Today, we are going to be talking about payroll and payroll service providers. We work with a number of businesses on a variety of aspects of their business, including their tax planning, their tax compliance, and operational planning. One area we have found that is best left to the professionals is payroll and payroll processing.
Payroll is an incredibly simplistic operation although at the same time requires a tremendous amount of compliance. You are paying somebody a set rate for the time that they have worked, but in doing so, you run into a number of different agencies and a number of different filing requirements. As a matter of fact, a business in the State of Florida with one employee would have 22 different annual filing and payment obligations to the IRS and to the State of Florida.
I do not know about you, but that is a lot, and I do not want to be caught missing one of those and find myself in a heap of trouble. That is why we recommend our clients seek a payroll provider who is competent, who has the best tools, and who has great customer service. The provider that we found that meets those criteria is ADP.
I can tell you, I personally use ADP, and I have been a fan for many years. With ADP, you get top-of-the-line tools, and by tools, I mean for example if you are a construction company, they have GPS tools that contract labor from one job site to another. They have very deep analytics and reporting that you can use in your business, or you can just simply run a payroll. You can offer direct deposit to your employees, everything is done online, and you can view and approve payroll before it gets submitted.
The other thing I love about ADP is their great customer service. I have always had competent and talented sales reps to work with. They will go out and help my clients hands-on whenever they need something and whenever they have an issue.
Again, I recommend that any business with employees should outsource this payroll function. I do not recommend trying to do it in-house due to the complexities and due to the compliance. it is best left to a company like ADP who has the systems and the framework to be able to execute it flawlessly.
If you have any questions, comments, or ideas for future videos, please let us know.