There are some companies that consider doing things such as payroll outsourcing. This is the process of sending out their payroll duties to another company. Instead of keeping their payroll service in house, they outsource it to another company to handle. Choosing to do this has some positives and some negatives attached to it.
Unless you are going to hire/train payroll staff this is the second least desired: your software calculates it for you, but you do the rest. For example, you can buy an annual subscription from QuickBooks or Peachtree (I am sure there are plenty of others). What is provided are updated tax tables as well as federal and state payroll reports. You enter the hours, print the checks, file the reports, make the tax deposits, file and pay your state obligations for unemployment, etc. All this has to be setup by you or someone you hire. You can also setup to e-file.
When I meet with people to discuss personal financial planning, I often ask if they have direct deposit. Why? With direct deposit, you complete an authorization form with your banking information. Your payroll person inputs the data. The abacus payroll service validates with the bank. When your paycheck arrives, the money goes directly to your bank account and is available for immediate use. This service is particularly valuable for folks who work remotely or tend to be slow about getting to the bank. This service is also available to those receiving monies such as Social Security and Child Support.
Most PEO’s will specialize in their market. Some may target the blue and gray collared employers while other PEOs will target the White and Gray collared companies. Some may offer extras such as pay cards, employee assistance programs, and more. You will want to talk to the PEO to make sure they can meet your goals on health insurance, workers’ compensation, payroll services, and more.
If you are just starting out with a channel, don’t think that you can simply pay the going rate and overnight you will establish a winning channel model. In order to gain market share, you will have to offer more for less.
Services that provide payroll management help ensure that your payroll is managed properly. All you have to do is create entries for each employee, tell them how much each gets paid per month, and the provider will handle the rest. The amount will be deducted from the bank account that you specify.
Are you looking for services specifically tailored for your business? Don’t let an outsourcing company suggest services to you – you need to know exactly what you want from them before you even pick up the phone and make inquiries. If you don’t do that, it is easy to fall into common marketing traps and lure you into buying packages that are not practical in terms of cost, especially when compared to your needs.
So if you want to make sure that your website looks professional and attractive to your visitors but you don’t want to pay web designer rates for quick updates, then consider using a virtual assistant to update your website on a regular basis.