Payroll and HR Services
Our professional CFO has over 25 years of processing payroll “in-house”. As CFO of a staffing agency was responsible for paying 4,000 employees each week.
The logistics of processing the time cards, pay checks, direct deposits, pay cards, paying and reporting taxes, and billing their services to clients, was extremely challenging. However, it was not a difficult task. Processes were established and communicated to ensure information was captured accurately and in a timely fashion. Batch processing then made paying one employee the same as 4,000.
Automation was used throughout to stream-line processes, including automatic email distribution of invoices and various state mandated employee notifications.
When processing payroll in-house, you must be well versed in the due dates for tax payments to avoid substantial penalties.
Also, beware of state and federal pay check requirements. Are you aware of what information is required on a pay stub? The penalties for non-compliance in this are significant as the penalty is for each and every stub issued incorrectly.