Want to Change Payroll Services Heres What to Expect
Content
Want to Change Payroll Services?
Here's What to Expect
Thinking about changing payroll services? Smaller payroll companies often charge
substantially less than their larger, nationally recognized counterparts. The main
reason for this discrepency is that the smaller companies do not have the overhead
of the larger companies, so they can pass the savings along to clients.
If decide you want to change from a big-name provider to a smaller payroll firm, or
if you are starting a business and need payroll services, remember that smaller
payroll providers often offer the same services as the larger companies:
One time set-up fee, payroll service handles set-up
Payroll customer or payroll service enters hours worked and prints paystubs each
pay period
Payroll service handles all tax payments and tax returns
Payroll service offers electronic services for all transactions--direct deposit, tax
forms, tax payments, W-2s
Payroll service offers ability to pay sub-contractors with direct deposit, then issue
and electronically file 1099s at year-end
3-4 week lead time before processing first payroll with new payroll service
Lower monthly rates than the big name payroll services
Note that some smaller payroll services have the capacity to pay 1099 contractors
with direct deposit, a service not offered by nationally recognized payroll firms.
If you determine that the smaller payroll service will meet your needs, be sure to
have the following information available as soon as possible:
1. All previous payroll tax returns for the current year.
2. For each and every employee that has worked for your firm during the payroll
year, whether still employed or not:
Complete name
Last known mailing address
Social Security number
W-4 (for filing status)
Hire date
Quarter-to-date earnings and withholdings
Year-to-date earnings and withholdings
3. Information about your company:
Company type (sole-proprietor, s-corporation, etc.)
Company address
Date you plan to run the first payroll with the new service
Federal employer ID number and state employer ID number
Federal filing requirement
Tax payment schedule for both Federal and state
State tax rates, if applicable
Pay schedules (when/how often employees get paid)
Vacation and/or sick leave policies
Deduction information on any retirement plans and insurance premiums
Garnishment information
Enroll in all electronic payroll services the new company offers. Not only do these
ensure accurate and timely tax filings and payments, there are usually no additional
fees for them, and they are much easier than the old system of paper checks, paper
coupons, trips to the bank, and trips to the post office.
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Here's What to Expect
Thinking about changing payroll services? Smaller payroll companies often charge
substantially less than their larger, nationally recognized counterparts. The main
reason for this discrepency is that the smaller companies do not have the overhead
of the larger companies, so they can pass the savings along to clients.
If decide you want to change from a big-name provider to a smaller payroll firm, or
if you are starting a business and need payroll services, remember that smaller
payroll providers often offer the same services as the larger companies:
One time set-up fee, payroll service handles set-up
Payroll customer or payroll service enters hours worked and prints paystubs each
pay period
Payroll service handles all tax payments and tax returns
Payroll service offers electronic services for all transactions--direct deposit, tax
forms, tax payments, W-2s
Payroll service offers ability to pay sub-contractors with direct deposit, then issue
and electronically file 1099s at year-end
3-4 week lead time before processing first payroll with new payroll service
Lower monthly rates than the big name payroll services
Note that some smaller payroll services have the capacity to pay 1099 contractors
with direct deposit, a service not offered by nationally recognized payroll firms.
If you determine that the smaller payroll service will meet your needs, be sure to
have the following information available as soon as possible:
1. All previous payroll tax returns for the current year.
2. For each and every employee that has worked for your firm during the payroll
year, whether still employed or not:
Complete name
Last known mailing address
Social Security number
W-4 (for filing status)
Hire date
Quarter-to-date earnings and withholdings
Year-to-date earnings and withholdings
3. Information about your company:
Company type (sole-proprietor, s-corporation, etc.)
Company address
Date you plan to run the first payroll with the new service
Federal employer ID number and state employer ID number
Federal filing requirement
Tax payment schedule for both Federal and state
State tax rates, if applicable
Pay schedules (when/how often employees get paid)
Vacation and/or sick leave policies
Deduction information on any retirement plans and insurance premiums
Garnishment information
Enroll in all electronic payroll services the new company offers. Not only do these
ensure accurate and timely tax filings and payments, there are usually no additional
fees for them, and they are much easier than the old system of paper checks, paper
coupons, trips to the bank, and trips to the post office.
If you like this article about ( link the two words together ) and want
to read more on this topic, please visit us here: fiverr doesnt allow
me to use that word
http://www.shkoh.com.sg/young-entrepreneurs-scheme-singapore/
http://www.shkoh.com.sg/corporate-services/pa yroll-services/
