Types of Payroll Systems For Your Small Business
Posted On: 29/06/21 - 0

Payroll For Your Business, What Are The Options?

Payroll for your business is one of the most important tasks that you can perform. From paying the right amount to your employees and more importantly, paying on time.  Equally important, is you need to  keep track of the business payroll of each employee. Payroll processing errors could result in frustration and monetary fines for you . More importantly,  those errors could cause you loss of  staff.  With repeated errors, valuable staff could leave your business for other positions given they heavily and justifiably so, depend on their regular paychecks.  Did you know that using a payroll system can ease your mind and help you avoid miscalculations and noncompliance? To better perform this important task, you must be aware of the common types of payroll that is available for your business.

Firstly, There Is In-House Payroll

Just as the name suggests, the in-house payroll is the process that would be managed by your business. You would have a staff member or an entire department takes care of your payroll for all of your employees.  If you have a smaller staff, it is easier to maintain and manage payroll if you have the knowledge and time. The downside is this is a task that needs to be done on time, every time. If payroll is filed late, you will be faced with harsh penalties.

Secondly, You Could Outsource Your Payroll Services

Outsourced payroll services means that there are firms that provide payroll management services. These firms specialize in handling business payrolls without any chance of making errors. Payroll services provide well-informed experts on payroll tax and regulatory requirements. This ensures that your payroll is done on time and correctly. When you hire a payroll management firm, they often provide additional payroll and business-related services that help you run your business more efficiently. For more information on payroll, call us here at Padgett Business Services N.W. to find out about our cost effective service.

Finally, There is Software-Based Payroll Systems Available

There is another payroll option available to you when it comes to software-based payroll. When you choose this option, it would mean that your entire business payroll is managed by payroll-related software. There are two types of software payroll for you to consider.  Firstly, self-managed software.  Secondly,  outsourced payroll software. It’s important for you to know that payroll management firms use some of the best payroll software available. This software ensures further reduced risk for you and your business. It reduces the risk for you of any chance of making a mistake. You can talk to the payroll management company to understand what method they use to look after your payroll. The self-managed software system is where you equip your staff with the best-performing software and automate all of their processes.

Lastly, if you simply don’t have the time or interest to do your own payroll, give our office a call. For a free quote on an outsourced payroll service, please call Cheryl at Padgett Business Services N.W.  780-482-7297.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297