Payroll processing services are third-party companies that you can outsource your entire payroll process to. These are companies that often employ experts in payroll processing, tax preparation, HR, payroll legal services, and many other areas of information that are not easily accessed by employing an in-house team.
In this guide to getting your payroll properly run, we’ll cover:
We know it can be daunting to try and upgrade your payroll service while running a small business. Our hope is that this information will let you make a stress-free decision that streamlines your company.
Though there are no one-size-fits-all payroll service plans for small businesses, a typical outsourced company provides:
When you are searching for a payroll company near you, make sure to discuss your specific company needs and how their services might fit your budget.
If you are looking to move from manual payroll to payroll processing service, you have a number of more efficient options. These can include:
There are many different payroll services that can get the job done for your business. Our recommendation is to see which option can save you the most time, stress, and money. For most small businesses, we believe this is going to be with an outsourced payroll provider. It is still important to determine how a payroll specialist best fits your company’s needs though, so be sure to vet all your options thoroughly.
This is a commonly asked question, and the answer is technically yes, but realistically no. There are some CPAs who will do payroll services, but even then, most outsource their work to bookkeepers or third-party services. We do not recommend trying to use a CPA for payroll work specifically.
Though each payroll service is different, most payroll companies provide value by having experts in each area necessary to run an optimized payroll for any sized business. This includes specialists in data security, HR, tax law, and payroll management.
When it comes time to choose which payroll service you are using, make sure to ask them about their process and who will be involved in handling your account. This can be a great way to preview the customer service you will receive and see the value that the payroll company will provide your business.
When it comes down to it, a payroll company makes money like any other business. Their products and services are all pain points for small businesses, and they focus their time and energy on becoming efficient experts in all the related fields. This means they can charge a price that makes them profit while also delivering a product that will save their clients time, money, and stress. Win/win!
Your business needs a payroll service because it can be one of the most dynamic ways to take your business to the next level. Payroll can be a major headache when it’s done in-house; employees get grumpy when there are errors, their paychecks are late or incorrect, or the format is inconsistent. There are also complicated legal and tax implications for getting payroll wrong.
Conversely, when you use an outsourced payroll provider, they can offer:
Most importantly, payroll providers are working all day every day on payroll – and your in-house team most likely is not. You should trust experts with such an important part of your financial ecosystem, and in turn, they will save you time and money.
At Paytech, we work to empower small businesses by providing custom payroll solutions to fit your employees’ needs. We understand how difficult and stressful it can be to run manual payroll or to navigate software without proper support. Our team of experts will be there to answer your questions every step of the way as we build a dynamic and streamlined payroll solution for your business.
If you’re ready to turn payroll into a positive instead of a stressor, please reach out today. One conversation could help take your business to the next level in no time.