Get Your Finances in Order: How to Choose the Best Payroll Services for Your Company

When it comes to payroll services, not all services are created equal. And if you’re looking for the top tips and advice for hiring the best company/service to work with, you’re in the right place.

The right payroll service company will fit into the culture and needs of your business and streamline the important work. The wrong one, on the other hand, will cost you a lot of money, not align with what you need done, and be a hassle for everyone involved.

Here’s how to choose the best payroll service for your company.

Think About The Benefits

The right payroll service company offers you a product that saves time and money. And because the good services give your employees their own portal/log-in account, they’ll be able to handle a lot of the work on their end. This level of delegating will save you more money long-term.

How Much Does It Cost?

Let’s not beat around the bush—you’re a business, so money matters. The pricing structure will differ but expect to pay a base fee (starting around $20) and a per-employee fee on top of that.

If you’re a large business, you might pay $5 or less per employee. A small company of 5 to 10 people might cost $15 or more per person.

What Features Are Available? 

Ultimately you’re paying for features. Can your payroll service handle all the responsibilities that come with taxes? Does it take care of direct deposit? Are you able to file unemployment and worker’s comp claims within the portal?

The best way to handle this is to consider the needs of your small business. You’ll be able to cut out what you don’t need and check off the things you do need to make the investment worth it. This will help you find a product that fits your company.

Can You Access It Anywhere?

It’s 2019, so don’t even consider a payroll software that’s not accessible from any computer or smartphone and equipped with cloud-based storage. This will be important for logging information over the years that you use the software and also cover you in case files are ever lost.

Also, it’s a bonus to your employees if they are able to access their payroll information from their phones.

Can You Customize It?

Some companies will offer a standalone product, but you may be able to find a company (or team of workers within a company) that can code or create a specific version of their software to your business. This might not cost as much as you think (or any extra) if you ask the right questions. 

Payroll Services—Wrapping Up

The right payroll services will make your life easier as a manager or owner and be an easy-to-access interface for your employees. Consider things like features, accessibility, and of course cost when you are purchasing.

Check out more business finance resources on our blog.