If you have been struggling to stay on top of your payroll, payroll taxes and year-end requirements, it might be time to invest in additional help. Payroll service companies take the stress out of your payroll and other related processes by providing a remote, professional and personalised service to a wide variety of businesses. You might be wondering what aspects of payroll our company can take care of for you. Let us explain everything you need to know about a payroll service company, what we do and why your business will benefit from hiring us.
A breakdown of a payroll company’s services
Just like their name suggests, payroll companies take care of all aspects of paying an organisation’s employees, including ensuring they get paid on time and that the employer follows all of their legal obligations. Many businesses choose to hire a payroll service company due to their professionalism and expert knowledge and because they take care of all aspects of payroll, taxes and filing. However, the payroll tasks include much more than just paying an employee’s salary or wages. At 3rd Arm Admin, we will also take care of all the following processes for you:
- Timesheet collation & checking: We will create a timesheet or help you select an app that gives accurate data about your employee’s time and attendance. Our team will check it regularly on your behalf and let you know if we notice any discrepancies.
- Process payroll weekly, fortnightly or monthly: We will take care of all the processes, whether you want to pay your employees weekly, fortnightly or monthly. We can set up the software so automatic payments are made and keep an eye on the payments to ensure everything is in order.
- Payday filing: We provide you with an electronic payroll record, so you can keep track of all payments and have a better understanding of your business’ financials. We ensure that also your employees retain an electronic record so they know how much they have been paid each time and what their deductions are.
- IRD payments: We ensure your employees’ payroll tax and deductions are accurate and set up payments to IRD for your approval. This all provides you with peace of mind and a clean slate with the taxman.
- KiwiSaver: As an employer, it is your responsibility to ensure that your employees’ KiwiSaver is set up correctly and that the agreed percentage is regularly paid for the correct amount. We can manage all of this for you.
- Manage deductions: It’s important to calculate payroll taxes accurately and manage your employees’ deductions, so they won’t have to pay an additional amount when the year ends. We set up these for you, manage them throughout the year and ensure that everything is in order.
- Annual leave/sick leave management: We keep an eye on your employees’ annual leave and sick leave requests and ensure you follow all legal requirements about the number of sick leave and annual leave days available and payable to your employees.
Apart from our payroll processing services, we also provide forensic payroll work or payroll audits, software setup and payroll training for our clients. Through our forensic accounting service, we review your data, take into account what is required legally, what is required from your IEA’s and help you with sorting out any discrepancies that we may find. We ensure that everything will be in order for all of your payroll systems in the coming years. Our team will also help you select payroll software that aligns with your needs and requirements and will set it up for you, so everything is accurate and working well. At 3rd Arm Admin, we also provide payroll training for your employees or you as a business owner if you would prefer to take care of the process yourself.
Hiring a payroll services company will greatly benefit your business and provide you with the much needed time to focus on other matters. Get in touch with 3rd Arm Admin today to learn more about our payroll services and why we might be an excellent fit for your business!
