subject: Do You Need Some Payroll Solutions? [print this page] When you are starting a business, one of the most important things to take care of is payroll. However, many people give little attention to this vital part of their business. Why? because it seems simple. When payday comes, you record how many hours the employee worked and write a check. Well, it is more complex than a simple check. Taxes must be taken out, withholding a portion of salary until the quarterly taxes are due. Financing payroll is different than capitol expenditures, and requires a different set of rules. Payroll can be one of the biggest headaches of management.
A company that provides payroll solutions outsourcing can be a major time and money saver for a business. Most large businesses outsource payroll because it frees up space and time from having an on-site department. If you are a small business with fewer than 20 employees, or even just one or two people working, it is paramount that your focus be on providing the services that make your business profitable.
Some services that a payroll solutions company can provide might be: FICA, Medicare, Social Security withholdings; taxes and insurance benefits; tracking time, vacation and attendance; judgments and garnishments and some will also handle 401k and retirement plan investments.
If you have a chain of businesses spread over an area like the Tri-Cities area of Chattanooga, Memphis and Knoxville, you want to be able to have all your payroll solutions provided by a single company. This reduces hassle and makes it easy to have a problem solved. When you are able to have a web-based solution backed by experts in their fields, it make it easy to be the expert in your field. Removing the headaches from your payroll will allow you to become more productive.
Knowing that competent hands are helping manage one of the parts of your business most critical to your success can set your mind at ease. Some companies that handle payroll also offer a service called 'employee leasing'. Employee leasing is when employees are hired by a professional employment organization or PEO. Similar to a temporary employment agency in that the employee is hired by the PEO, it is different in that the hired personnel will officially work for the employee leasing company, but work at the business they are being leased to.
This can be good for the employees because a PEO typically negotiates a better group health insurance rate and can provide better benefits.
