Why Use a Payroll Service?
Payroll processing can be done using in house payroll software. The alternative is to look for a payroll service to help. Payroll services typically cost more than in house software, however there are benefits you receive from making the additional investment:
- Payroll services help businesses focus on what they do best without worrying about payroll compliance. Businesses don’t have to worry about deadlines and filings because it’s taken care of. Using a third party payroll software can bring peace of mind.
- Payroll services provide a continuity plan. It can be a big problem if a small business does payroll in house and the one person that handles payroll leaves the company. Using a third party payroll company ensures payroll is processed no matter what your staff is like.
- Payroll services provide an easy way to maintain records. Online Human Capital Management (HCM) platforms store data such as I-9’s, W4’s, signed handbooks, and more. This eliminates paper files from the office. Also it ensures data is safe in the event of a disaster at the office that would have destroyed computers, files, etc.
- Payroll services provide confidentiality. Access to owner pay or other sensitive data can be restricted from employees and staff so it’s not stored on site.