Choosing the right payroll service is an important decision for your business. Payroll can be a daunting task for many small business owners, and thus taking some of these duties off your hands is a much needed relief. However, choosing the right provider is not always easy. With so many providers on the market today, it’s difficult to know what you need and how much you should pay. Instead of choosing the first one you come up with, consider what your business payroll needs are and how you can get them fulfilled.
Features Payroll services often do much more than dole out funds to your hardworking employees. Often times their services will also take care of your basic HR and time and attendance needs; this makes the process seamless for everyone involved. Consider some features you can take advantage of.
- Direct deposit: You want to have this option available; it’s more convenient for you and your employees.
- Reporting: From employee time tracking to emergency contact info and general financial info, you want to have the option to pull the reports you need when you need them.
- Taxes: Most services will automatically general federal tax forms for you, taking much of this difficult work off your hands.
- Employee portal: Make it easy for your employees to see previous pay stubs, tax deductions and much more.
- Integration: If you’re already using an accounting program, for example, determine whether integration with that software is supported.
- Mobile: Many providers are now offering mobile access to your payroll dashboard. Here you can enter hours, vacation or sick days, deductions, etc.
- Compliance advisor: With payroll you need to keep up with government regulations, and if your payroll is not compliant you can incur expensive fees. Most payroll services will have someone to ensure you are staying within the rules and regulations of your industry.
Pricing Pricing for payroll services will vary from provider to provider, as with any service. However, many offer tiered pricing, which can range from monthly to annual, user based, and much more. Consider what each will mean for your business and cash flow.
- Free trial: Many payroll providers will offer a free trial of some sort, often 30 days. This is a great way to decide if you are willing to make the investment with this company or not.
- Employee based: If the program is charged per employee, you’ll want to consider how your business is currently growing; you could be paying substantially more than what you start at.
- Support fees: While most support will come free, some companies will charge for phone calls after a certain point. As an integral aspect of your business, you want to reach someone free and fast if an emergency arises.
Choosing the right payroll service will not be easy. However, if you consider what your business needs, and what each one offers, you can narrow down the options to find the one for you. Take a look at our approved vendors to get started today.