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Managing payroll is an essential part of running a business. However, before you decide which type of payroll system is right for your company, it’s important to understand the pros and cons of each. Below, Edgewater CPA Group walks you through the four most common types of payroll systems, giving you a better idea of which solution is right for you.
Outsourced Payroll Services
Outsourced payroll services are the most popular type of payroll system since it allows you to outsource the entire process to an external provider. With this option, you are freed from having to manage the payroll yourself, which can save you time and money in the long run. The downside is that outside providers can be expensive and may not offer all the features or flexibility you need. It’s also important to do your due diligence when selecting an outside provider. Finding the right payroll providers is just as important as hiring a new employee.
In-House Processing
This option involves having an internal team manage your payroll. This is a good choice if you have an experienced team who knows their stuff and can handle the complexities involved with payroll processing. However, if your team doesn’t have much experience with payroll systems, you’ll need to invest in training or hire a specialist. But, keeping your processes in-house is ideal if you want more flexibility and control.
Software Solutions
Software solutions are becoming increasingly popular among businesses as they provide a cost-effective alternative to outsourcing or in-house processing. Many software solutions offer comprehensive features, allowing you to process payroll quickly and accurately. They also come with built-in support systems to address any issues quickly and efficiently. The downside is that software solutions may require regular updates, leading to additional costs down the line.
Manual Payroll Processing
Manual processing requires more effort on your part. That’s because everything needs to be done manually (hence why it’s called manual processing). This means you will be calculating wages, filing taxes, submitting payments, etc., all by hand. However, manual processing does give you more control over every step of the process since you do all calculations instead of relying on automated systems. The downside is that mistakes could cost time and money down the line if something isn’t calculated or entered correctly.
Turn to Professionals with Experience
At Edgewater CPA Group, we know how hard you work to keep your business in Carmel, IN, running. But, some tasks take more time than you have. And as your team grows, so should your resources. So, when it comes to payroll systems, turn to a group of experts you can trust! Our CPAs have decades of experience helping businesses throughout the area clean up their bookkeeping, submit payroll, and handle their tax preparations. If you’re ready to gain freedom and focus on your passion, schedule your consultation with us today at (317) 386-7021.