and the employee can use the card like a bank debit card to make purchases, withdraw cash, and pay bills.

There are fees associated with these pay cards, though, and there are current class-action lawsuits associated with the requirements of employers using these cards for employee payment If the employee does not have a bank account, specifically the fees associated with these cards. The fees vary by company used, and can include:

  • Card / account setup fees
  • Withdrawal fees from ATMs
  • Monthly statement fees
  • Foreign ATM fees
  • Point of sale fees
  • Replacement of lost or stolen card fees
  • Fees to obtain cash back at the point of sale

If the employee does not have a bank account and are cashing their checks at a check-cashing business, then they are probably already paying fees; however, these fees are a one-time fee and not recurring fees for using the card ongoing.

As a business, if you are looking to offer, or already offer, pay cards to employees, there are a few things you can do to lower your legal risks and ensure your employees understand what is and is not included with their pay card:

  1. Compare Pricing / Companies – as with any program you'd want to bring to your employees, shop around. Make sure you are bringing the best program with the lowest fees to your employees.
  2. Communicate- make sure your employees understand what the fees are for, when they will be charged, and how much the fees will be. Unexpected surprises can get you into hot water with your employees, lower morale, reduce retention, and create an overall just plain bad atmosphere. If there's anything you do not want to do in business is mess with your employee's pay.
  3. Obtain a Consent Form – after explaining the pay card program, fees, benefits, etc. obtain a consent form for each employee participating in the program that outlines the program and that they understand what it involves. This will help reduce mitigation in the future.
  4. Revisit Yearly – revisit the program, company you are using, and any increase in fees on a yearly basis. This will help ensure the program you are offering your employees is still in their best interest. Be sure to communicate any changes or updates to your employees.

How the New Medicare Tax Will Effect Payroll For Employees

The body of this article is talking about the new medicare policy which will effect the payroll of the employees. As per the new regulations, now the employers have to deduct 0.9% additional hospitality tax for the people who are falling in the category of High-Income taxpayers (commonly referred as additional Medicare tax). This new…

The body of this article is talking about the new medicare policy which will effect the payroll of the employees. As per the new regulations, now the employers have to deduct 0.9% additional hospitality tax for the people who are falling in the category of High-Income taxpayers (commonly referred as additional Medicare tax). This new tax slab was adopted from 1st Jan, 2013.

What to Consider With a Payroll Provider

Managing the payroll is likely to be a complex job to complete at the end of each month and locating a reliable and trustworthy payroll provider is often just as difficult. You really want to make certain that you are able to locate the ideal payroll processing service that is able to take full responsibility…

Managing the payroll is likely to be a complex job to complete at the end of each month and locating a reliable and trustworthy payroll provider is often just as difficult. You really want to make certain that you are able to locate the ideal payroll processing service that is able to take full responsibility of this important role.

Why Outsourcing the Payroll Processing Can Benefit

It can be quite difficult for the small business to manage the payroll services if working with limited resources and budgets. If you are able to outsource this essential service you will soon appreciate that it is able to offer a range of advantages.

It can be quite difficult for the small business to manage the payroll services if working with limited resources and budgets. If you are able to outsource this essential service you will soon appreciate that it is able to offer a range of advantages.

Advantage And Disadvantage Of Taxes When You Own Your Business

body of article is taking about the advantages as well as disadvantages of owing you’re your business. It seems that doing business is more beneficial in comparison to be an employee.

body of article is taking about the advantages as well as disadvantages of owing you’re your business. It seems that doing business is more beneficial in comparison to be an employee.

Smart Tactics for Managing Your Staffing Firm’s Credit

When running a staffing firm, managing your available cash is a delicate balancing act. You have employee or contractor payroll to meet every week or two, but your clients are usually billed at much longer intervals. You need to be able to meet your commitments, but every dollar sitting in your bank account is money…

When running a staffing firm, managing your available cash is a delicate balancing act. You have employee or contractor payroll to meet every week or two, but your clients are usually billed at much longer intervals. You need to be able to meet your commitments, but every dollar sitting in your bank account is money not spent growing your business.

Establish Business With Ease-Outsource Payroll Service To Professionals

this article is talking about the benefits and advantages of outsourcing payroll services. In the bullet points, author is explaining different benefits of outsourcing payroll services to the agency or the professionals.

this article is talking about the benefits and advantages of outsourcing payroll services. In the bullet points, author is explaining different benefits of outsourcing payroll services to the agency or the professionals.

Advantages of Hiring a Small Business Payroll Service

A small business venture that is starting to expand is likely to present a range of challenging responsibility. In some situations it might benefit to outsource certain roles to help with freeing up more time to concentrate on the core issues of running the business. One area that is likely to be a big challenge…

A small business venture that is starting to expand is likely to present a range of challenging responsibility. In some situations it might benefit to outsource certain roles to help with freeing up more time to concentrate on the core issues of running the business. One area that is likely to be a big challenge each month relates to managing the payroll.

Top 5 Reasons to Use an Accountant to Manage the Finances

Whether you are a business or individual it can certainly benefit to hire the services of a professional accountant to help with managing the finances. Accountants are fully up-to-date on all matters relating to financial record-keeping and able to make sure the accounts are always kept up to date.

Whether you are a business or individual it can certainly benefit to hire the services of a professional accountant to help with managing the finances. Accountants are fully up-to-date on all matters relating to financial record-keeping and able to make sure the accounts are always kept up to date.

Benefits of Hiring a Professional Payroll Service for the Small Business

It is highly important that wages are paid on time each month to help with maintaining employee motivation and satisfaction. But if you are operating a small business and finding it difficult to offer a reliable payroll service due to changing tax laws, deadlines, and personnel changes, you might want to look at the many…

It is highly important that wages are paid on time each month to help with maintaining employee motivation and satisfaction. But if you are operating a small business and finding it difficult to offer a reliable payroll service due to changing tax laws, deadlines, and personnel changes, you might want to look at the many choices available with the outsourced payroll companies.