What Are Exact Payroll Services?
Exact Payroll Services is a payroll outsourcing company that provides comprehensive payroll solutions to businesses of all sizes. They offer various services to help organizations efficiently manage their payroll processes, ensure accuracy, and comply with payroll tax regulations. You can run the payroll for your international contractors without transaction fees or exchange rate markups with exact payroll services. You can also automate payments to make your life easier. Fully managed and part-managed payroll service costs vary – you can get personalised quotes from the best providers using our free quote tool. Additional managed services, like pension plan auto-enrolment, are extra and will increase the overall cost.
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What are Exact Payroll Services?
Exact payroll services are third-party companies that help businesses streamline their payroll processing. They calculate wages, file and pay payroll taxes, deposit and withdraw funds from bank accounts, and prepare quarterly and year-end tax reports. They also offer other accounting-related services, like benefit deduction management and workers’ compensation administration. They can offer various payment options, including direct deposit, paper checks and prepaid debit cards. They can track wage rates, overtime and holiday pay. They can also manage garnishment payments, PTO accruals and workers’ compensation premiums. They can also integrate with other business programs, like human resources software and accounting systems.
Here are some key features and offerings of Exact Payroll Services:
- Payroll Processing: Exact Payroll Services handles the entire payroll processing cycle, including calculating employee wages, salaries, bonuses, and deductions. They take care of payroll calculations, such as tax withholding, overtime, and other adjustments, ensuring accurate and timely employee payments.
- Tax Compliance: Exact Payroll Services stays current with the latest payroll tax laws and regulations. They handle payroll tax calculations, including federal, state, and local taxes, to ensure compliance with tax requirements. They also assist in preparing and filing payroll tax reports and forms.
- Direct Deposit and Payments: Exact Payroll Services facilitates direct deposit, allowing employees to receive their wages directly into their bank accounts. They also offer payment options such as printed checks or pay cards, providing flexibility based on the organisation’s and its employees’ preferences.
- Employee Self-Service: Exact Payroll Services provides an employee self-service portal where employees can access their pay stubs, view and update their personal information, and manage their tax withholding preferences. This empowers employees to access their payroll information conveniently and make necessary changes as needed.
- Time and Attendance Integration: Exact Payroll Services integrates with time and attendance systems, allowing for seamless transfer of employee work hours and attendance data. This integration ensures accurate calculation of hours worked, overtime, and leave, enhancing payroll accuracy.
- Reporting and Analytics: Exact Payroll Services offers a range of payroll reports, including payroll summaries, tax reports, and employee earnings statements. These reports provide valuable insights into payroll costs, labour expenses, and other metrics, helping businesses analyse and track payroll data.
- Compliance and Security: Exact Payroll Services ensures data security and confidentiality by implementing robust security measures and adhering to industry standards. They also handle compliance-related tasks, such as year-end tax reporting and filing, to help businesses meet regulatory obligations.
- HR and Benefits Administration: Some payroll service providers offer additional HR and benefits administration services, including Exact Payroll Services. These may include managing employee benefits programs, handling HR-related tasks, and providing support for HR compliance matters.
Exact can also provide a self-service portal that allows employees to access their payslips and other information online. It can also help them with leave and vacation requests, PTO balances and year-end tax forms.
What Services Do Exact Payroll Provide?
Many of the top payroll service providers offer full-service packages with various features. They typically include payroll processing (calculating wages, deductions and overtime), preparing p45 & p60s, filing and paying federal and state taxes, and handling employee pay via direct deposit or prepaid debit cards. Some also provide top-tier security to protect sensitive data from hackers and cybercriminals.
Some services charge a flat account fee per month or pay period, while others may be more expensive on a per-employee or per-check basis. These fees are lower than the cost of an in-house payroll department. Regardless of how much you pay for a payroll service, ensure you get exactly what you need. Otherwise, you could end up spending more than necessary.
How Much do Exact Payroll Cost?
Whether you choose a service that charges fees per payroll or one that uses a fee structure based on the number of employees you have, outsourcing your payroll functions is usually relatively inexpensive. However, it’s essential to consider the additional costs that may arise from other services and upgrades.
For example, suppose you have a direct deposit system set up with your provider and offer other related products and services, such as paper check printing. In that case, transaction fees will be associated with each employee’s paychecks. This can be a significant expense for some companies. Also, some providers will charge an account setup fee and a monthly or yearly base fee to maintain your account.
Who Are Exact Payroll Suitable For?
Suitable for any business that needs to process payroll, exact payroll services calculate wages based on wage rates, shift differentials, overtime pay and holiday pay. They also handle deductions for taxes, Social Security and retirement. They file and pay payroll taxes on your behalf, issue W-2s and 1099s at year-end, and keep you compliant with state and federal laws.
Besides offering basic payroll processing, these services offer features like integration with time and attendance systems, accounting software and PTO tracking. Some even have dedicated customer support representatives to help you navigate their system.
If you have a lot of experience running payroll, consider hiring a part-managed service that allows you to retain control of the straightforward processes while they take care of the rest. This is a more affordable option than fully managing your payroll and can save you time in the long run.
Exact Payroll History
Exact payroll services have been around for decades, with a history of adapting to technological changes. They offer various software programs that work with the most commonly used business applications to help streamline the process of running payroll. When choosing the best payroll company, finding one that offers a comprehensive suite of tools and features is essential. Be sure to ask about the pricing structure and whether it includes a base rate and per-employee fee.
Many providers will also provide an employee portal where they can access their pay stubs and other information. These are a great way to make managing their finances easier for your employees. Also, look for a company that provides support when it comes to registering tax accounts in new states.
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