Posted by Juliette Riddle
Uploaded 71 days ago
It’s estimated that 41% of American small businesses use payroll service providers. Companies like Automated Data Processing (ADP), Gusto and Quickbooks are some of the largest business outsourcing services in the world. Home services business owners have numerous options at their fingertips. From outsourcing to a third-party service to user-friendly payroll software, the options are endless. It may take a little searching, but it's best to find a payroll service that fits your business needs now, and as it continues to grow.
A payroll management company specializes in all aspects of the payroll process including computing employees’ gross pay, printing payroll checks (non-direct deposit), preparing payroll reports for upper management, and Preparing payroll tax returns (W-2 And 1099).
When utilizing a payroll provider, the company will take responsibility for paying payroll taxes on employee wages. This means that they do the heavy lifting, taking the stress out of using accounting tools such as Quickbooks, and potential legal issues. This keeps the IRS and other government authorities at bay.
Costs for a payroll service provider can vary based on the number of employees at a company, pay periods per month, and the level of additional services required. For example, taking over human resources tasks such as administering a company’s retirement and benefits programs may cost a bit more, but it takes the responsibility off of the shoulders of business owners and human resources departments, allowing them to focus on more important tasks. On average, services can range from $20-100 per month.
As your employee base grows, so do the fees for using a payroll service provider. However, when considering the time that it takes to collect, organize, and process information, in addition to maintaining the payroll for a scaling company, it helps with building financial stability.
You can change payroll providers at almost any time of the year. However, one Best practice is to wait until the beginning of Your business's fiscal year. Time should be allocated for the transition: collecting employee information, as well as, organizing and providing past payroll records to the new management company.
When picking a new payroll service provider, there are many factors to consider. As discussed, ensure that the provider fits your business needs. It may take some time to find the right fit, but here are a few recommendations from other pros to help you get started. Happy hunting!
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