What is Payroll Service?
A payroll service is a company that will, for a fee, handle all of these functions independently, freeing up the business owner’s time for more important matters. Once an account is established, the employer simply provides the payroll service with a list of all employees, the hours they worked, and any variances. This data is then processed and the funds are transferred from the employer’s bank to the payroll service’s account. Employees are paid either by standard check or direct deposit. The employer is then provided with payroll and tax reports. A payroll service often offers other services as well. Employers can turn over the management of the company’s benefit administration and retirement services. Vacation and time off can also be tracked. Some payroll services even offer the option of managing the employer’s tax payments, handling time and labor management issues, assisting with tax compliance, managing expenses, and even pre-screening assistance. A payroll service also routin
