How Payroll Services Can Make Your Business Profitable

Payroll services can make your business profitable by helping it save resources and ensure increased efficiency in the all-important, resource consuming payroll processing responsibilities. Businesses get to save on the capital required to start a fully functioning payroll department and the energy of their workforce. With payroll outsourcing, these resources could be channeled to the other important tasks of your business which could help increase its productivity.

Payroll processing is an important aspect of HR management, one that directly affects the performance of your staff and contributes to their performance. Inefficient handling of payroll services brings dissatisfied staff and also attracts legal penalties.

Why Payroll Providers Can Be Counted on

Payroll providers are experts with considerable experience in handling the HR requirements of various businesses. You may say that yours is the unique organization out there, but payroll services can still help especially if they are offered by a reliable PEO company. The wealth of resources at hand can make the PEO company quite a valuable partner in making your business successful. The PEO can also offer assistance in all other aspects of HR management, depending on the expectations of the client company.

General List of Payroll Services

As far as payroll outsourcing is concerned, the PEO company provides services generally including:

• Administration of Pay checks and stubs
• Direct deposit to multiple bank accounts
• Payroll delivery
• Payroll checks drawn on the PEO account
• Section 125 pre-tax administration
• Payroll deductions, garnishments and levies
• Flexible spending accounts
• Federal and State payroll tax deposits and returns
• FICA, FIT & SIT tax withholdings
• Customized reports
• Filing of FICA, FUTA, SUTA reports
• New hire reporting
• Federal payroll summaries
• W-2 production and delivery
• Wage/hour law compliance
• Paid leave program management
• Comprehensive payroll deductions
• Vacation & sick time accruals
• Department summary
• Multiple worksites

Flexibility of Services Offered by Payroll Providers

Payroll providers adapt their payroll processing services to suit the needs of various client companies. This makes the services cost-effective and in line with your requirements. The other HR management services offered by a PEO company include recruitment & selection, employee benefits administration, risk management, comprehensive legal compliance, and other related responsibilities. These cover all the ingredients of HR management.

With flexible and cost-effective payroll services, businesses can cut costs, ensure greater streamlining of their responsibilities, and ensure greater productivity directly, with greater resources left for the core tasks. The other HR outsourcing responsibilities could help businesses further reduce their costs. This is how payroll services can make your business profitable.