There are a lot of officials or professionals who look out for the best methods on How To Do Payroll. For such people, it is important to know that there are three basic options that can be used in doing a payroll. It can be done personally, by taking the services of an accountant or by making the effective use of payroll software. Among all the three options, using payroll software is considered one of the best combinations of cost and efficiency. There are different types of payroll software available throughout the market. Therefore, it is necessary that you remain careful when making your choice. Once you are successful in setting up the software, the procedure of paying the employees would not take more than an hour.
Work Done by Payroll Software
The major tasks carried out by an efficient and cost-effective payroll software are as follows:
• Calculates the gross pay of the employees
• Calculates the take-home pay of the employees post FICA and income tax deductions. There are other deductions that the software takes into account like deductions for retirement, child support and health insurance.
• Pays employees by making direct deposits or by printing out checks.
• Fills out and even submits required documents for state, local and federal income taxes.
• Sends electronic payments to tax authorities.
Irrespective of the fact that whether you are making use of a payroll software or any other procedure for doing the payroll, you will have to chuck out a method of keeping a track of the number of hours the employees work so that you can calculate their gross payments.
Keeping a Track of the Work Hours of the Employees
In case you have a small number of employees with minor variations in working hours, you can make use of an excel or Google spreadsheet for keeping a track of the work hours of the employees. However, if you are having a large number of employees with major variations in their working hours, there are various paid and free software solutions that can be used. There is a software called Time Clock Free which enables employees to check out and check in to work through assigned computers. This software might of a good use if you are dealing with a large number of employees. However, if you are looking for top quality customer support and tremendous functionality then you should go for Replicon.
Taking the Services of Full Service Payroll Solutions
Payroll software solutions tend to be of good help in figuring out the amount of money that you need to pay. Nevertheless, it is important for you to keep in mind that necessary forms and payments should not be completed automatically always. This is the reason why it is important to use reliable and effective full service payroll solutions that can handle all sorts of tasks related to payroll preparation. Full service payroll solutions offer the following services:
• Instant paychecks
• Completely payroll set up
• Direct deposit
• Filing and payment of payroll taxes
• Error-free payroll taxes and paychecks
• Live support