With today’s technology, web-based payroll service providers make it easy for businesses of all sizes to get the payroll services they need at a price they can afford. The benefits of web-based payroll solutions are numerous. Two important service features to evaluate include reporting capability and regulatory compliance.
Keys to Web-based Payroll Services Success
Reporting Capability: Because one of the major costs of running a business is employee salary, the reporting capability of the web-based payroll software your company chooses is extremely important.
Some providers of web-based payroll services offer minimal data, while others offer more robust packages. The best ones offer a full spectrum of easy to use and easy to access standard reports that business owners and managers can use to make key decisions. For example, if management is trying to assess overall employee costs, they will want to analyze the relationship between key employee indicators such as overtime, turnover and vacation time.
A key advantage of online payroll services is anytime access to payroll data and the ability to access information from any time period. There is no need to sort through reams of paper, stacks of reports or a multitude of CDs. Simply log on, key in the time period you choose and the information is at your fingertips. This simplifies the decision-making process because you can forward essential information to key parties and arrive at decisions sooner.
Regulatory Compliance:
Employment laws and payroll taxes are constantly changing and are increasingly complex. Running a business and staying on top of official regulations can be overwhelming for even the most progressive business. Because of this, many business owners outsourced their Payroll services to payroll service providers who are experts in the field of payroll and payroll tax and specialize in this complex practice.
Web-based payroll services can keep businesses in payroll tax regulatory compliance with all federal, state and local employment laws. And, it can cost less than doing it in-house or using an old fashion service. Some of the necessities you should require from providers of web-based payroll services include:
Tax Law Changes:
Payroll tax laws change every year at federal, state and local levels. Reputable web-based payroll providers ensure that all of the tax tables in their systems are up to date and compliant and that all payroll tax law amendments are fully communicated. Using a web-based payroll system means you don’t need to watch for tax updates, upload the updates yourself and manage a payroll processing software yourself.
IRS Reporting:
The right web-based payroll services provider will handle all of your payroll-related IRS obligations, such as calculate, deduct, pay and file all federal, state and local taxes. If you elect the right service, all you’ll have to do is enter your payroll data. The software will then automatically calculate, deduct and file all appropriate forms and deposit them into the appropriate government accounts.
End-of-Year Paperwork:
In addition to annual and quarterly filings of payroll taxes, a highly-regarded web-based payroll services supplier will prepare and distribute W-2 and 1099Mis forms at the end of the year to your workforce-full-time and part-time employees and independent contractors.
So much more rides on choosing the right web-based payroll services provider than just processing payroll. Business owners must also be concerned about reporting capabilities and regulatory compliance. Now, with today’s online payroll and web-based technology, it’s easier than ever to access both convenient and accurate payroll services at an affordable price.
