Since there is more to managing small business payroll than writing checks and handing them out to employees on time, you may want to consider hiring a payroll management service to do the footwork for you. Some payroll management service companies offer multiple services and oftentimes offer discounts for obtaining multiple services. Some services to ask about include:
- Payroll and Time Management. These services generally include payroll processing, direct deposit options, wage garnishment services, and electronic clock or PC based time keeping for employees.
- Tax and Compliance Services. These services generally include calculation, deposit, filing, and reconciling of taxes; management of state unemployment insurance; electronic business tax services; new hire reporting compliance tracking; and a screen for job tax credits that may be available.
- Retirement Services. Some payroll management companies provide these services which generally include 401(k) and Simple IRA.
- Human Resources and Benefits Management. These services generally include management of employee, company, and benefit information.
Does your company use payroll management services, or does the owner just cut your check?