Many business owners and operators are slowly shifting their payroll systems to the automated version, where you no longer need to do things the hard way. With a fully functional payroll management system, which can operate using the web, or an installed software in a specific device, you can keep track of the cash flow for your budget for the employees’ compensation.
Gone were the days when you encounter miscomputation of your workers’ salaries because you made a mistake with the data you have in your record. With the most current payroll management service, you can easily track the time and attendance of each employee, and compute the compensation based on the collected data by the end of a payout schedule.
Brief Review of Payroll Service History
Payroll service traces its origin to bookkeeping. According to historical records, the payroll management system debuted back in the 1940s. Back then, when business owners outsource payroll service, they simply hire someone or a company to manually key in their employees’ compensation, minus the taxes and salary deduction. The same entity then processes the paychecks through the help of the bank.
The automation of such business process only happened about a decade after, specifically in the 1970s to 1980s when computers became a popular item in the market. The widespread use of computers helped upgrade the payroll management service into how we know it now. The automation totally decreased the amount of time spent in manually processing payrolls making the life of business owners as well as payroll management service providers easier.
The system got so popular so the American Payroll Association legitimized it in 1982. The latest statistics lists more than 2000 payroll service agencies in the United States alone in the recent years.
Payroll Service Companies Today
As mentioned earlier, there are several companies that you can choose from in the market today. Most of these are payroll service for business. Some payroll service are used by corporations, thanks to their advanced and more comprehensive features. There are also payroll services used specifically by small business owners with a small budget for their payroll needs.
There different kinds of services that you can choose from depending on the features that you are looking for. For example, there are a good number of payroll service with benefits that will let you include the worker’s additional benefits in the computation for the paycheck. There are also payroll services for charities, schools, and other institution. Make sure that when you choose a specific payroll service software, you try to read reviews of payroll services companies first, so you’ re able to know beforehand which companies can offer the best deal compared to others.
Paychex is an American company that provides solutions for human resource, benefits outsourcing and payroll management. Compared to the other top payroll service agencies the price of Paychex is considerably higher. With its large price tag, the company commits itself to providing its customers with value-added services. The interface is very simple. It’s easy to navigate your way through because there aren’t any complicated buttons or links scattered around the page.
In terms of customer service support Paychex does not fail to supply its clients with a 24/7 support line. If you prefer to reach out to a customer service representative, then you can call them in their specified schedule. It is also well known for its many different features which includes the benefits administration feature.
Paychex has earned a very good reputation among with the other top payroll processing firm in the US for its team’s dedication to delivering quality services. Every time a client calls to report a concern, there is a designated specialist who will attend to the issue as prompt as possible. Setting up the software is also very easy because a specialist will walk you through the entire process. The software also comes with an installation wizard which lets you install on your own.
Whenever you type payroll service in the search engine bar, one of the few companies that would immediately come up is ADP. This company was established back in 1949 when Henry Taub first introduced to the world the Automated Payrolls Inc. in New Jersey with an initial investment of $6,000. 10 years after the company was rebranded to Automatic Data Processing, which now services over 600,000 clients all around the globe.
They offer a wide range of services for HR, BPO services and Payroll systems. They offer a wide array of packages as well that are designed to fit different sizes of organizations. They offer their years of expertise in handling tax issues, creating different kinds of business solutions for payroll concerns, and electronic card option to help their clients in managing payments faster and better.
Their Payroll service can compute for the total costs for retirement benefits, medical insurance, tax compliance, and salary deductions of every employee. They are very responsive in addressing their customer’s issues about their different services, so you’re guaranteed to get the best help you need through their team.
- Aon Inc
Aon Inc. is an international brokerage company that offers a wide array of services including insurance, human resources solutions and payroll management. Right now, they serve around 120 countries all around the globe. They are one of the many large payroll processing firms in the country.
According to the latest count of AON Inc, they provide payout to over 1,000,000 individual every month. They take pride on their dedication to making sure that the taxes are filed properly, in fact, in 2013 alone, they were able to file worth $16 billion of taxes. They were also able to process over $52 million for employee compensation in the same year. Today, Aon Inc around a dozen of large companies who entrusted their payout needs to the company.
The Aon payroll service is powered by Workday. It provides effective time management plugins. Clients can simply type the different information required and Aon Inc handles the rest. Aon Inc. handles pre-payroll processing, tax and accounting, gross to net processing, post-payroll processing and even payout issue resolution for stale-dated checks. Apart from offering payroll service, Aon Inc. also offers HR BPO solution and global deployment system.
Intuit is a California-based business and financial software company that is well recognized for their excellent accounting solutions for small businesses. They offer very efficient payroll service that lets you and your accountant handle your company’s finances easier. Their service comes with a user-friendly app. You don’t need to install it because you will only be asked to log in to you QuickBooks account.
The software comes with a scheduling feature so you can readily get reports in a certain period of time. The files are secured via a cloud server, so you don’t need additional storage for all of your payroll needs. Like most of the services mentioned here, this software helps you handle your employees’ taxes. It also helps you consider the additional benefits and even deductions for each employee. You will only need to key in the important details and the service does the rest of the job.
Intuit offers very beneficial add-ons like the Batch Input, which lets you upload multiple QuickBooks straight from your Microsoft Excel. You can also avail of their Point of Sales System which comes with a barcode scanner for both offline and online purposes, cash drawer and even receipt printer. If you need an ecommerce platform, then you can also avail of their Magneto or Shopify add-on.
Now that you’ve read about some of the payroll management service companies today, what do you think would be your most important consideration in choosing which company to trust? Do take note of why you should outsource a payroll service in the first place, then focus on the goals of your companies to identify which service features you need most. You should also weigh in on the price and the offers of the company so you can make the most out of the deal. Try to read payroll processing firm reviews to help you decide better.
If you’re still having second thoughts about upgrading your payroll system into an automated one, then you should try to weigh in on the benefits that your business can get. Think about lessening the effort you need to do to make sure that you adhere to the tax regulations imposed by your country. Then think about the time and workforce resource that you can save when you no longer need to manually compute and file everything. The convenience of having such tool will definitely be the best reason why you should try to ask around how to migrate your system to the automated version.
Want to know more about the other companies that can offer a valuable tool? Come read our payroll services reviews. These reviews are written only by the most reliable and verified users to make sure that you get the top-notch and genuine opinion about your target companies.
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