Payroll is often taken for granted in business. Employees get their paychecks and never have to worry about the process behind it. But the truth is that payroll is a fundamental part of a successful business. Not only does it keep employees paid for the work that supports your business, it helps make sure your business is compliant with relevant tax and business laws. This reduces your risk of fines, fees, and other issues that could jeopardize your business’s reputation or cause financial damage.
Many businesses outsource their payroll to a payroll service bureau, which is a firm that is dedicated to helping business clients manage and administer their payroll. Businesses who choose to outsource their payroll to reduce the costs that come with having financially trained employees in-house as well as the costs of systems and software needed to process financial transactions such as running payroll and administering benefits. Payroll service bureaus are run by Certified Public Accountants (CPAs) who can assist with the following tasks:
- Printing employee paychecks
- Direct deposit of pay into employee bank accounts as directed
- Accurate calculation and withholding of federal, state, and local taxes
- Calculating taxes to be paid by an employer, like Social Security and Medicare
- Filing quarterly and annual financial reports
- Filing year-end employee tax documents like Form W-2s
Even the most competent accountants need to rely on software to handle modern-day payroll because in addition to calculations of hours and taxes there are other compliance and regulatory issues to contend with. That’s why it’s important to use the right payroll service bureau software.
Why payroll service bureau software matters
If you’re a business owner, you might want to discuss with the potential payroll service provider you’re considering what kind of payroll software they utilize. While this might not matter as much as the skills and competence levels of your payroll service provider, it might be a deciding factor in choosing between several firms.
If you’re a payroll service provider, it’s important to choose the right software solution for your bureau. It can be hard to decide which is the best solution to go with and having some direction towards which software to research can be helpful. It’s important to make the right choice because the success of your relationship with your clients – and your business – depends on it.
Payroll service bureau software solutions
Here are some of the best payroll service provider software options.
- Execupay: This software solution helps you run a highly efficient and productive payroll service bureau. It’s a powerful solution that can help you handle almost any customer payroll or HR requirements, such as filing and paying federal, state, and local taxes for clients and creating customized or standard financial reports.
- Paychex: While Paychex is a common solution for business owners to use internally, it’s also a great solution for accountants running payroll service providing services. One of the most attractive benefits of the Paychex solution is their compliance component. They maintain strong relationships with the IRS as well as local agencies to help keep all businesses compliant now and in the future.
- Quickbooks: Another software for payroll professionals is Intuit Online Payroll for Accounting Professionals. This software enables you to collaborate with your clients and allows you to run payroll from anywhere on devices like iPhone, iPad, or Android devices. The wholesale pricing model enables you to increase your overall revenue by paying less per client as you grow your client base and this solution includes marketing templates that can be customized to your business to help you earn more payroll business.
- Gusto: Gusto is a payroll software utilized by many small businesses but also a great resource for payroll service providers. This software easily integrates with existing accounting and financial software applications like QuickBooks, Xero, FreshBooks, T-Sheets and more. It’s also a very scalable solution that offers tiered services so you can offer more service features to clients and grow your base. The Complete and Concierge plans give your clients access to the tools they need to attract and retain talent – helping you retain clients in return.
- Paycor: This leading HCM software is an award-winning software solution used by hundreds of small and medium-sized businesses as well as payroll service bureaus and accountant firms. From reliable payroll and tax filing to accurate deductions for things like worker’s compensation and ultimately better compliance to help reduce the risk of audits, this service provider solution is a great resource to help your firm give your customers a great payroll experience.
Using the right payroll bureau software as a service provider is an important part of running your payroll organization. It will empower you to confidently manage payroll operations for clients who you depend on for the success of your operation. With a solid software solution, you can ensure mutual business success and long-term customer relationships.