Top 4 Factors to Consider When Choosing a Payroll Service Provider

Businesses are devising ways of outsourcing payment structures for their employees. Payroll service providers are skilled in this discipline, having the capability of processing payrolls more efficiently. Furthermore, utilizing the services of the right payroll company can go a long way in saving the organization a substantial amount of money in the form of hiring the services of in-house personnel to undertake the job. Factors to consider when choosing a payroll service provider include:

· Payroll accuracy

When choosing payroll services it is advisable to consider the payroll accuracy. Paychecks that are incorrect have the ability of making you and the employees unhappy. The right payroll provider understands the importance of ensuring each of the paychecks is processed accurately. The right payroll service provider will consider going over the payroll with the organization in detail, while offering you all the important information that you need.

· Considers the organization’s future needs

The right service provider takes every initiative to check the accuracy of the payroll together with you. The service provider will review the hours worked, number of checks and the total amount of the payroll. They will also consider checking important details every time the provider takes from the organization payroll information.

· Unmatched client services

The organization needs to find a service provider that has been in the business for a reasonable amount of time servicing many clients. This way, the service provider will be in a position to know the degree of involvement required. The right service provider should be in a position to offer self-service and full service options. They should have a payroll specialist who can help decide a complete payroll service from the beginning to finish. They should also be in a position to offer a web payroll system that offers a self-service option.

· Responsible for filing errors

Whatever, degree of involvement the organization chooses; the right payroll specialist should be ready to respond to any concerns or questions raised. Some payroll services fail to offer this kind of personalized system. Some providers offer the call center approach, where the organization gets to deal with different persons each time the payroll data is submitted. With this approach, clients find it difficult to find someone they can depend on for every payroll.

Although making mistakes is not common in preparing your own payroll, this can still cost the organization. The valuable energy and time spent figuring how the money is allocated can be spent making money. This explains why many organizations are outsourcing their payrolls.

Payroll Software – Top Five Time Savers

Are you feeling stressed when it’s time to complete your payroll? Take advantage of the tools available within payroll software to eliminate your stress and shorten your payroll processing time. Here are some time-savers that can make a drastic impact on your payroll processing.

1. Ditch the Spreadsheets.

Most businesses do keep track of pay codes within their payroll software system. Pay earning codes store the formula used to calculate each employee’s pay. On the other hand, pay deduction codes are used to calculate things like vacation, paid time off, wage garnishment and a whole host of other functions. Many employers opt to keep track of deduction codes in separate spreadsheet. The general belief is that the payroll system cannot calculate their specific deduction needs because they are too complex. The truth is, there are payroll software systems that can handle a wide variety of deduction codes, including the complex. It’s worth checking into. Once deduction codes are set up, the system handles the calculating, and you don’t need to bring in that information by hand.

2. Pay via Direct Deposit.

You might be surprised how much time you spend printing checks, stuffing envelopes, and managing printer and paper supplies. These can all be gone if you choose to pay employees via direct deposit. Instead of printing, stuffing, and delivering, checks are distributed in one short step to the bank account of the employee’s choice. You save time, and employees get their pay faster.

3. View Pay Data Online.

If you pay employees via direct deposit, you can cut out the step of printing and distributing the pay advice slip – a document that contains information about employee pay. Put the pay information online, in a secure environment, where employees can log in anytime to get the pay information they desire. As an added benefit, if an employee calls years later looking for pay information, you can simply get them their password, instead of scouring through old files to find things like their W-2.

4. Copy Pay Runs.

If you don’t want to recreate your payroll entirely, use the ‘copy pay’ function to copy pay from a previous pay run, for those whose salary remains the same, such as salaried employees. Using this function can save you many manual time entries!

5. File Taxes Electronically.

There are so many unnecessary steps when it comes to filing payroll taxes. Order the forms and envelopes, run the data, print the forms, stamp the envelopes and mail them. And that doesn’t even include printer maintenance! Skip all of the extra work and file your taxes electronically!

If you have used the same payroll system for many years, check and see whether any of these time-saving features are available to you. They can really cut down on payroll processing time.

Top 5 Free Payroll Software

Most business owners can keep track of their employee time and pay by using free payroll software. Cutting out additional expenses and providing customizable data fields, this excellent tool even offers support to troubleshoot product use.

The Top 5 Free Payroll Softwares are listed below:

#1: NolaPro v4.0.

This free accounting and business management suite is web-based and provides a full service which includes inventory tracking and order entry. NolaPro also includes plugins for business-to-business web portals, point of sale and an ecommerce shopping cart. Menu displays, colors and icon sets are customizable, and the interface is flexible based upon your business needs. Different companies can have several sets of books and data is not restricted. Security is at a high level of safety in order to provide permissions to users who may access the software. There are no banner ads, no restrictions to the license and no advertisements, this software is fully functional for its free use.

#2: Journyx Timesheet.

By focusing on the decision-making process, Journyx offers an interface that allows individuals to enter expense and project time information from any location that accesses the Web. Information from Journyx transfers over to existing HR systems. Journyx tracks employee time for projects, rates and expenses and makes the process of collecting this information easy and seamless.

#3: TimeTrex.

This web-based time management suite provides attendance and time, invoicing, as well as accounts receivable and other important functions. Employees are able to track their time by cell phone as well as bar code reader from anywhere they may be. Calculating overtime as well as other business policies and costs allows an employer to identify the costs of labor by specific employee, department, quantities produced, branch, and task type. TimeTrex even calculates taxes to be withheld, prints paychecks, provides electronic paystubs and can direct deposit an employee´s pay.

#4: actiTIME Basic.

Management and billing have never been easier for mid-size as well as small businesses. actiTIME is a web based time tracker that helps to streamline meticulous daily time management tasks. This free program tracks projects based upon customer as well as employee, access can be granted to several employees with various levels of security, tracks overtime and both non-billable and billable tasks to transfer to QuickBooks. Support is available for this product for free.

#5: Asman Accounting.

This system for bookkeeping provides a double-entry general journal for all business tracking. Financial analysis for any business is important, and this program includes line graphs, bar charts, pie charts and 3D bar charts to help compare employee productivity and trends. Show trends in monthly, daily, bi-monthly, weekly, quarterly, yearly and half-year settings as well. This program is fully customizable and provides accounting options and more.