How to Save Money on Payroll Processing

April 23, 2016 Hmd Ali 0

Most business owners use payroll services to effectively manage their businesses and employees. Outsourcing payroll services is very important although it is considered to be the largest expense that is associated with the running of business. What make the payroll costs to go high or to take the lion’s share are the employment taxes and wages. However, payroll processing is another expense and can be impactful to the bottom-line of your company. Do not ignore payroll services even if you have a small or big business because with these services you can be able to know where you are heading to. Do you know that you can reduce administrative costs that are used in payroll processing even if you have over five hundred employees? If you doubt here are some of the ways in which you can save money on payroll processing.

Ensure you have accurate data

The demographic data which managers or business owners collect from their workers is very important and helps in the processing of payroll. Demographic data includes information like date of birth, address, social security number and any other critical information about your employees. We all know that time is money and therefore when you have all these information or data it will be easy for you to know how to process your payroll without any hassle.

Take an inventory

To complete processing a payroll is not an easy thing unless it’s done by experts or professionals. There are multiple steps and forms involved and requirements of tax in the processing of payroll. You can handle your payroll services by your own or look for a competent staff member to assist you in taking inventory of the payroll. Ensure you get the accurate picture of your employees’ records so that it can be easy to process payroll and any other crucial information. Most business owners use payroll services to effectively manage their businesses and employees. services are among the best payroll service providers in Texas since they offer high quality services and at affordable pricescontinue reading...

Payroll – Are You Getting It Right?

April 22, 2016 Hmd Ali 0

Payroll is the function which keeps your business moving forward, from payments to your staff, contractors and suppliers it is the heart of the business – one wrong move and it can all go horribly wrong. A small delay in payments can create disgruntled staff, unhappy suppliers and contractors, it can have a detrimental effect on your business, after all if someone completes a job for you they expect to be paid for it. You can also visit our top article here. You can do without the headache of negativity in your company, and you definitely don’t want bad press.

 

Are you Vulnerable?

 

Payroll is one of the areas of your business which can be particularly vulnerable to your business too, there is opportunity for people to commit fraud, ghosts on the payroll and a security risk of your sensitive information being leaked. Your employees tend to trust payroll staff more than other administrational staff, as they hold all of their employee details and data, but in all too many cases, payroll is looked upon as an administrative back office function. In really, it’s much more than that. From the preparation of payslips and statutory return filing it has to be run like a finely tuned machine.

Payroll – Are You Getting It Right

Payroll in your Organization

 

Who is your payroll department answerable to and how are the lines of communication? Is it running smoothly? Have there been errors in your payroll? Are there any non-payroll functions which your payroll staff are undertaking in addition to this?

How you structure payroll in your company will depend on many things, how many staff you have, how often they are paid and which other tasks they deal with. Also chechout this link http://www.storybuildertoys.com/benefits-and-features-of-online-payroll-processing/ for more to read.  If you have one person looking after payroll for 300 people and mistakes are being made, it’s time to look at either outsourcing payroll services or online payroll software. They have too much on their plate, it is their responsibility to tell you, but your responsibility to solve … continue reading...

How to Compute Austin Texas Payroll Withholding

April 22, 2016 Hmd Ali 0

When your company inputs the details of the monthly payroll into your system, how do they know what to withhold on behalf of employees? Keeping on top of up to date legislations is a difficult task, but here are some of the basics to help you discover what you need to withhold to keep in line with the rules. Payroll services can help you navigate these issues, here is a breakdown of what needs to be withheld for each employee.

The income tax system requires employers to withhold taxes from the gross salaries paid to their staff members each week or month. The withholding effects both parties as it reduces the cash amount paid to employees and can create a liability for the employer. The employer must remit the withheld taxes to the government within the specific deadlines. If this is not adhered to the employer could be hit with a heavy penalty.

 

What do Payroll Withholdings Include?

 

Withholdings can include all or many of the following.

