Finding the Right Small Business Payroll Services
Published on January 10, 2018
Although it costs money to hire a service to do your payroll, it can also end up saving you money. According to Bloomberg, small business owners have a huge payroll tax penalty issue, collectively adding up to billions of dollars in fines every year. If saving time and money by hiring someone to do your payroll is the right option for you, then read on to see how you can find the small business payroll service that’s best for your enterprise.
What to look for in small business payroll services
There are quite a few different online small business payroll services to choose from, which might seem daunting—but it doesn’t have to be. It’s important to know what benefits are important to you, and to understand the range of benefits payroll services may offer. Here are some specifics to look out for while shopping for small business payroll services:
- Will the service stay on top of payroll tax regulations? Do they comply with federal, state, and local regulations so you don’t have to worry about fines?
- Are direct deposits offered in an easy, understandable process?
- Does the service offer securable checks to ensure the safety of your employees’ paychecks?
- Does the service offer both paperless and hand delivery, so you can choose whichever you prefer?
- Does the service provide experts over the phone to attend to any questions or concerns?
- Are in-person advisors also an option? If you prefer working face-to-face, this might be a requirement for you.
- Does the service offer tools to automate administrative tasks? Does their website offer more advantages to make your part of payroll even easier? Look for tools that:
- Calculate payroll taxes automatically
- Provide reports and customized analytics
- Use a single integrated database, to make payroll tax filing and all associated tasks accessible in one place
- Does the service specialize in small businesses? Some payroll companies specialize in providing small business payroll services, which may mean have services more tailored for businesses like yours. You may benefit from choosing a company that is used to working with businesses like yours.
- Does the payroll service give you mobility? That is, can you easily upload payroll data and manage benefits through your phone app on the go? Do they offer an employee self-service/mobile app for your employees to see pay stubs, benefits, and tax breakdowns easily?
Small business payroll services: what does your business really need?
Even though there are a lot of helpful extras out there with some payroll services, it doesn’t mean you need to utilize a business payroll service with all the bells and whistles. If you only have a few employees, you might not need all the extras that come with some payroll services. In this case, you may benefit from looking at payroll companies that have services tailored specifically for small businesses. This way you can benefit from having a professional do your payroll, avoid getting fined due to mistakes, and save time to focus on other aspects of you small business.
Start off shopping for a payroll service by figuring out what you want from some of the services listed above. Check off what you want out of a payroll service and make sure that is what you get when you purchase the service.