What to Know About Online Payroll Services
Payroll is one of the most fundamental tasks of running a business. The more employees you have, the more complex your payroll system will be, although all payroll systems involve the same basic tasks. When you run a business and employ people, you have to calculate each employee’s take home pay, contribute to each employee’s payroll taxes, and remit payroll taxes and federal income taxes to the IRS.
On top of these tasks, businesses often produce reports on their payroll expenses and also must file payroll tax returns with the IRS on a regular basis. Fortunately, online payroll services can assist with virtually all payroll-related tasks.
We are going to review a few of the online payroll services that are currently available. But first, let’s review what is involved with payroll services:
- Calculating and submitting take-home pay
- Calculating, withholding, and remitting federal income tax
- Calculating, withholding, and remitting payroll tax
- Analyzing data and producing financial reports
- Filing payroll tax returns
- Onboarding new employees
- Other tasks, as needed
Online Payroll Services — Options
Gusto is a cloud payroll solution popular among small business owners that includes advantages like fast payroll processing and streamlined employee benefits administration. You can even register for things like workers compensation insurance and integrate with popular accounting services such as Bench and QuickBooks Online.
QuickBooks Online Payroll
Not surprisingly, QuickBooks offers a program designed specifically to fulfill payroll needs. QuickBooks Payroll has a number of key advantages. The system is intuitive and supports unlimited payroll cycles. The drawbacks, however, are that it’s relatively expensive and doesn’t offer some of the more complex features offered by competitors.
This is another familiar name in the tax and financial services world. SurePayroll offers a very useful online payroll service system that is highly customizable and offers automated take-home pay calculation, as well as assistance with tax filing. The downsides are financial. SurePayroll is a bit more expensive than other options, and it also charges additional fees for specific services (e.g. end-of-year W2s and 1099s) that are usually complimentary with other systems.
PayCor’s system offers advantages in the areas of integration with 401(k) accounts and flexible payment options (such as pay cards and direct deposit), but unfortunately doesn’t provide potential users with a free trial. This can make it difficult to make a final decision. Plus, in lieu of a standard pricing structure, users are required to contact PayCor directly to receive a customized price quote.
This is just a broad introduction to a few of the more visible payroll service providers currently on the market. No matter which option you choose, you should strongly consider partnering with a qualified consultant when you make your decision regarding payroll services. The experts at Boxelder Consulting can assist as you navigate the marketplace and also provide specialized knowledge on payroll tasks whenever necessary. Reach out today to learn more.