Small business owners have a hard row to hoe these days. The downturn in the economy has made it difficult for many to survive and those who are surviving find themselves having to fight for every dollar. This means that small employers need to focus as much attention possible on activities that generate income, not pushing papers around their desk, tied to a calculator and trying to figure out the latest payroll tax rules. Using the services of Priority Pay Payroll can make this job much easier for small business owners and allow them to return to what they do best — generating more growth for their company.
Workers Compensation
Workers compensation insurance is required for every small business that has employees. Most workers comp insurance companies require that policy holders pay a large upfront deposit that is based on estimated annual payroll totals. This can cause tremendous financial difficulties for small businesses that are operating on small profit margins imposed by the current economy.
Priority Pay Payroll offers EasyChoice workers compensation insurance that is based on actual payroll cycle amounts. With each payroll cycle, premiums are deducted from a customer account as the payroll processing is completed. Since premiums are based on actual current amounts, customers are able to better control their cash flow and control their workers comp insurance costs.
As with other workers comp insurance, customers using EasyChoice have access to 24 hour customer service, a cost containment program and access to competitive rates and service..
Payroll Processing
Along with access to excellent workers compensation insurance through EasyChoice, Priority Pay Payroll allows small businesses to reduce the amount of time and worry that comes with payroll. Instead of payroll taking an afternoon, day or longer, employers will find themselves freed to return to income generating activities that better utilize their skills and abilities.
With each pay period, time sheets are submitted to Priority Pay Payroll and employee payroll is calculated (both hourly and salaried), including payroll tax deductions. Accrued Items like vacation/PTO and sick time are also calculated, although this information may or may not be printed on employee pay stubs, depending on the customer’s preference.
Employers have the option of:
·Direct deposit into employee bank accounts.
·Printing employee paychecks directly in their own office using check paper stock provided by Priority Pay Payroll.
·Having paychecks laser signed and forwarded to be distributed to employees.
·Envelope stuffing of paychecks into individual sealed envelopes is also available for added security and privacy.
After payroll processing is completed, an email is sent to the customer that contains a summary report of the payroll cycle activity, including General Ledger account totals and tax deductions. Also included are copies of all payroll stubs generated for the pay cycle.
Summary
Priority Pay Payroll services makes it easier for small businesses to focus their attention on income generating activities instead of losing time on the necessary accounting of payroll processing. In addition, Priority Pay Payroll has an excellent workers compensation programs that helps small employers gain control over their cash flow.