  • State Income Tax
  • Federal Income Tax
  • The Employee portion of Medicare
  • The Employee portion of Social Security tax
  • Any court ordered withholdings (i.e. penalties, childcare)
  • Any other withholdings

 

It is the employer’s responsibility for remitting both the employee and the employer portions of Social Security taxes. It becomes and employee withholding and employer expense. You can also visit our top article here. The social security tax pays for retirement, family, disability and survivor’s benefits.

How to Compute Austin Texas Payroll Withholding

The amount which must be withheld in 2016 by an employer is 6.2% of the first $118,500 of the employee’s annual salary, any amount which is above this is not subject to these tax withholdings.

A Medicare Tax is also withheld by the employer for the employee. As above the employer is responsible for filing the correct taxes and paying them to the Federal Government. This tax helps pay for hospital and nursing care, any doctor’s fees for elderly people and for some individuals who receive disability benefits. In the end don’t forget to checkout our … continue reading...

Benefits and Features of Online Payroll Processing

April 22, 2016 Hmd Ali 0

With computer technology and the amount of software packages available, Online Payroll Processing has become an easier task these days. Human Resources departments can get organized and paper payroll processing has become a thing of the past. Here are some benefits and features which can help you decide if it’s for you.

It can be accessed from anywhere

It doesn’t matter where you are in the world, if your employees are due to be paid, you have to pay them. A payroll services company can do this for you, it gives you the opportunity to log into your account as with any cloud based software and if you have Internet or Wi-Fi access you can do everything you needed to in the office, remotely. You are able to input data, check health and safety requirements, organize recruitment and training and development and pay your staff.

Benefits and Features of Online Payroll Processing

Payroll Rates

When you take into account the cost factor of training a new employee or a member of your existing workforce on how to use payroll vs online payroll rates, which will work out the most cost effectively for you? It depends on your needs as a business, how many employees you have and how often they are paid. A small company with 5 employees won’t have the same requirements as one with 75. It doesn’t take long to train staff in payroll software or if you have the time and inclination you can run it all yourself, if it is a case of processing payroll once a month you can have total control.

You are in Control

If you like to be in control of all of your company finances, you can have access at the touch of a button wherever you are. You can visit this link http://www.businessnewsdaily.com/7509-best-payroll-services.html if you need to know more. Basic employee information can be accessed, you can make adjustments to over-time rates and pay increases and when it comes to taxes you can have all of the information right in front of you to ensure your … continue reading...

3 Advantages to Outsourcing Payroll Processing

April 22, 2016 Hmd Ali 0

Online Payroll Processing is a topic which is sweeping every accounts department and HR office in the country. Operating a fully reliable payroll on time each month can be a hard task, but is imperative if you want to keep your workforce happy. Your employees and contractors depend on you to pay them on time as their own household finances depend on it. But payroll processing is a time consuming process which can take you away from your day to day tasks, from pay checks to tax returns and keeping up to speed with changing legislations there are lots of things to consider. More and more companies are looking at outsourcing online payroll processing to see if, in the long term it would be advantageous to their business, also if it can save them money. So, what are the advantages?

 

It Frees up your time

 

If your company processes payroll by hand its time consuming and often takes you away from your daily tasks, that can have a detrimental impact on your bottom line. Outsourcing your payroll allows you more time to focus on selling, training or product development. If your payroll contains errors and in turn you file your taxes incorrectly you can incur some pretty harsh penalties. With outsourcing payroll processing you don’t need to worry, as long as you keep an eye on things everything is taken care of for you, and no more penalties. When you think about costs you have incurred in the past as a result of incorrect filing vs the cost you pay for online payroll services, you could find it saves you money in the long term.

3 Advantages to Outsourcing Payroll Processing

You don’t have to train anyone

 

With the day-to-day changes in government legislations and software updates how do you ensure you are still ahead of the game? How much training would you need someone to undertake to stay on top of changes to payroll services, taxes and software. You can also visit our top article here for more information. It could become … continue reading...