If you’re a Florida business owner and employer, then you’re probably aware of how crucial payroll is. It can take a long time to complete, and it has to be done meticulously in order for your employees to receive what they deserve. Fortunately, Florida Resource Management is here to assist with this important task.
What is a Payroll System?
Payroll systems help you calculate the wages, benefits, and taxes for each of your employees while keeping an organized database of information for legal and accounting purposes. Nowadays, with the aid of computer software programs, we can handle all payroll components easier with less reliance on paper documents or vulnerability to human error.
It also reduces your workload since it can generate automatic payslips, leaving you much more time to accomplish other tasks. Finally, it minimizes the need for a larger HR/accounting staff.
Why Does it Help to Have a Payroll Management System?
Here are some of the specific functions of a payroll management system.
- Send payslips to employees automatically.
- Manage and withhold various tax deductions.
- Keep track of employee hours and accurately calculate overtime premiums. This is a useful tool for staying on top of when your employees are on the verge of reaching the overtime threshold each week.
- Provide a database of employee wages, benefits, vacation/sick-day accruals, PTO/UTO accruals, FMLA hours, and so forth.
- It also tracks employee personal data such as name, social security number, bank account information, date of hire, etc.
Benefits of Partnering with Florida Resource Management for Professional Payroll Help
What are the primary benefits of selecting Florida Resource Management as an employee payroll manager for your business?
- Effective payroll software not only makes everything faster but lessens the chance of mistakes that could cost your business or pay someone the wrong amount.
- This pays huge dividends for better company morale. While mismanaged payroll can frustrate employees and lead to turnover, implementing a reliable system can reverse the problem fast. It then becomes much easier to gain employee trust.
- It takes all the guesswork out of things like premium pay, overtime pay, and all the tax implications. This, in turn, makes it easier for your business to comply with federal and state employment laws.
- Payroll systems like ours are a radical departure from the days of handing out printed pay stubs. You no longer have to worry about misplacing paychecks or any other confusion associated with outdated methods.
If you need help managing your company’s payroll, then please consider Florida Resource Management for effective solutions. We can’t wait to show you more about our comprehensive fail-proof approach to payroll. Call us anytime to learn more at 941-343-6160.