Payroll Service

What is a “payroll service”? 

A payroll service or payroll service provider refers to a company that offers payroll processing services to clients. With their help, companies do not have to handle payroll processes on their own. If you hire a payroll service provider, this means handling all the payroll calculations, payroll taxes, tax statements, and other tasks are assigned to a professional payroll service. They will make sure that employees are paid as scheduled and that all legal requirements are accomplished per pay period. 

What are the responsibilities of a payroll service provider? 

Just as the name implies, a payroll service provider takes care of payroll processing responsibilities. The job duties involved are the following:

• Tracking time and attendance of employees
• Setting up direct deposits if needed
• Setting up and integrating company benefit plans such as 401(k)
• Computing payroll taxes for each employee
• Calculating employee wages and deductions
• Ensures that the company complies with all federal and state laws on payroll
• Provide electronic payroll records to employers and employees

What are the benefits of using a payroll service provider? 

With the help of a payroll service provider, a company’s payroll process can be streamlined. This will save the employer valuable time that they can use to accomplish other responsibilities. Payroll services can also benefit start-ups and other companies who do not yet have the experience in running payroll or who are not knowledgeable in the federal or state laws governing payroll. They can rely on a payroll service provider who can deliver a timely and accurate payroll process while being legally compliant.