When it comes to processing payroll, business owners have the following types of providers to choose from:
Payroll software provider
Online software automates payroll, which simplifies calculations and produces more accurate results. Depending on the package, taxes and compliance may still be the responsibility of the business owner.
Full-service payroll provider
This options affords employers the most value in terms of time and peace of mind since the provider handles all aspects of payroll on the client’s behalf.
Accountant
Employers who enlist the aid of an accountant usually get trusted advice on the local tax regulations specific to their business. However, counsel may not be available 24/7, especially during tax season.
Professional employer organization (PEO)
Co-employment arrangements typically include full-service payroll, plus the added bonus of compliance monitoring, HR support, competitive benefits packages and more.