The payroll is what all employees await in order to have their tasks compensated. However, this process is not that easy because it entails legalities which may mean sanctions when not complied with.
This is where every company devotes time and effort into. Many companies specifically put a wages or payroll department to take care of this. However, there are also other businesses that opt to hire a payroll services provider or purchase a payroll software.
These aforementioned strategies are most commonly used today. It would be just right to discuss the advantages and disadvantages or the important points of outsourcing a payroll service provider and purchasing a payroll software.
Outsourcing a payroll services provider
1. When a company outsources a payroll services provider, this would entail additional costs.
2. Outsourcing a payroll services provider would mean saving time for the company. This is especially beneficial since calculating benefits and tax deductions is a very complex task.
3. There will be professional advising as far as compensation is concerned. There is no more need to solicit the services of an accountant with regards computations.
4. Even when a payroll services provider is outsourced, it may still be necessary to hire a wage specialist in the company itself which may spell more expenses for the business.
5. A payroll software is most probably being used by an outsourced payroll services provider. The results are accurate income tax computations as well as correct computations of salaries.
6. Payroll administration such as recording and taking note of tax deduction schedules, starters and leavers, year-end certificates, and employer annual returns are done automatically.
7. The outsourced payroll services provider takes care of the payslips and tax advises and deductions.
Using the payroll software
1. Payroll software is already incorporated with all the potential pay scenarios. It is also capable of dealing with a greater number of employees. Payroll software have different levels that suit the size and needs of a particular business.
2. A payroll software also needs the user to have the knowledge on payroll essentials and legal payroll administration requirements.
3. The payroll software saves a small business the money that is to be spent for outsourcing a payroll services provider. Once the software is purchased, all that is needed to be paid is the monthly fee which is very much lower than actually hiring a specific group to take care of the payroll needs.
4. Should a company opt to utilize the payroll software, many aspects have to be considered such as the attributes and capabilities of the software chosen with respect to pay and wage deductions, payroll administration, and employee payslips.
Among the many payroll software, Shoebooks has the best features for any business. Its payroll software has the following features:
1. Online timesheet submission
- Employees can log in and complete their timesheet online
- The employer is able to log in and approve the timesheet of the employees
- As soon as the timesheets are approved, Shoebooks processes the payroll and sends a report to the employer with an electronic payment file
2. Offline timesheet submission
- Timesheets may be sent to Shoebooks using fax or email
- The information will be keyed into the system and payroll is processed
- Reports are then sent to the employee together with electronic payment file
3. Employer sends files
- Shoebooks may be advised by the employer of details of any leave taken by phone, email, or fax
- This information is processed by Shoebooks and the employer is sent the report with electronic payment file
4. Bureau style
- The payroll is outsourced entirely to Shoebooks
- A system is used to capture employee hours and leave details
- Payroll is processed and reports are sent to the employer
- The electronic payment file may be processed by Shoebooks for the employer
- Enquiries from employees will be handled effectively by Shoebooks
Shoebooks provides the best payroll services today.