There’s a lot to consider when outsourcing payroll for a business.
“How much will it cost? and “What level of services will I receive?” are among the first questions that may come to mind.
So, how do some business leaders reach the decision to contract payroll outside of their company? First, it’s important to understand the benefits:
- Hiring a payroll provider is good because they are charged with making sure that your business is meeting crucial deadlines for filing taxes and making paycheck deposits
- They are skilled in efficiently centralizing a company’s data, which includes keeping records up-to-date, maintaining reports on employee taxes and wages, workers’ compensation and unemployment claims
- Payroll can be complicated, especially with changes in regulations. Hiring an outside firm reduces the chances of errors
- Outsourcing payroll means your company can be more productive and available to run the business.
When researching payroll providers, it’s wise to gather as much information as possible about service, reputation and price. Here are some additional questions to consider:
- Is the company reliable? What security measures do they have in place? You will trust this firm with a lot of important personnel data, including Social Security numbers and employee bank account numbers.
- Are there added services available with the firm as your company grows? Can their specialists handle HR and benefits, or 401(k) and retirement plans, if needed?
- What about their capabilities with technology? Are they invested in the latest tech? How about mobile readiness? Will there be remote access to payroll available for your employees?