Outsource Payroll Service With Benefits

Things to Consider When Choosing a Payroll Provider

Choosing a payroll provider is a crucial aspect for businesses of all sizes. It involves calculating employees’ salaries and tax deductions, liaising with HMRC, and most importantly, ensuring employees are paid on time. However, it can be a headache, and with increased obligations and regulations, payroll is now a specialist occupation in its own right. Organisations must have the correct staff with relevant skillsets, as well as the tools and software to ensure the whole process runs smoothly to minimise financial risks and penalties.

Service

Outsourcing a payroll provider can be a daunting prospect, this can make it easy to jump straight into it and settle on any provider without finding out exactly what services they have to offer. Many payroll providers nowadays offer an extended range of services that go beyond simple payroll. It may also be the case that one business requires a specific service or skillset that some providers do not offer. Every organisation is different, meaning that the services they require from a provider will be unique and depend on various factors such as company size, regularity of payroll and the industry type. Establishing what services your business needs and services a provider can offer is the first crucial step.

Accreditations

Accreditations that a provider has can often offer businesses peace of mind, as they can signify that a provider is trustworthy and has been deemed competent by a chartered body. The Payroll Assurance Scheme (PAS) accreditation, for example, recognises payroll providers who: have suitable processes in place for preparing and delivering legislative changes, the organisation is dedicated to life-long learning and development, and the organisation is dedicated to compliance and best practice in payroll.

Security

With the introduction of the General Data Protection Regulation (GDPR) last year, data security has never been more of a priority for businesses, not only for protecting customer data but employee data too. Businesses must consider how payroll providers will manage the privacy and security of employee data, as they could land themselves in a lot of trouble in the event of a security breach. In 2014, Supermarket chain, Morrisons, found themselves in a security breach disaster after an employee leaked the payroll data of almost 100,000 staff. Aside from causing utmost distress for the employees whose data was leaked, Morrisons were held liable for the security breach.

Experience

Most businesses look for payroll providers who have experience, particularly within their company’s sector. As with accreditations, experience can also offer peace of mind. An experienced payroll provider will be able to take care of all the business’ requirements and can adapt to fit the needs of the business if required. Experience may be determined by the number of accreditations a provider has, or quite simply by the number of years they have been providing payroll services. Thankfully, outsourcing a payroll provider should mean that you are choosing from a specific talent pool, who will have years of experience behind them. At Cantium, we are proud to have over 30 years’ experience delivering successful payroll functions to clients in a variety of industries such as health and education to name a new

Things to Consider When Choosing a Payroll Service for Your Small Business

If you’ve been handed the task of choosing a payroll service provider for your company, you may be wondering where to start and what to look for. If you get a headache thinking about the hundreds of regulatory changes that occur every year, you’re not alone. Outsourcing your payroll can save you time and money, not to mention a headache or two.

Experience

An experienced payroll provider will be able to cover all of your business’ needs, including web-based and traditional payroll processing, time and attendance solutions, employee screening and background checks. A good payroll service will work with your business to fit your exact needs. Additionally, check to see if the payroll provider has worked with a business in your industry before. This will help you be confident that the company you choose is ready for the specific challenges of your industry.

Options and Features

Ensure that the provider uses software that’s capable of delivering all of the services you desire. Find out what basic features the software offers as well as additional features that are available. As a small business, you may not need as many options as a larger business, but it’s still important to know what’s available. To streamline payroll and employee time tracking, you need a payroll provider that can ensure accuracies and quickly remedy discrepancies.

Trust and Security

When you hire a payroll provider, make sure you hire someone you trust with the sensitive data involved in handling payroll and taxes. Look for an established payroll company with a strong history, client testimonials and a solid reputation. Do your research online before making a commitment. Read reviews online and ask for recommendations within the business community. It’s common for businesses to give referrals, especially if they’ve had a great experience with their payroll providers.

