Payroll Services for Small Businesses

To schedule a demo, simply reach out to us, and we’ll arrange a convenient time for you to experience our Managed Payroll solution firsthand. Yes, our payroll management solution is indeed cost-effective for small businesses. By outsourcing the payroll process to us, you save both time and money. This allows your team to concentrate on strategic projects and business growth while ensuring accurate and compliant payroll processing. Some states have additional rules about how and where the records can be kept. For paper records, you can typically store them yourself or at a storage site.

Namely employs robust technical security safeguards to protect data and systems. All data is encrypted in transit and at rest utilizing AES 256­bit encryption. Access to client data is protected by two-factor authentication and restricted based on roles designed for segregation of duties and need-to-know access control principles. No matter what, your business or company must be compliant with both federal and state laws. This means that you (or someone in your company) needs to understand what your legal and financial obligations are as an employer. Wave PayrollPlans start at $20 per month (base) and $6 per person per month.

Certified payroll specialists, certified public accountants and bookkeepers can help you with the most complex parts of the process. Even if you get outside help, though, you’ll still be responsible for reviewing and approving payroll and making sure the information you give to the provider is current and accurate. To establish a good system, determine which parts of the payroll process you want to manage in-house and which parts you want to outsource.

Steps in the payroll process

QuickBooks Online Payroll works for small to midsize businesses—from accountants and financial experts to hospitality companies, construction companies, and truckers. Find everything you need from employee benefits to hiring and management tools. Small and midsize companies spend an average of $2,250 per employee per year to handle payroll. Download our guide on the five signs it’s time to outsource your payroll by clicking here.

GMS’ Payroll Services

For employees who have temporary work visas, pay attention to expiration dates, since employers are responsible for knowing when to update employment forms without official notice. Running payroll for the first time is a momentous event for any small business owner. Not just symbolically, but because calculating payroll taxes is complicated and the legal implications of making a  mistake can be steep.

Terms, conditions, pricing, special features, and service and support options subject to change without notice. For most small business owners, doing payroll is the worst part of inventory turnover and inventory sale the job. But with these handy tips, paying your employees will be easier, more accurate and more streamlined than ever before. Instead of spending hours of your own time handling payroll, why not invest in someone who can do it better and faster so that you can spend more time actually running your business? If full-time payroll staff won’t fit in your budget, consider hiring a freelancer or simply delegating the task to one of your most skilled and trusted employees. Before you can start putting employees on payroll, you will need an Employer Identification Number (EIN).

QuickBooks Support

Both federal and state governments have laws about retaining and storing payroll materiality principle in accounting records, in case government agencies need to access that information. For active employees, you cannot dispose of time cards for two years, and any payroll information regarding paid wages for at least three years. There are also laws governing the disposal of payroll records after termination. A timekeeping system is a great way to manage your employees’ productivity and calculate their wages, especially if you’re paying hourly rates.

1. Just like your Social Security number (SSN) is to you as an individual, your EIN is a way to identify your small business for tax purposes.
2. Reconciling payroll essentially means checking your work and making sure your expected payroll matches your actual payroll.
3. Namely employs robust technical security safeguards to protect data and systems.
4. An intuitive system of record with onboarding, self-service, eSignature, and more.
5. Determining which one to use may come down to convenience, budget, and necessary features.

This capability means that your employees have the freedom to check paystubs, update personal information, and complete other tasks without having to take up your time. Choosing a payroll system is critical for setting up payroll, because it’s the method that will guide your process each pay period. Determining which one to use may come down to convenience, budget, and necessary features. Start by ensuring employees know how to update their information, whether via an employee portal or paper form. If your software features an employee portal, you’ll likely be notified of the change automatically.

Namely’s Managed Payroll is a proven service designed to reduce your workload, keep you compliant, horizontal analysis formula calculator and give you much-needed hours back in your day. Implement our all-in-one modern HR technology coupled with our enhanced payroll service. Don’t ever waste time again importing employee hours, entering payroll adjustments, verifying wages/employment, or managing system configurations. Track hours and process payroll easily and efficiently with Namely’s integrated payroll solution.