Reliable payroll is every startup's need. It's a big determinant towards not only paying your employees on time but also a big expense for status and small businesses. That being said, payroll management has many nuances to it which require professional expertise to address. There are different employer, employee forms, tax outcomes for each pay cycle, correct employment taxes and the list goes on.
We try to keep these blogs easy to understand and low in jargon. Here are a few points you should keep in mind while looking for a payroll
Fully Automatic
The whole reason you're looking for payroll services is that you want the ease of doing work. Once set up the payments should automatically go out at the predetermined time. This saves you from mundane, repetitive tasks and makes the process more streamlined.
Assists with Payroll Tax
Payroll tax can be complicated as regulations change almost every year. The biggest change has been a shift to a remote workplace. The payroll provider should be adept at providing help with tax compliance as per different state and federal rules. Make sure that all deductions, filings, and tax calculations can be automated.
Remote Work-Friendly
With Covid, a lot of hiring and onboarding has gotten completely online. A provider that safely setups the payroll for remote workers without having the compulsion of submitting documents in person, can be a huge relief. Be it background checks, W9s, 1099s etc the payroll system should be able to comply with all rules and regulations online.
Syncs with your Accounting Software
Integrating your accounting and bookkeeping with your payroll can be a game-changer for you. Imagine all the tax calculations and payroll expenses getting automatically reflected in your financial statements. This will save you a lot of time than having to double-check each transaction on different software. The more automated and streamlined is your process, the more it can avoid any kind of human errors and inefficiencies.
Reliable Customer Service
This point cannot be emphasized enough. In a startup, so many accounting, bookkeeping, and payroll decisions are very time-sensitive. having dedicated support when you need it can be a sign of relief Either live chat, email, phone call, or google call, help should be available when you need it.
Easy to Operate
Payroll management may seem a little complicated, but the software should be easy to use. Whether it's your team or a new hire everyone should be able to easily work on their own without much handholding. A complicated user interface is a waste of time and money.
Cost
Evaluate your financial position to decide how much you're ready to invest in an outsourced service provider. Most providers charge a monthly base fee and then have several add-on functions for other services. Some offer a whole range of services for a flat fee. When trying to compare different payroll providers based on cost, pay close attention to the price they claim vs the price you'll have to eventually pay. Many have surprise pricing, which gets pretty annoying to deal with
Conclusion
Payroll is tricky and mundane to set up. A good provider will take away a lot of those issues and happily automate the repetitive work. If you are a growing startup or a small business, Cognate can be your partner and handle your complete strategic finance and CRM Solutions
- This is a one-stop-shop for your startup. No multiple vendors or accounts to juggle
- Daily accounting and payroll management
- Full compliance with all state and federal laws
- Smooth employee onboarding and termination
We love to tell our clients, "sit back, relax and get the Cognate edge". Focus on what matters to you and outsource everything that's a secondary function. If this sounds like the team you'd want to partner with, feel free to get in touch.
Until then
Happy Business