Customer Service

You’ll want to communicate regularly with your payroll provider. Look for a provider that offers strong customer service. When you’re having a problem, you’re going to want to talk with someone who has a real understanding of your business and its challenges, not a random sales representative. Make sure the payroll provider you choose offers support each day – not only on specified days, such as when your payroll is processed. Realistically, you’re going to have questions on other days that will need immediate attention from a customer service representative.

How to safely choose the absolute best payroll service for you and your employees

Payroll service companies can be a big help when it comes to calculating and filing your company’s payroll taxes, printing checks, and being available to answer important payroll-related questions. Industry-leading companies have streamlined processes and controls that lead to greater efficiency and fewer errors, which can save your company time and money.

When considering payroll service options, it is important to choose a reputable company because ultimately your business is responsible for paying the taxes, not your payroll company. That means you must do your homework to ensure the payroll company is compliant with regulatory standards and that your taxes are paid in full and on time.

Choosing a payroll company

One of the best ways to find potential payroll service providers is to ask other business owners or payroll professionals who they recommend and why. Hearing directly from a company’s customers is a great way to evaluate the company’s processes and service levels.

You can also look up reviews of companies with the Better Business Bureau. Search for “payroll service” or a company name, based on location, and the BBB will provide a grade and information such as how long the company has been in business, contact information, and consumer reviews.

Once you’re ready to start narrowing down your choices, ask these additional questions to determine if the company will be a good fit:

What services do you offer and what certifications do staff members hold? It’s important to know what you’re looking for from a payroll company and whether those needs go beyond the basics. The company should have a CPA on staff, and other professional certifications (like Society of Human Resource Management or American Payroll Association) are a good sign of a quality organization.

Is the company bonded and insured? Find out how much the company is insured for and request a certificate of insurance.

What security measures are in place to protect my payroll data? Companies should have antivirus and antimalware programs, firewalls, encrypted data, secure data storage with redundancy and employee training on data security. They also should perform background checks on all employees.

How often are internal controls audited and do you provide the results to customers? Payroll companies should perform audits at least annually, and they should provide a copy of their SSAE 16 report to customers if requested.

How do you remain up-to-date with regulatory requirements? A considerable number of federal, state, and local regulations affect your payroll processing, so it’s important to find a company that has an airtight process for staying up to date on all of the changes from thousands of jurisdictions.

How to Choose the Best Small Business Payroll Services

Your small business won’t perform up to its potential unless your team is happy. That’s why payroll services for small businesses are so important. If your team doesn’t get paid, on time, and conveniently, it’s going to cause issues with morale and productivity.

What to Look for in a Payroll Service

You know better than anyone exactly what your business needs. So let’s consider the factors that play into finding the perfect payroll services for your business

Pricing Structure and Total Cost

You probably already knew this, but the pricing of your payroll services is crucial. The total cost of a payroll service will depend on how many team members your business employees, what kind of employees they are, and the features that the payroll service offers.

Most payroll services will come with the pricing structure of a base monthly price, plus a per employee monthly price. Many payroll services will offer tiered services that cost more based on the additional services they offer. The additional cost will often surface in the per-employee monthly cost, so additional features will be incrementally more expensive with each employee you have.

Tax Capabilities and Guarantee

Payroll services exist in part to help small business owners pay their payroll taxes correctly and efficiently. Many small business owners purchase payroll services primarily for this reason. Some payroll services will offer a tax guarantee, which means that they guarantee that you won’t incur any fines, and if you do, they will reimburse you.

Tips for Finding the Best Payroll Software

Congratulations! You’ve gotten to a point that many other small business owners have only hoped for — growth. But now you’re required to find a more robust payroll system.

Sure, when it was you and a couple of co-founders it was pretty easy to sort out payment. But now that you’re growing, it’s necessary to put a process to your operations, offload some of the tedious work you’ve been doing since the beginning, and free up your time and resources to focus on bigger issues at hand.

