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As a business owner and employer, it is your responsibility to provide benefits to the employees that work for your company. Benefits such as retirement plans, healthcare, and vacation policies provide individuals with an incentive to work for your company. By looking out for the well-being of your employees, you create a positive relationship and atmosphere within your place of business. 


Many small business owners, however, are daunted by the thought of managing a 401(k) or other types of retirement plans for their employees. This is with good reason! There are many guidelines and regulations that must be followed in order to provide your employees with this opportunity.


Our role at XCell Payroll is to simplify your job as a small business owner while allowing you to provide top-notch resources for your employees. One of the ways we do this is by offering 401(k) plan administration services.

401(k) Plan Administration Services

As a part of your payroll system, we will work with you to manage your 401(k) program. We can help you establish a retirement plan for your employees, automate the contribution process, and manage the required recordkeeping. This provides your employees with the benefits they deserve while minimizing your responsibilities.

Retirement Plans for Small Businesses

There are several types of retirement plans available, each with their own set of advantages and disadvantages. You may choose to offer one plan to your employees or allow them to choose an option that works for their goals. 


At XCell Payroll, we can help you implement and manage the following types of plans.

A 401(k) is one of the most common types of savings plans. With this plan in place, your employees will be able to contribute a set amount to their retirement plan with each paycheck. As your payroll specialist, we can easily accommodate these deductions without adding a separate process for your employees to complete. 


As an employer, offering a 401(k) is often the most cost-effective plan, allowing you to avoid the high costs often associated with retirement benefits. However, it still provides your employees with an easy, accessible way to save towards their future.


With a 401(k) plan, employers can choose to contribute to their employee’s retirement funds. There are several ways to offer this benefit. However, the most common is to offer a fixed rate match to the funds that your employee contributes to their 401(k) account.

Many small business owners choose to establish a Simplified IRA for their employees. This type of retirement plan has many advantages over a traditional 401(k) plan. It is important to note that you are not able to offer this option if you have more than one hundred employees. For this reason, many small businesses choose to offer this type of retirement plan as it gives them a leg-up over larger corporations.


Similar to a 401(k), a Simplified IRA is funded through a deduction in the employee’s salary.

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Benefits of Combining Payroll & 401(k) Administration

There are many benefits to synchronizing your payroll and 401(k) plan administration. XCell Payroll is proud to provide this service to small business owners in all industries.


In order to offer a retirement plan to your employees, you must track important information including eligibility, enrollment dates, and much more. This task is not only complex but also time-consuming. When you combine payroll and 401(k) administration, this information is easy to access.


Both payroll services and 401(k) administration require access to important personal data. When you work with a trusted company to offer your employees with these services, you provide them with peace of mind in knowing that their sensitive information is safe.


Just like anything else, when you combine services you are awarded significant time and money savings. Allowing the experts at XCell Payroll to handle your payroll and 401(k) administration services provides you with more time to focus on the tasks you enjoy.


There is a great benefit to establishing a 401(k) administration plan with a company that already knows the needs of your business. We work to create a streamlined plan that includes both payroll services and retirement plan administration. This eliminates the need to hire and communicate with multiple companies. Our goal is to make business management simple and enjoyable.

How Employee Benefits Benefit Your Business

Although usually seen through the lens of how they benefit your employees, employee benefits can actually benefit your business as well! Providing benefits such as retirement plans, healthcare benefits, and vacation time can quickly set your company apart from others in the industry.


Because business owners are not required by law to provide retirement benefits, many do not. This is one easy way to generate interest in your company and create long-lasting relationships with the top talent in your industry.


Implementing an affordable, trustworthy 401(k) administration plan not only allows your employees to save for their futures. But it allows you to do the same! When combined with your payroll system, 401(k) administration requires minimal effort on your part. However, both you and your employees will be able to reap the benefits of this decision for years to come.

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Establishing Retirement Benefits For Your Small Business

XCell Payroll is dedicated to helping small business owners like you provide their employees with the same benefits and services they would receive from larger corporations. As a small business ourselves, we are able to provide you with a customized payroll and retirement plan system that caters to your needs and desires. 


We know each company has different needs and requirements when it comes to retirement planning. Our team of experts can provide you with insight and education into implementing a plan that is beneficial to both you and your employees. 


Simplify your management tasks and eliminate frustrating obstacles by combining your payroll services and retirement plan management. XCell Payroll will manage these tasks, allowing you to manage your business. Contact our team today for more information regarding our 401(k) administration services!