Outsourcing Critical Corporate Functions to Third-party Contractors
As a business owner, you have the sole responsibility of making sure your employees get paid on time. By law, you must pay them for every minute or hour that they work, and you cannot short them on benefits to which they are entitled.
Even so, you might be so busy tending to other tasks that you cannot find the time to make out your company’s payroll. When you outsource to a CPA, private accountant, or payroll and tax administration Florida business owners like you can pay your employees on time as mandated by federal and state law.
Managing Payroll and Earning Statements
The company that you outsource your payroll to can handle the most important tasks of making sure your employees get paid on time. It has staff whose primary job it is to figure out each one of your employee’s week, bi-weekly, or monthly pay. The paychecks will account for all of the time worked including overtime, bonuses, and holiday pay.
Moreover, it can make sure the paychecks get issued or direct deposited to the employees’ bank accounts on time on payday. You will not have to content with people whose deposits are missing or not showing up in their banks. The company can make sure the payments go out as indicated on the employees’ paperwork.
When it comes time to issue earning statements like W-2s, the company can also handle this task for you. It can send out the statements by the end of January as required by law. The statements will be accurate and reflect the total amount of money that employees have made all year.
Another perk that comes with outsourcing involves having access to your payroll account anytime day or night. You never know when you may need to access the account to cross reference information or find payment information for one of your workers.
You will have access to the same account as the contractor so you can verify that the numbers are correct. You also do not have to call the company to ask for this information.