One smart way to do this is to invest in a payroll software platform that can take care of one of the most important parts of your business for you: paying your employees on time, every time

Yet, as you know, it’s not nearly as easy as just cutting a check. From properly withholding taxes and reporting to the IRS to tracking PTO hours earned and much in between, there’s a lot to consider when deciding which payroll software system is right for you

How to choose the best payroll software for your small business

Overall, the best thing that you can do is get a solid understanding of your business’ unique individual needs. As you dive into the capabilities and features of the many payroll systems out there, it can be easy to get swept up in thinking that you need fancy features that will actually go unused or forget an important need you have until it’s too late. So, above all else, know what you need (and what you don’t) and compare everything to that.

General Overview Of Bookkeeping

tips for choosing the right bookkeeper

Organised, process driven and efficient

A good bookkeeper must understand your industry, your business processes and your requirements so they can hit the road running. They make sure processes are streamlined and adhered to in order to provide you with timely reporting and meet the timelines you require in your business.

Ethics and trust

This is paramount. Both parties need to feel comfortable with one another in order to build a relationship based on trust. It is important to provide all the correct information to your bookkeeper so they can keep accurate up to date records for you. It would make good business sense to protect yourself by having a confidentiality agreement in place.

Up-to-date technical knowledge

Up-to-date software knowledge is a must. Bookkeepers who are familiar in using online accounting software can automate many processes and reduce the amount of time spent on data entry.

Communication skills

This is essential to keep the lines of communication. Your bookkeeper must be aware of the business operations, goals and issues to do their job correctly. The ideal must have the ability to enhance relationships with managers, customers, suppliers and staff alike.

Ask questions

A great bookkeeper asks relevant questions. He or she will also share ideas with the business owner regarding financial-planning strategies, ways of increasing revenue, cash flow, budgeting and many other cost-saving strategies they can come up with to increase business performance and growth. With a good understanding of the business and financial position they can help grow the business while keeping costs to a minimum.

How to Choose the Right Bookkeeping Services

Whether you’re just starting your business or you’re fine-tuning your financial strategies, a professional bookkeeper can be a tremendous help when it comes to balancing your daily expenses, earnings and managing your invoices. By handing these jobs over to a specialist, you can lower your risk of error and instead use those extra hours for other pursuits. But where do you find a bookkeeper, and what do you need to know in order to choose? Read on to discover how successful businesses locate the best bookkeeping services.

Hiring Internally

While hiring an employee to take over bookkeeping may seem like a good way to keep control of your finances and the people managing them, this method often falls short in execution. For businesses without an expertise in managing bookkeeping procedures, accounting software or financial analysis, managing bookkeeping internally can be a recipe for disaster.

Hiring Freelancer or Part-Time Bookkeepers for Bookkeeping Tasks

What kind of education and experience does a freelancer have? The answer varies greatly from one worker to the next. You want to ensure your bookkeeper has professional education in the field, along with relevant experience and a good track record. Certification, licensing and insurance should all be investigated. If a freelancer makes a mistake while working for your business and doesn’t have liability protection, you’ll likely be left holding the bag. In addition, if your freelancer is working off-site, say from a home office, you’ll have to find a way to provide adequate oversight in order to prevent account mismanagement and serious mistakes.

Hiring CPAs

Hiring a CPA to do a bookkeeper’s job is usually a serious waste of resources. Not only that, but accountants rarely enjoy the work. Instead, consider hiring a CPA to advise you on financial matters requiring more expertise, like filing taxes or managing investment funds. CPAs regularly work with bookkeeping services, and may be able to recommend professionals who can fill a daily accounting role for your business at a much lower price.

Hiring Professional Bookkeeping Services

Finally, there are bookkeeping service companies that manage daily accounts for multiple businesses. They often employ CPAs for management roles to provide adequate oversight and counsel for a bookkeeper who runs into a problem. Because they work with a variety of clients, these services often have access to a wider range of tools, and because they employ so many people, they have a better chance of having the experience needed by your business. Additionally, leveraging connections to industry experts and accounting technology companies can provide extra benefits to businesses.

