Tracking employee time and money can get complicated in a hurry. Get help for all your business’s payroll needs, including issuing paychecks and filing your quarterly tax returns.
1) Internally Managed Payroll Systems
An internally managed payroll system is a method that is feasible for a company which has a less number of employees. With limited employees, it is easier to maintain and manage payroll records without major discrepancies. Managing your payroll is something you can do by yourself, or you can hire a resource specifically for this purpose. The base requirement is the knowledge of maintaining payroll records and awareness about the various laws and taxes applicable.
2) Professionally Managed Payroll Systems
When we talk about professionally managed payroll systems, that’s where the bookkeepers and Certified Public Accountants (CPA) come in. If you feel you lack expert proficiency in managing your company’s payroll, you can opt for outsourcing it to a bookkeeper. You could also hire an expert on a contractual basis from a reputed accounting firm. Do keep in mind though, that these professionals will only help you manage your payroll records and may not complete the process of making transactions, bank deposits, and deductions.