No two educational and care institutions are the same. That’s especially true when it comes to payroll processing. Each institution has its own unique set of rules and regulations that they must adhere to, not to mention their individual employee compensation packages for hardworking teachers and staff.
Many schools and daycares choose to handle their payroll in-house Schools & Daycare Payroll Services by hiring a dedicated human resources administrator or team. However, there are also benefits to outsourcing to a third-party payroll service that is specifically geared toward the idiosyncratic needs of schools and childcare centers.
A third-party payroll provider can help you reduce extra administrative and compliance related work, so that you have more time to focus on the critical tasks at hand. This can save you time and money in the long run, as well as protect you from potentially costly wage claims by employees.
When it comes to school and daycare payroll services, you must ensure that all employee wages are accurately recorded, tax withholdings are properly reported to the IRS and state agencies, and that any requisite deductions for health insurance or retirement contributions are deducted. This is not an easy task, and mistakes can be costly. A third-party service can be a valuable asset, as they are familiar with the nuances of the industry and understand how to correctly process payroll for both public and private schools and daycares.
In addition to traditional payroll processing, some companies offer additional human resources-based add-ons like onboarding support and recruitment. While these may cost more than your standard payroll processing fee, they can save you time and headaches in the long run by alleviating some of your most burdensome duties.
The biggest advantage of switching to an online payroll platform for your school or daycare is the huge time savings you can experience. Managing payroll manually is often time consuming, and when you have to deal with staffing changes, sick days, and other unforeseen circumstances, it’s even more difficult to keep up with payroll.
Shifting to an online payroll platform can streamline all of this and give you back the time you need to come up with fun new programs for the kids. Most online payroll systems also offer digital time tracking, so that your employees can clock in and out on their own devices (including their smartphones), and at any time throughout the day.
Another big benefit of using an online payroll system is that you can issue paychecks in a variety of ways, from direct deposit to paper checks to cash cards. This flexibility is a great way to cater to your employees’ individual preferences, and it can be particularly helpful when you have a teacher who doesn’t have access to a traditional bank account.