HOW TO CHOOSE THE RIGHT BOOKKEEPER FOR YOU

Finding the right bookkeeper to do your books can make a huge difference for your small business. A good bookkeeper can impact positively on the various financial aspects of your small business. These professionals have the ability to take care of all your financial obligations while you concentrate on doing other things that require your personal attention. The following are tips on how to choose the right bookkeeper for you.

Honesty and Trust:

When looking for the right bookkeeper, these two are most important things to consider when doing your search. A bookkeeper has the role of managing your finances with little input from you the business owner. Since this will be a total stranger handling your finances, it is important to hire an honest person, someone you can trust with your finances. To do this you need to thoroughly vet them before settling for one

Integration:

Most business owners are moving from the traditional ways of doing business to digital methods and systems. Therefore, when looking for a good bookkeeper, ensure that he or she has a wide knowledge of various bookkeeping software and keeps a keen eye on the different market trends

Fees and Services:

Although most business owners especially those with new business tend to hire a bookkeeper based on the price; how affordable is the bookkeeper, this should be avoided. You might get a bookkeeper offering his or her services at a cheaper price yet the services are poor and this will cost you dearly. Do not be afraid to ask questions, or even negotiate the fee. Ensure that you understand the services being offered and find the best fees and services that suit your needs. Do not compromise your financial security simply because of price.

Qualifications:

This is very important when hiring any professional. To ensure that your bookkeeper is knowledgeable, is an expert in bookkeeping, understands the different software used in bookkeeping and is professional, it is important to check his or her academic qualifications and certifications. Experience is also important. You do not want an inexperienced newbie handling your finances only to make blunders.

How to hire the right bookkeeper

Helping you with the numbers

As soon as you start a business, you have to deal with numbers. Every business, no matter how small, must keep a record of its every transaction. That includes sales, expenses, salary payments – in fact every movement of money into and out of your business.

Three reasons why you need a bookkeeper

If you’re just starting out in business, you might think you don’t need someone to look after the books. Perhaps you feel that it’s enough to let your accountant sort out the numbers once a quarter or once a year. But there are good reasons for hiring a bookkeeper

They save you time

Unless you already know a lot about bookkeeping, it’s unwise to take on this work yourself. Processing receipts, expenses and payments is only part of the work. They know how to assign expenses to particular clients. They’ll take all the numbers, enter them into your accounting software, and make sense of them. A good bookkeeper knows how transactions should be treated to provide useful business reports. It’s a skilled job, and your bookkeeper will do it much more efficiently than you can.

They understand your business

Because they deal with the day-to-day accounts, bookkeepers have a deep insight into your company’s finances. By sharing this insight with you, they can help you work out where your business should be going. They can flag any issues in time for you to do something about them. A good bookkeeper watches over your finances and helps you steer clear of trouble.

They help manage your cash flow

Accountants provide a valuable service, particularly when it comes to strategic advice, annual returns, and tax issues. But they don’t usually see your accounts every day. A good bookkeeper will keep a close eye on your accounts on a regular basis. This will help keep your cash flow under control, which is vital for business growth.

How to choose the best accounting software

Not having a good bookkeeping system in place – that would provide warning signs that the business could run out of cash – is one of the main reasons businesses fail

You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.

What to consider

Every business will have different requirements from an accounting software

When choosing an accounting software consider the following questions:

Does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.)?

Does the system track stock, work in progress, orders, jobs and other task management requirements?

Will the system be able to handle multiple bank accounts?

Does the system need to handle foreign currency?

Does the system track separate financial records for each business or department within the business?

Does the system allow for interface with other computer systems such as online payments?

Does the system keep detailed records on customers including what they buy, how often they buy and when they buy (often referred to as a Customer Relationship Manager system)?

Software options

There are many software packages on the market that allow business managers to successfully control records without an accounting degree. Some of them, such as Free Accounting Software External link (opens in same window), have no cost