In today’s world, there are all kinds of ways to be paid for your work. Checks and other traditional forms of payment are falling out of favor, especially among younger generations, and there are many online payroll services designed to help you get paid in different ways.
If you run a small business and don’t have an HR department, one of these services may make your life much easier while saving you time and money over the long run. Here’s what you need to know about them, so you can decide if it’s right for your business.
Why choose an online payroll service?
Take the stress out of your payroll by outsourcing it with an online service. You'll be relieved that you don't have to worry about making sure all the paperwork is filed correctly or having to complete any complicated processes in order to process payroll. An online service does all the work for you, so you can focus on what really matters - running your business.
It will take care of every detail related to payroll including filing forms, calculating tax deductions, withholding money from employees' paychecks, distributing taxes and more. It's easy to get started too! Just sign up and input a few pieces of information such as employee names and hourly wages - they'll take care of the rest.
How much time will an online service save me?
The main benefit of using an online payroll service is that you save a lot of time, because the software helps to automate many of the tasks associated with running a small business. For example, you'll no
longer have to worry about calculating payroll tax withholdings, compliance, employee terminations or paying all state requirements. In fact, these services can help by taking care of all IRS withholdings without any input from you.
What is it going to cost me?
Online payroll service providers are great because they save you a ton of time. Your employees will not have to spend their valuable time trying to find the hours that they worked, calculating how much they are owed, and filling out paper forms.
You will also be able to calculate your tax withholdings at no cost by using online payroll services. You can also ensure compliance with federal laws by having an online payroll system monitor your company's work hour requirements such as overtime and breaks.
How do I know if my company can use an automated service?
The best way to find out if your company can use an automated service is by researching what they offer. Some services, like QuickBooks Online payroll, do require a certain number of employees before they can start processing your payroll.
In these cases, make sure you are on the lower end of that number so that the fees won't be too steep for you. You should also check to see if it will work with the bank that your business uses.
What will I get from using an automated service?
An automated online payroll service can help you save time by automatically calculating your withholdings and sending the payment electronically, as well as keep more of your hard-earned money in your pocket by not paying an accountant or bookkeeper.
These services generally only charge a set monthly fee, depending on the number of employees, plus the cost of any extra features that are added on. That's it. Plus it means one less thing you have to remember!
Can I file more than one state tax return with this service?
You can file more than one state tax-return with this service. This will not be an issue if you work in the same state as your company headquarters.
A small business owner may have employees who work in a different city or state, in which case they would need to file separate tax returns with those employees' residence. To do so, the employer must register their new location before hiring any new employees.
A complete list of every state's online payroll tax requirements is available on Intuit's website.
How do I get started with this kind of a service?
Once you're familiar with the benefits of online payroll services, it can be easy to get started. With a few clicks on your computer or tablet, you'll be able to easily manage your company's payroll in just about any way that you desire.
You'll never have to print checks again, pay for postage or make copies of anything. It really is the easiest way out there! Plus, as an added bonus, you'll be eligible for tax deductions up to $500 per year.