ExecutiveChronicles.com | How to Find the Best Payroll Service for Your Business | If you think major corporations are the nation’s biggest employers, think again. The truth is that 99.9% of all companies in the US are considered small businesses.
Whether you have one employee or 100, one thing remains the same: payroll. Like that pile of laundry waiting for you at home, you can always count on payroll waiting for you in the back office.
If you’re still writing checks and calculating payroll tax by hand, it’s time for an upgrade. Did you know there are easy-to-use payroll services and even professional payroll companies?
Make your life easier by finding the best payroll solution for your small business. Keep reading to learn more.
Payroll Services: What Are Your Options?
Payroll services vary from DIY software to fully outsourced payroll companies. The best payroll option for you depends on the size of your company and the needs of your business.
Here are some common options to consider:
- Payroll software (manual and automated options)
- Online payroll services
- Bookkeepers and accountants
- An internal HR department
- Outsourcing to a payroll provider
If you own a mom-and-pop shop with just a few employees, you can probably get away with basic software or online services. But as your business grows, these DIY options will take more time and energy than you can devote.
Creating and staffing an internal HR department is expensive and time-consuming. Many savvy business owners choose to outsource their payroll needs to a professional employer organization, as this source explains.
How to Choose the Best Payroll Services
So then, what’s the best solution for your business?
First, consider which services you need. These might include:
- Payroll processing
- Filing payroll taxes
- Reporting new hires
- Managing paid time off (PTO)
- Integrations with other software
- Detailed wage and labor reports
You may need all of these features, or you may only need a few. Keep in mind, however, that payroll involves more than just handing out paychecks.
For example, what if one of your employees gets injured on the job and files a worker’s compensation claim? Are you prepared to handle the slew of paperwork coming your way?
What about compliance issues? Does your business need to worry about OSHA guidelines or HIPAA requirements? Even the smallest business needs to comply with local and federal laws about best hiring and firing practices.
Do you offer employee benefits such as medical coverage or retirement planning? If not, did you know that many payroll companies offer affordable options that allow you to do so?
The best payroll services go beyond printing basic paychecks. They save you time and money by allowing you to focus on the core aspects of your business — not another day in the back office.
Find the Best Payroll Companies Near You
It’s time to put that payroll calculator and those handwritten checks away — for good. Use the tips above to find the best payroll service for your small business!
Our great advice doesn’t end at payroll companies. Keep browsing our site for more helpful articles like this one.
