Submitted by Tony McCall
Business Development Manager, Modern Business Associates (MBA)
Payroll service companies provide a common suite of core services. As in introduction to what payroll service companies do, consider the following core services.
- Calculating Payroll for each employee
- Calculating tax obligations for each employee
- Printing Checks for payroll
- Service companies also deliver the checks
- Creating Reports for Management
Additional services sometimes include:
- Affordable 401 (k) plans to offer employees. Payroll service companies help level the playing field with the benefits offered by your larger competitors.
- Employee Manuals provided and customized by Payroll Service Companies keep you from trying to reinvent the wheel and stay up to date with state and national legislation to more effectively avoid employee claims.
- Automatic check signature can save your team time each payroll by not requiring an executive to sign the checks, one at a time.
- Direct Deposit with an issues voided payroll statement instead of a check. Gives you control over when the funds are distributed from your business checking account, instead of waiting for the checks to be mailed and individually clear.
- Your selection of paycheck distribution, whether it is by 1st class mail, Priority Mail or another selection.
- Access to forms and reports via the Internet.
- Individually Tracking Days Off – Payroll Service Companies can keep track of important events such as sick days, vacation days, salaries, and benefits levels for each employee in your company, in addition to regular payroll information.
- Employee Assistance Programs (EAP) help manage issues such as diversity, workplace violence prevention, and sexual harassment prevention and education.