Payroll is a vital part of how your organization operates. It can also be an incredible blow to the financial side of your organization if not handled correctly.
Ensure you have the proper rules and procedures in place for compliance with your payroll. This begins by taking simple steps up front and asking the necessary questions. By doing so, you can avoid a painful penalty down the road.
Why You Should Outsource your Payroll Needs
Payroll is not a simple task, which is why many businesses choose to outsource. When you outsource payroll duties, all you need to do is share the necessary employee information, submit the hours worked (for some providers this is handled through the cloud, so your part is very limited) and approve the payroll.
There are a couple different types of payroll providers: traditional providers and professional employer organizations (PEOs). Traditional payroll providers can work in-person or online. They will run the payroll, create checks or initiate direct deposits, initiate payments for taxes and insurances to the respective agency (or let you know when to submit the payments) and compile the necessary reporting, W-2s, etc. This is a full-service payroll offering, but when using traditional providers, all the reporting liability remains with you and your company.
While traditional payroll providers only process your payroll, professional employer organizations do a whole lot more. They like to refer to themselves as co-employers. This means, for reporting purposes, the PEO is the employer—so the liability of a reporting error is on them.
Why Choose Eide Bailly as Your Payroll Provider
Eide Bailly provides a full suite of payroll services tailored to your business's needs. We're experienced in payroll, reporting of payroll taxes and preparation of necessary reporting forms, including W-2 and 1099.
We understand that confidentiality and timeliness are the keys to your success. Our goal is to ensure that your company never misses a payroll, and the process is done correctly. That way, you can concentrate on managing what matters most—your business.