How to Select a Top Tier Payroll Service for Your Company
Are you in need of a payroll service for your company but aren't sure where to look? Here's a handy guide from Side By Side Reviews on how to select a top tier payroll service.
Is it time for your company to hire a payroll service?
Even if you have only one employee, you should invest in a payroll service. You could choose to keep payroll in-house, but there are costs involved to do so.
Not only that but if you're doing payroll yourself, you could make payroll mistakes that can cost your company a lot of money in the long run.
A payroll company will help you avoid those mistakes and get your employees and the IRS paid on time.
If you do a Google search for a payroll company, you'll find thousands of results.
How can you be sure that the company you hire is good enough for your business?
Read this article to find out.
Know What Your Needs Are
As you start to evaluate payroll companies, you have to know what your needs are. Different companies have different features, integrations, and bells and whistles.
It's easy to buy a package that has a lot of features you don't need. Knowing what you need also makes it easier to ask for recommendations from people you trust,
Take a step back and think about your current payroll situation. Write down things that you like about it and what needs to change.
Then think through the payroll process. How often will you be adding new employees? What's your budget?
Does your payroll service need to integrate with other software, such as a CRM or accounting software?
There are many options when it comes to online payroll services.
They range in costs from $25 a month to $200 a month.
They also have various levels of service. Some offer full service, where they handle payroll, taxes, new hire packets, and worker's comp issues.
You just handle the hiring, firing, and time data for hours worked.
Online programs will handle the software piece, deposits, taxes, and payroll. These services have add-on features such as HR consulting.
Ask Friends & Colleagues
When you get a handle on what your company needs from a payroll solution, you'll be better equipped to ask around.
Start by asking your CPA or tax attorney with what they recommend. They understand your company well enough to know what you need, too.
Run through the features that you're looking for with them and ask them if there's anything else you should consider when picking the top payroll service.
Ask trusted friends and colleagues what they'd recommend for your situation.
You should have 5-6 potential candidates to do further research.
Evaluate the Features of Each Service
Take a closer look at each service. What are the features that you need and how does each service compare with them?
You want to narrow down to a few providers whose products match your company's payroll needs.
Another thing to look at is the experience of the company. Are you looking at well-established brands or are you looking at companies that have less experience?
Check Online Reviews
When you take your list of the main payroll services, you want to see how these companies really operate.
You'll get a good sense of that by checking out online reviews. Most people view online reviews as trustworthy.
They'll help you understand what the payroll services' strengths and weaknesses are. You might find that there are companies that have great features, but their service is horrible.
The best payroll services will have high marks for the software, add-on services, transparency, and customer support.
Get a Demo or Free Trial
At this point in the process, you should have your options narrowed down to 2-3 good candidates to handle your payroll.
Contact each company and see if you can get a free trial or a demo of their service.
These contacts open the window to see how responsive they are and how friendly they are to deal with. This will give you an idea as to how their support will be when you need to pick up the phone and call them.
You'll also get a chance to see the payroll solution in action. That will help you understand how the features work and how they can integrate with your company.
Ask the Right Questions of Potential Providers
It helps to have a list of questions ready to ask prospective providers, so you know that you're hitting the most important points when you speak to them.
Here are a few questions you should ask:
- Do you help train our employees to use it?
- What kind of support is available?
- What's the final cost of the product?
- What are the add-on options?
- Does the provider take care of W-2 forms at the end of each year?
- How easy is it to import the employee hours logged from another system?
- Is it possible to add on other benefits, like a 401k or health insurance?
- Are there other payment options like cards or direct deposit available?
You want to make sure that you understand everything that the company offers, including training and support.
Double-Check the Costs
There are some things that you need to know about the costs of the service. The first thing you should do is ask if there are any price changes coming up that you should know about.
Don't be shy to ask about hidden fees, either. Some companies charge for things like new hires, direct deposit, and other processing fees.
Make sure that you understand all of the upfront costs, monthly costs, and fees before you sign up with any provider.
Then, you can compare the final prices and make your final decision.
Choosing the Best Payroll Service
When it comes to picking the best payroll service, you have a lot of factors to consider.
You have to know what your needs are, and do your due diligence to make sure that the company you hire is reliable and isn't going away anytime soon.
If you want more information about picking the right payroll services, read these reviews today.
Author: Hudson Piccini
Hudson Cynar, a Harvard University alumna and the owner of three prosperous enterprises, is a distinguished business consultant, author, and writer. Her expertise spans multiple business sectors, with a particular emphasis on storage containers, commercial copiers, payroll services, and medical billing software. Dedicatedly investing thousands of hours into product and service research, Hudson crafts insightful reviews to guide entrepreneurs in making informed decisions for their businesses.