Payroll processing can be difficult. There are a lot of nuts and bolts to this process that can overwhelm small to mid-sized businesses. People who see it as just a matter of 'getting folks paid' probably don't have a lot of experience with this type of financial administration.
I Want My Paycheck!
The burden of payroll processing starts with the basics. Every week, or pay period, employees expect to be paid. The proper Social Security numbers need to match with each name, accurate compensation calculated and with holdings applied.
There is a significant amount of labor that needs to take place to make this happen consistently. Even for companies with just a few employees, it's easy for payroll accounting to become one of the biggest responsibilities on the owner or payroll administrator's plate - and it's time-sensitive, too, which means it can be one of those key tasks pushed into holidays and weekends.
The Only Thing Certain is Change
Then you have all sorts of changes, such as recent changes in with holdings because of tax code revisions. Withholding is tricky enough without tax rates being changed -- now a payroll administrator has to go in and verify new withholding rates, which can take hours and get incredibly difficult.
Benefits and payroll processing have to deal with straight time and overtime, vacation time and sick time, PTO and accrued leave. All of these elements have to be fit together in a good way. It's enough to make anyone's hair stand on end. That’s why many business owners have decided to outsource their payroll processing to a payroll service provider.
Try Padgett Payroll for a better and easier way to handle your payroll needs. You will be outsourcing this important work to a company with an excellent track record in customer service and reliability. Utilizing a third party to do your payroll can be a great way to free up your own resources to focus on your core business and work smarter and better every day.
Do you have the support you need to manage your small business bookkeeping?
Contact us to schedule an appointment to speak with a local small business advisor.