FastPay’s Ultimate Guide to Payroll

FastPays-Ultimate-Guide-to-Payroll

We might sound like a broken record, but it’s worth repeating whenever we get the chance: the ins and outs of payroll are, without a doubt, confusing and frustrating. If you’ve found yourself getting your feet wet with payroll, you’ve most likely quickly grown to understand how necessary accurate and timely payroll processing is to the lifeblood of your business. However, because “necessary” and “easy” are not synonymous, we’ve put together the ultimate guide to payroll, along with three key reasons why your business should consider a payroll provider.

Let’s dive in.


What is payroll? 

While technically delegated to define a list of a company’s employees, the term payroll, today, has grown to commonly reference the process a company works through to pay its employees.

 

Who is responsible for processing payroll?

The size of your company will significantly determine where the responsibility for payroll processing falls. If you find yourself in a small business, the odds of an owner embracing these challenges are high. If in a larger company, the in-house payroll administrator might adopt these obligations. 

Regardless of whoever finds themselves rooted in this responsibility, it’s crucial to ensure that the individual(s) is proficient in the language of payroll, while also continuously acquiring knowledge of annual deadlines and regulations.

This detail alone is why we advocate for the use of a payroll processing solution. 

 

Our solution.

A recent study conducted by MHR discovered that 50% of large companies are still processing their payroll by utilizing spreadsheets_large-companies-are-still-processing-their-payroll-by-utilizing-spreadsheets, yielding errors in at least 25% of payroll runs.

When we read these statistics, we must dig a bit further and ask the question: if a private organization is financially capable of acquiring the proper workforce to process payroll accurately and efficiently, why are they still amassing crucial errors?

Answer: Business and human error are not mutually exclusive.


Save time and money while keeping your data secure with a comprehensive, and even customizable, payroll processing software. Automating tedious and frustrating administrative tasks will eliminate the bevy of challenges, compliance risks, penalties, and inaccuracies that so closely, and inevitably, associate themselves with human error. 



Eager to learn how a payroll processing solution could be your ticket to freedom and efficiency? Download our free eBook to discover the True ROI of Payroll Services.

The True ROI of Payroll Service | download free ebook

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