Does it Take Too Long to Do Your Payroll Processing?
Payroll processing requires so many steps that it can easily become an overwhelming task. Actually, cutting the checks is the easy part. Arriving at the figures to put on the checks, is where the time-consuming details come in.
For hourly workers, the process typically starts by going through everyone's time cards and taking careful note of when they punched in and out. This isn't just at the start and end of their shifts, but also when they went on breaks or lunch and when they came back. Just entering this information into an accounting program can take hours if your company isn't equipped with a system that will do it for you from the time clock.
Despite the time-consuming and tedious nature of this part of payroll processing, it isn't all there is to it. For both hourly and salaried workers, companies must also calculate a variety of taxes and withhold them appropriately. If employees get benefits such as health insurance – and most do, thanks to federal regulations – this must also be calculated and recorded.
Many companies choose not to have someone on their staff dedicate hours or even days to handling this every pay period. Instead, they outsource their payroll duties to other companies. These companies, or payroll providers, handle everything for them and for many other corporate customers. Using this method allows businesses to gain the benefits of payroll experts while focusing their own employees on their main area of expertise.
To learn more about outsourced payroll processing, contact Tax and Ledger Professionals in Escondido. This company is not only one of the area's payroll providers, but is also an expert provider of tax and accounting services for businesses.