The best payroll company can bring all the difference in your business since you no longer have to shoulder the burden of processing payroll, calculating and filing payroll taxes as well as generating payroll tax statements.
Actually, payroll service pricing will depend on the range of services you select, but the pricing differs from one Payroll Company to the other. Basically, you can land the best Payroll service for your business by looking at the following features; reputation, ease of use, customer support, integrations, and cost. This article is for you if you are a HR manager or a small business owner hunting for a good payroll service.
Does my Business Need Payroll Service?
Every business owner with employees needs a Payroll services provider to help with the payroll service. The process is vital as it ensures that all staff gets their payments. Some companies handle the payroll service by themselves, while some prefer to hire a payroll service provider. With the experts in the picture, the process is simpler and highly convenient. This article covers everything related to selecting the best Payroll service for your business.
What do you understand about a Payroll Service?
Payroll companies offer Payroll services that involve processing payroll calculations, the company’s year-end taxes, and payroll tax statements. Also, a full-service Payroll provider takes care of your employee’s withdrawals and deposits, withholding plus pay garnishments and new-hire reporting.
The payroll system simplifies the process of paying all categories of employees, including freelancers, full-time and part-time employees.
In short, you’ll have ample time to concentrate on your business growth as the experts handle the Payroll.
Other Payroll Options
In-house; if you are running a large company with several workers, it’s advisable to hire an in-house accounting expert to handle your company’s Payroll. The good thing about having an accounting team is that they will take their time to analyze and understand your business’s strengths and weaknesses and its culture. As a result, they’ll equip themselves to better your company and even change with it. Besides, there are readily available should there be an emergency.
Bookkeeper; that’s an individual who prepares your business account and keeps a record of your business finances. Hiring bookkeepers is the best move for a young business with only a few employees. Your in-house employee can also be your bookkeeper.
Online Payroll; if you prefer to handle the Payroll task all by yourself, there are various online services available. However, this is a cumbersome process and will consume much of your time, though it will help you save money.
Software; just like the online payroll service, the software option will consume time since you have to feed all the data. Computerized options via software can save you time and are better than online service. But you’ll be required to maintain the Payroll software and even double-check its results to avoid making mistakes.
What are the Features of the Best Payroll Service?
Payroll providers do not offer the same service. Each has its approach, not to mention that some are better than others. To find the best Payroll service provider, look out for the following features;
Ease of use; the best Payroll service should be simple to understand. It should feature a user-friendly interface to enable you to operate the Payroll and even add more employees into the system with ease.
A variety of features; aside from processing Payroll and carrying out all tax obligations, check whether the service provides several payment options such as paper checks, direct deposit, and prepaid debit cards. You can also check whether it offers multiple wage rates, PTO management, garnishment payments, unemployment insurance, administration of workers’ insurance, and an extensive payroll report.
Cost; every business owner looking for the best Payroll service wants one that’s within their budget. Most services offer long-term contracts and operate monthly. Still, others will need yearly commitments. The pricing may structure you opt for, and the number of times you run Payroll will significantly influence the cost.
Integrations; the best Payroll service is one that syncs with the programs that matter to your company, such as time accounting software, time and attendance systems.
Reputation; the reputation of the Payroll service provider matters. You should go for a provider that features a superb track record and positive online reviews. That way, you’ll have some peace of mind and avoid frustrations.
Outages; since online payroll services are cloud-based, your business Payroll operations will entirely depend on the service provider. Therefore, it’s important to establish whether your provider’s system has several outages.