Situations Where Certified Payroll Can Help
The world is increasingly relying on software to perform tasks that required considerable human input. There are several jobs that are becoming much easier and many professions that would become obsolete in the future. The profession of certified payroll is considered one of those professions that are on their way out.
But is that really true? While the process of payroll can become automated in the future and is considered somewhat automated today, there’s still a need for human supervision. Many assume that just purchasing and downloading software might be enough, but that only leads to problems as the onus is still on you. You might not be able to verify the data and check for mistakes as thoroughly as a certified payroll professional might be able to do.
How can a certified payroll professional help?
There are several duties a payroll professional needs to perform. These duties will ensure that the cash flow through your organization is steady and everyone is getting paid on time. The bigger the organization, the more complex the payroll system will be. A certified payroll professional will perform the following duties:
- Enter new employees and their details into the HR database
- Calculate and assign salaries to different employees in a timely manner
- Calculate the benefits that each employee would receive
- Keep an eye on the sick leaves, vacations, and attendance of the employees
- Calculate the taxes of your organization
This is just a brief overview of what a certified payroll professional will do for your organization.
For Small Businesses
Big companies can afford to have their own in-house payroll team but if you’re a small company or a contractor with other companies, you simply don’t have the resources to have a dedicated in-house payroll professional. In such cases, outsourcing the tasks related to payroll to other certified payroll service providers is a smart move.
That way, you can steer clear of the stress that this particular task can bring, and focus on your job. These service providers will perform the following tasks, ensuring that all obligations are fulfilled. Most providers will:
- Send certified payroll reports to all state and federal bodies wherever required
- Send weekly payroll reports towards general contractors, project managers, and everyone who’s involved in the cash flow process
- Calculate company taxes
- Prepare the financial statements for the company
- Compile employee data for various reports and requirements
There are several other services that most firms would offer, including the preparation of related reports like the ARRA, Fringe Benefit Report, and the EEOC/Work Utilization Reports. These reports also require a certain level of experience to tackle quickly.
If all these reports are accurate, you won’t have to face any problems like disruption in the cash flow, rejection of the reports due to mistakes, delays in filing the reports, and penalties. Most Certified payroll services are also considered very affordable and won’t burn a hole in your pocket. While you spend on this service, you would make up in time and effort invested in creating certified payroll.
Content by Webvisable