Features of Payroll Services
Payroll software vs. online payroll services. With payroll software, you are responsible for installing software updates and tax table updates, and backing up your own data. Although online payroll services have the highest level of security, you might feel more comfortable having your payroll information stored on your own computer system rather than being available online. The software used in online payroll services is continually updated for your payroll system, as are the tax tables used to process payroll. Online payroll services allow you to access your payroll system via the Internet from a computer, tablet, or Smartphone. If that’s the kind of convenience you want, you’ll be pleased with the variety of vendors offering cost-effective, secure payroll processing in your area.
Size: how big is your payroll? If you only have one employee, you can easily calculate your own payroll deductions using free spreadsheet accounting software. But if you have two or more employees, processing payroll starts to get complex. If you have employees in more than one state or country, processing payroll can quickly turn into a nightmare. If you have between 2 and 50 employees, online payroll services can save you time and money. Companies with more than 50 employees face very different regulations in terms of mandatory benefits and electronic tax filing. Most online payroll services can accommodate these needs, although prices may be higher for managing mandatory payroll benefits.
Which optional payroll services do you want? All online payroll services should be able to cover basic paycheck calculations, including direct deposit of employee paychecks, electronic payroll tax filing, and electronic payroll tax payments-all for a nominal monthly fee. Most services charge a flat rate for that package, plus an extra amount per month, per employee. You might also be charged extra for more than one user who can access the system. Other fees are charged based on the optional extras in the payroll package. For example, employers may choose to add benefits management, 401K management, health insurance management, or other enhancements to the basic payroll processing service. Many employers require time and attendance tracking systems that allow employees to log in, or to log time to specific accounts or tasks. Time tracking is usually an optional add-on and is available from most payroll services vendors
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