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HR Comp Offers Critical Tips for Businesses Using Payroll Services

Mar 7 2013 12:00AM

Marketwire

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POWELL, TN -- (Marketwire) -- 03/07/13 -- HR Comp understands the value that a payroll service provider offers to small and medium businesses, as it extends this form of support to its own clients; however, the company is well aware that many business owners are not sure of how to use such services. A recent article published by Forbes highlights several pieces of information that business owners should consider before they contract a company to handle their payroll. The professionals at HR Comp respond by urging business owners to do their due diligence in researching the companies they are considering and choosing the one that will provide the highest degree of value.

According to the article, approximately 41 percent of the small businesses throughout the US use payroll service providers. While the provision of such services is of course integral to the ability of a business owner to focus on other tasks, there is a certain degree of responsibility that these business owners hold to ensure that their employees are being paid correctly and that the right taxes are accounted for. While fraud is something that occurs in virtually any industry, even an honest mistake can cause a great deal of trouble for a company. Additionally, the article explains, maintaining control of payroll cash is integral for any business.

"Upon receiving payroll account bank statements," recommends the article, "an employer should reconcile them to its books, promptly notifying the depositary bank of any forged or altered checks [...] In sum, computing employees' gross pay and withholdings, printing payroll checks, preparing payroll reports, and preparing payroll tax returns are appropriate uses of a PSP. But an employer should never allow a PSP to take custody of its payroll cash."

"A business owner should always do their homework before hiring a payroll provider," comments a representative from HR Comp. "It's not going too far to contact a few of the prospective providers' clients to get a feel of how their business payroll is handled. Go as far as to question areas where they may or may not be happy as a client. Do your own investigative research, as it's sometimes the only way to gain the specific knowledge you need to make the right decision for your business."

ABOUT:

HR Comp, based in Powell, Tennessee, is a professional employer organization (PEO) that offers its clients logistic solutions spanning human resources administration to employee management. Further services provided by the business include: payroll, Web-based scheduling, direct deposit, tax forms, employee audits, time and attendance, staffing, insurance coverage, compliance, risk management, safety inspections, drug testing, file maintenance, safety training, and more. The professionals at HR Comp are well aware of the needs of small to medium businesses and make it a priority to effectively network with the organizations that trust their success into their hands.

For more information about HR Comp visit www.hrcomp.com.



Source: Marketwire


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