A lot of business owners are looking for a good payroll service that can meet their needs. This article will provide you with some helpful tips on how to find the right company or software to handle your payroll services.
With a little bit of basic research and outlining what you need as a business, finding an efficient service is easy. The most important part is finding out whether they offer certain features you might need like tax-filing assistance, direct deposit, weekly printing, etc. Make sure there are also no hidden costs or fees that aren’t mentioned on their website.
We’ll help you with the specific elements you need to look for in a payroll service. Depending on the size of your company, there are several options. There are payroll software, larger payroll companies, and websites. If you’re open to an online payroll company, you might find the following review helpful https://www.top10.com/payroll/reviews/surepayroll as they are a proven leader in the field and meet many of the criteria we lay out below.
Consider Your Options
The first thing you should do is consider your payroll options. Companies presently have more payroll options now than at any other time in history. What are the major types of payroll service providers?
Software
Software payroll is done by you or a member of your company through a program you install on a computer or other device. With payroll software, most of the heavy lifting is done for you. You enter the relevant data in each section, and the program automatically computes and does all the figuring.
The checks are normally designed automatically, with taxes taken out and other important stats automatically solved and placed in the proper section.
You will still need to maintain all the main inputting, like employee names and information. It’s also required to double-check everything, just to be certain.
Online
Online payroll services, https://finance.yahoo.com/news/newest-ezpaycheck-bundle-speeds-both-100000689.html, are similar to software in the way the interface is set up. Most of the complicated figuring is done for you after inputting the necessary data. The only difference is you don’t install any software, and all the information is stored in the cloud and not on your hard drive. Normally these online services can be found for free, so they can save you money.
Bookkeepers/CPAs
This is a third party who prepares your paperwork for you when the time is necessary. They aren’t an in-house employee and usually only show up one or two days a week.
Hiring a bookkeeper or a CPA is a viable option for smaller businesses that don’t have as many employees. Many of these workers take on jobs on a freelance basis and provide fair rates.
In-House
Larger companies with substantial amounts of employees usually choose in-house accountants that work on a full-time basis. Having a large workforce requires the person doing the payroll to be there every day and have an efficient understanding of how the business operates. It’s hard for a part-time bookkeeper to become acquainted at the level necessary to accommodate large businesses.
Software and online payroll programs are out of the question since payroll for large companies is a full-time job in itself. Do yourself a favor and hire an in-house payroll manager.
What You Need In a Payroll Provider
Now that you have a better understanding of each provider and what they can offer, you need to examine the specific needs of your business. What do you need out of a payroll service to make your company run smoother? You should examine the following elements to arrive at a decision.
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- Specific features include many different options. Do you need multiple payout options? Some businesses payout on prepaid cards, checks, and direct deposits. Does the service offer multiple wage rates, global payroll options and payroll garnishments? Some employees might require special attention on their weekly processing.
- Is the software easy to use? If you’re going with software or an online tool, it should be easy enough to use for you to breeze through it fairly easily. You want to be attentive, but you shouldn’t get hung up on simple tasks because the programming is overly complicated.
- How much does it cost? This is an important dynamic whether you choose software, online, or a person. If you’re using in-house or a bookkeeper, the rates could vary drastically depending on how often you need them to run payroll. Weekly and bi-weekly can mean a huge difference in cost. Some providers also require you to sign a yearly contract, while others are okay with month-to-month. If a contract is required, the terms should be clear regarding the exact services rendered.
- Reputation goes a long way as well. If you’re using software or an online tool, make sure you get reviews and make use of a free trial before you commit to anything. Luckily, most online platforms are free, so the free trial isn’t an issue here. We highly recommend choosing a bookkeeper or in-house provider that has done business with friends or ex-coworkers or business partners you have. Word of mouth goes a long way. Getting someone you trust to vouch for a service is a great way to reassure yourself of the choice you’re making.
Start Small
If you’re a smaller business, the best thing you can do is start small and make changes to more extensive services if it’s necessary. Larger companies usually have the budget to find the best and most well-reviewed company on the market. When you have a lot of employees, it takes a provider with a lot of resources and talent, and you’ll want to spend the extra money to know things are done efficiently.
Smaller businesses, do things on your own while you still can. This can be a great way to save money while you’re taking steps towards your long-term goals.
