From the course: Human Resources: Payroll
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Deciding on a payroll system
From the course: Human Resources: Payroll
Deciding on a payroll system
- Imagine that you've started a brand new business or you are an HR consultant brought in to set up HR systems. Where in the world do you even begin to pick a payroll system that works for the company's unique situation? I want to share three common payroll situations and compare the pros and cons of each of these popular payroll solutions. Let's first take a look at this common scenario. The company has always paid workers as independent contractors, but now they need to pay them as employees. This will dictate the need for a different payment process. In this example, the company selects an in-house manual payroll system where you would be writing the checks by hand. This includes calculating those wages, deductions, writing the actual checks and processing any employer tax liabilities manually. The advantage of this system is that it's inexpensive to establish and maintain, but only if you have a few employees to pay.…
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