How does payroll outsourcing work?
Payroll outsourcing is the use of a third-party payroll provider to process a company’s payroll. Intuit Payroll Services, Costco’s Payroll Processing provider, gives Costco Members several options for submitting their payroll data – Web, PC, Phone, or Fax Entry. When processing a payroll, Intuit Payroll Services withdraws the appropriate funds from the Member’s designated account, automatically deposits the appropriate pay into the employees’ accounts or prepares standard checks, deposits the taxes with the required state and federal agencies and provides complete online and hard copy reports of everything they do. Each quarter Intuit Payroll Services reconciles these transactions (as required by law), and at the end of the year they submit all necessary tax paperwork and produce W-2s for each of your employees.
In processing your payroll, we first recreate your company records in our database. Each time you need to run a payroll, you simply place a telephone call, send a fax or email and we process your payroll, add new employees, update your company information, etc. When you submit your payroll, we withdraw funds from your company account, and execute direct deposits or produce paychecks. For employees signed up for direct deposit, we deposit pay into your employee’s accounts. We deposit your payroll taxes with the required state and federal agencies, and provide you with complete hard copy reports of everything we do. Each quarter we reconcile these transactions (as required by law), and at the end of the year we submit all necessary tax paperwork and produce W-2s.
Payroll outsourcing is the use of a third-party payroll provider to process a company’s payroll. Intuit Payroll Services offers several options for submitting payroll data: Web, PC or Phone Entry. When processing a payroll, Intuit Payroll Services withdraws the appropriate funds from the client’s designated account, automatically deposits the appropriate pay into the employees’ accounts or prepares standard checks, deposits the taxes with the required state and federal agencies and provides complete online and hard copy reports of everything they do. Each quarter Intuit Payroll Services reconciles these transactions (as required by law), and at the end of the year they submit all necessary tax paperwork and produce W-2s for each of your employees.
