Choosing the Right Payroll Service for your Business

Payroll Service, Payroll Service for your Business

In today’s business world, more tasks than ever before are being outsourced. One of the most important services being handed over to outside agencies is payroll. For businesses with large numbers of employees, utilizing a payroll service is almost a necessity. As demand for the service has grown, there have been more payroll services to choose from. While it can at times feel intimidating when trying to decide which one to use, the process is not at all complicated.

Choose a Service Based on Your Size

The first thing to consider when choosing a payroll service is the size of your business. Larger companies, those with 100 or more employees, often need the services of a nationally-known payroll service. These services, with years of experience and the ability to deal with large amounts of information that’s constantly changing, offer larger businesses peace of mind. In most cases, the staff is large enough to handle the workload, and is often better equipped to deal with state and federal regulations that change almost yearly. For companies that may have offices in many different cities or states, these services provide continuity as well as convenience when information needs to be processed.

Get a Guarantee of Work Quality

Whether your company is using a national payroll service or one that is smaller and local, it’s always a good idea to make sure they offer you guarantees of their work. As with most aspects of accounting and bookkeeping, mistakes are inevitable. When they do happen, it’s imperative they be caught and corrected quickly. Otherwise, penalties and fines may result in hundreds or thousands of dollars being paid out that otherwise would not have been needed. The best payroll services are those that offer guarantees of their work as well as a guarantee of fixing any mistakes they make. As with any business agreement, make sure you have all this in writing before you sign up for the services.

The Benefit of Large Payroll Services

One advantage larger payroll services offer is web access for inputting and reviewing data before it’s sent on to the payroll service. Many smaller services only offer telephone consultation during regular business hours, which may not work well for all customers. Having a checks and balance system in place to catch potential mistakes is a necessity when using a payroll service, and those offering web access usually allow for that.

Find a Fair Price

In addition, the web-based access should be easy to use. If it’s hard to access or understand, it’s probably best to look elsewhere. It’s also important to select a service that fairly calculates your fees based on how much you use the services. Most companies charge a flat monthly fee for basic services, such as check processing, and may charge additional fees for completing tax forms, calculating executive pay and more. So before choosing a payroll service, carefully consider your company’s needs and how much you can spend on the service. Speak with several services, then choose the one you are sure can handle your company’s needs.

Featured Image Source: Thinkstock/stevanovicigor

Posted on May 5, 2023