What does payroll processing mean? It refers to the administration of employees' financial records.
Payroll processing includes salaries, wages, bonuses, deductions and net pay. It is a key business. As the employer, it's your responsibility to ensure your employees’ pay is correct and timely. However, the process isn't as simple as it seems. If you are not managing the process yourself, designate it to someone in your company.
You will want to track employee hours and rates. Additionally, you should update vacation and/or sick pay. You must make sure all federal and state taxes are calculated and deducted correctly and pay and remit employer payroll taxes in a timely fashion. Let's face it, in-house payroll processing is a time consuming and daunting task. If you are running your own business AND managing payroll, it is easy to become overwhelmed!
Beyond HR is Here to Help
Beyond HR can take the hassle out of payroll processing for you. By outsourcing your payroll to us, you can save time and costs associated with having to hire specialized staff. Ultimately, this will free up your time and resources to focus more on growing your business.
We will handle all aspects of your payroll processing functions. We make your first payroll set up easy and worry-free. Additionally, we assist with onboarding all employees. We assist with getting the necessary forms correctly completed and help you establish necessary federal and state tax deposit accounts, as well as online reporting and payments.
Upon set-up completion, there is the option of entering employee time yourself. You can do so through our portal. However, we are also able to enter it for you. Once time-entry is complete we calculate the amount your employees are to be paid. All employee paychecks are processed and wages are set to distribute via direct deposit. For each pay period, per the frequency you have for your company, we ensure that federal and state tax deductions are calculated correctly. We handle remittance of the withheld amounts to the appropriate government entity on your behalf. This is done from the tax account of your choice. We accommodate multiple state tax filings and handle all other deductions and/or garnishments. Finally, we calculate your employer portion of the payroll taxes due, file the necessary tax forms for you and remit these payments on your behalf.
Make The Switch
If you already work with a payroll provider and want to make the switch, we can help. Beyond HR will review your current process and work with you to determine the best time to make the switch. In general, a good rule of thumb is to change payroll vendors at the start of a new quarter or at the beginning of the fiscal year. Once your decision to switch providers is made, we set a schedule with you to prioritize the tasks a transfer involves. For example, necessary banking, legal and other authorizations papers. The transfer should be as seamless as possible while ensuring that there are no missed payrolls.
Year-end Payroll Help
When you outsource your payroll to us, you also eliminate any stress that comes with year-end payroll duties. Our team prepares and files the necessary W-2 and W-3 forms and submits them to appropriate federal and state government facilities. We also file the necessary annual employer tax forms that the IRS requires.
Whether you're switching payroll providers or setting up payroll processes for the first time, Beyond HR wants to be your partner. Partnerships with us mean we provide you with on-time, accurate payroll processing and exceptional customer support. Call us today to discuss your payroll needs.