Updated 5/10/2016:
One problem that plagues many small business owners is how to go about handling their payroll departments. Many managers and business owners don’t know what is best, either using a software program, to do it in house with an accountant, or to hire an outside company to do the printing and maintaining your payroll department. This article will go over the various cheap payroll services and options primarily for small business owners.
Cheap Payroll Option # 1: Use a software.
The most inexpensive payroll option is to use a payroll software program such as Quicken. The only issue with payroll software is that if you are not savvy with accounting work it may seem difficult and overwhelming at times. Also, it is not uncommon for a small business to be penalized because they did not follow proper protocol. Payroll Software usually has a monthly fee involved as well. Overall, if you are looking for the cheapest solution and your business is on a budget, going with payroll software can be a great choice.
Cheap Payroll Option # 2: In House
This is a option, however, it is not always a cheap payroll service. On average, a payroll specialist costs around $40,000 a year to employ. For many businesses, this is not a viable option at all.
Cheap Payroll Option 3: Hiring an Outside Company
Many business owners believe that hiring an outside payroll company is only for large businesses, however this is not true. In fact, as much as 50% of payroll companies business comes from small organizations with less than 10 employees. If you have a business with only a few employees, hiring an outside payroll company can be the right payroll solution.
Payroll services are necessary and can optimize a business and its potential right away. There are components of a business which should be automated and handled in a professional manner. Payroll tasks should be assigned to a professional tool as that is the best way to see results. A business owner might realize they have to get a payroll company on board, but which option is the best? Many good payroll companies are going around, but there are three which stand out right now. Here is a look at all three and what they offer.
1) Paychex
Let’s begin with one of the best payroll companies going around right now. Paychex is one of the most reliable payroll companies on offer and is affordable to boot. Beginning with the advantages of choosing this payroll company, you will be able to work with a company that has decades of experience and is flexible with its rate. One of the biggest positives you will see is the lack of additional fees with their services. You will get what you see when signing up. Some services tend to tack on additional fees for taxes in multiple states, but you won’t see that with Paychex.
Is this a perfect payroll company? No, it does have one con, and that would be the reduced attention you receive because there is no account specialist who you can speak with. You will have a rotating team that can be hit and miss. While you most likely will have a great time with this company, you still require account specialists to make sure things go smoothly. However – despite this Paychex is the best option if you are looking for a small business payroll provider and overall you can’t go wrong. If you can look past this, their service is top grade in quality.
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2) Intuit
The second option on the list would be “Intuit”, which is a major name in the payroll sector and does a remarkable job for most businesses. It can provide reliable, high-quality services that are going to keep things in check for as long as you need.
They are well known for being a proven entity and understand what their responsibility is for those who are requiring payroll services in this day and age. It is an easy investment and one that is going to be useful.
What do people have to say about weaknesses this service has to provide? Most of the strengths are evident, but if there is a weakness that has been pointed out, it would have to be the lack of service during the weekends. If you are hoping to gain support during the weekend, you are not going to get it.
If you are hoping for a 7-day option, you are not going to get it with this payroll company, and that can be difficult to stomach for most people.
You want to think about the pros and cons of this service and then decide, but it is one of the more efficient options.
3) ProPayroll
The final option in the top three would be “ProPayroll” and they are a good company as well. Beginning with the positives, you are going to have a service that is comprehensive with its attention to detail and does not skip over facts. You are never going to complain about how compact and valuable their payroll services are and for most businesses that is a must.
It is also one of the best options regarding customer service. They know what the client needs and they are always ready to assist. This is something that puts them above other payroll companies.
The only con they will have are some of the additional fees that can get tacked on when you are doing payroll work. This can include costs involving W-2 forms.
These are the top three payroll companies that are not only affordable but do a fantastic job with all payroll requirements. Being able to master this part of the business is critical as you want to look at other things instead of always worrying about how employees are being paid.
You also don’t want to be aloof when it comes to who is being paid what. You want to be on top of this, and any one of these three payroll companies should do a great job when assigned with the task.