As a city with a rich history of “sin” and rebirth, Lynn, Massachusetts is no stranger to building from the ground up. Today, the city is gaining a reputation as a fast-growing small business hub, but to sustain this growth, one thing is certain: local employers must thrive. The process of paying your workforce is much more intense than entering a few numbers. Work with experts, like those at Commonwealth Payroll & HR to ensure you stay part of Lynn’s new era. Here is what managed payroll services can do to make your business a success.
Data Entry Accuracy
The most essential job of a payroll specialist is inputting employee information. This requires more than knowing how to enter data. It takes a keen eye to make sure your workforce is getting compensated for every minute on the clock.
There are many factors that come into play when logging an employee’s time, including regular and overtime hours, holiday or sick pay, and shift differentials. The situation becomes even more complex when you add in withholdings and payroll taxes, too. Just one mistake could have a major impact on someone’s financial well-being.
One of the easiest ways to avoid error is by using managed payroll services to work with a certified payroll specialist. Professionals in these roles wade through the numbers to make sure everyone’s time is in compliance with state and federal regulations.
Massachusetts, for example, has many detailed wage laws and violation of these laws can cost a company hundreds or thousands of dollars. A simple mistake in data entry could open your company to investigation and possibly fines.
Payroll Processing Services
Payroll companies for small businesses take away the hassle of collecting and managing employee wage information. The amount of money your employees take home from their paycheck will vastly differ from their gross wages depending on income taxes, deductions (like social security), and additional withholdings like retirement plan contributions and health insurance premiums.
Calculating these factors into each individual employee’s net pay requires attention and knowledge. In fact, without payroll processing services, it is easy to make mistakes such as withholding incorrect tax amounts or confusing pre-tax or post-tax earnings and deductions.
Unfortunately, this is just the start when it comes to errors in the world of payroll processing. Many small businesses fall victim to processing payroll late, overlooking payroll duties entirely, classifying workers incorrectly (W-2 employee vs. contractor), ignoring bank holidays, and much more. The detailed knowledge of a certified payroll professional is essential to getting the right information and protecting your business.
Online Payroll Software Management
Cloud-based systems like Commonwealth Payroll & HR’s iSolved provide simple and up-to-date access to every employee’s payroll information. Online payroll software allows any authorized user to access an employee’s files, input information, and make changes without waiting around for an administrative professional who is dealing with other essential tasks.
When you work with payroll professionals, the process is even easier. They can use the online system on behalf of your company, acting as your business’s personal payroll manager. You will not have to spend time learning new software, training your staff, or troubleshooting technology issues. Simply call, fax, or email your employee payroll information and let managed payroll services take care of the processing and data management for you from start to finish.
Managed payroll services take the headaches out of data entry, payroll processing, and working with online payroll software. Not only will this ensure your company is safe from costly errors (for both the business and your employees); it will also give you more time to focus on what really matters – your customers.
If you own a business in the Lynn, Massachusetts area, call Commonwealth Payroll and HR toll-free at 877-245-1159 today. With the boom of new businesses in the city, it is important to do everything you can to create long-term success. Our experts are here for you.