Payroll Administration Services For Small Businesses
Payroll administration services for small businesses cater specifically to their resource saving needs. All organizations need to save costs, and that’s especially true for small businesses. They can ensure that by getting their non-core responsibilities out of the way, which can only be possible by outsourcing them to a PEO. A PEO is an organization that offers efficient human resource management solutions for organizations of varied sizes and structures. Administering payroll is one of the most extensive responsibilities involved in HR management, and one that small businesses would do well to outsource.
Payroll administration services for small businesses consist of a range of solutions dealing with the following disciplines:
• Delivery of paychecks and stubs, with checks drawn on the PEO’s account
• Direct deposit to multiple bank accounts
• Section 125 pre-tax administration
• Payroll deductions, garnishments and levies
• Flexible spending accounts
• Federal and State payroll tax deposits and returns
• FICA, FIT & SIT tax withholdings
• Customized reports such as job cost accounting and cost allocation reports
• Filing of FICA, FUTA, SUTA quarterly reports
• New hire reporting
• Federal payroll summaries
• Production and delivery of W-2s
• Wage/hour law compliance
• Paid leave program management
• Vacation & sick time accruals
• Department summary
• Catering to multiple worksites
PEOs offer cost-effective solutions in all other areas of HR management as well, including recruitment, training, benefits administration, Federal and state regulatory compliance, risk management (compliance to OSHA and other workplace safety standards), immigration compliance, and more.
Payroll administration services for small businesses can help them attain profitability through resource savings that lead to cost-effective operation.