Customize Payroll to Suit Your Business's Every Need
There are few companies whose payroll needs mirror those of other businesses. The fact is that employees' retirement plans, benefit packages, and even wage garnishments could mean that no two paychecks are alike.
Fortunately, you can put custom payroll services to work for you without spending a lot of time or money. The following are a few tips on how to do so.
Decide on a system that works for employees
Paychex can give you and your employees options in check delivery, record keeping, reporting, and tax compliance. A key feature is the ability to let staff decide whether they are ready to turn to paperless payroll or whether classic checks should remain in play. Direct deposit and paperless delivery save everyone time and expense.
Consider specialty payroll for restaurant and construction businesses
Businesses that face specific challenges hold custom payroll services to a different standard. Restaurant employees, for example, typically earn less than the minimum wage because a large percentage of their wages come from tips. CompuPay's payroll functions allow you to calculate and allocate credit card tips, so you don't need to go through the process of bookkeeping for 10 or more employees.
When it comes to managing and keeping contractors' and other employees' payroll organized, purchasing a construction payroll service requires certain features, such as handling multiple job processing and punch-in capabilities, and as well as the ability to handle job costs.
Consider the following features in order to get the most out of your payroll service:
- Time card system: A specialized payroll service will support unlimited time card styles, and should be able to easily integrate into third-party time card applications.
- Multi-job processing across multiple states: Construction jobs are located in different states from month to month. Therefore, contractors will be paid under different tax and pay rates, and different trade classifications, which can all be located on the same time card. Therefore, a construction payroll service should calculate different tax rates, deductions, and pay rates when jobs change locations.
- Integration features: Tracking and managing changing job costs requires a system that enables the integration of payroll with general ledger and job cost modules. You will want to be able to assign a job number to every employer dollar so that data can be easily tracked and recorded. It should also be able to allocate employee-specific benefits such as health care and vacation time.
Customize payroll depending on benefit packages
Sure Payroll's packages deliver on the basics by allowing you to enter hours and rates without worrying about tax compliance. Its specialized services put you in control of retirement plans, benefit allocation, and health insurance payments. As the Affordable Care Act comes into the picture, many small businesses will need help to make sure their employee health plans comply with federal law.
Add general ledger and labor distribution reports
Business owners and human resource (HR) managers need to keep an eye on their operation's overall profitability. You should know exactly how paying employees on a weekly basis affects your company's revenues and cash flow.
PrimePay's "Payroll by Design" system lets you run the general ledger and labor distribution reports that keep you informed about how each pay period factors against your bottom line.
Integrate HR functions with general payroll outsourcing.
As your business grows, it's helpful to delegate HR functions to your payroll outsourcing solution--especially if the demands of both functions become too complicated for small teams to handle. In any quality solution, you'll be able to post job listings, track applicant data, move through the hiring process, and manage employees' personal information--while, of course, the payroll features allow you to process checks without issue.
Though managing payroll has only gotten more difficult in recent years, there are solutions for every business's specific concerns.Ready to Compare Payroll Services Price Quotes?