Payroll is the human resources “beating heart” of any business with employees. Solid payroll is the foundation for a productive workforce and a successful business.
Payroll technology and service providers can provide high ROI for companies in need of:
Payroll is something an employer must get right to have any hope at creating a productive workforce and building a successful business. But if payroll is handled poorly and not taken seriously, the employees will likely find another employer to work for. Thus, paying employees accurately, on-time and providing supporting documentation (i.e. pay stubs, pay statements, W-2’s, etc.) is crucial to maintaining a company culture, retaining employees and reducing legal exposure for a business. Many employers seek a worthy payroll vendor to offload this burden and to make the process more efficient.
Payroll is a “core service” of the different service providers we represent, thus it is at the core of what PayThrive offers. It is the administrative hub of a business, where many other things revolve around it. For seasoned small business owners and administrators, payroll is often seen as a straightforward proposition that is fairly easily addressed with software and some fortunate in-house expertise (maybe their own expertise). But some businesses have a different reality when it comes to payroll – here are a few examples:
1. A newly formed or existing business has payroll for the first time. They want to know how payroll works and what is required of them.
2. A business used to have a simple payroll process, but now it’s complex. They have added employees, maybe ones in other states and maybe they now offer benefits.
3. A business had an in-house payroll expert that is now leaving – who will do the payroll? Expertise is not easy to replace in terms of another hire, and is not cheap either.
4. A business that had a CPA, accountant or bookkeeper doing payroll now needs to outsource it. People retire, change professions or in some cases choose to stop offering payroll to their clients.
5. A business that has an in-house payroll process has just been hit with tax penalties, fines and/or an audit. They want to be compliant with federal, state & local laws and realize that they now need help.
Small business payroll has many steps – some occur with every cycle, some occur less frequently:
Here are services and technology usually offered by a payroll service provider, usually on separate platforms / logins.
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