A growing business has many moving parts, and one important decision every business owner has to make is how to select the best payroll processing services.
While a small business may not require payroll software at its inception, as your business grows and becomes more complicated, so do your needs. When the time comes to make a decision regarding payroll processing, consider these things:
- Consider your bottom line. Depending on your budget and the number of employees, it may be more cost-effective to use a third-party payroll processing service rather than installing and utilizing a software program and allocating in-house resources to manage it. Get the right bells and whistles. If you do decide to go with software, make sure it has the capacity to do things like electronically file your organization’s taxes. A good software program can be customized to your business, and will give you control over tracking changes. With the right program, you should be able to generate reports on metrics like overtime, vacation time, payroll deductions, and much more. Before making a software purchase, be sure the features suit your needs.
- Consider a payroll service if you cannot spare the staff. Using a software program requires you to train an employee (or employees) to process payroll. While doing payroll in-house offers security and control, it can also be time-consuming and complicated. If your employees are already being utilized to capacity, it may not be the solution for you.
- Using a payroll service cuts down on errors, and saves you time. Staffed by professionals who are experts on payroll processing, payroll companies take the task off your plate and give you the freedom to run the other aspects of your business.
- If you choose a payroll service, make sure to pick from the best. Carefully evaluate the features offered, and be sure to pick a service with real-time processing so that there is no delay in paying your employees. A payroll company should be efficient at handling withholding and employment taxes as well as keeping up to date on tax code law so that there are no errors that could be costly to your company. You should also be sure that your payroll service handles workers compensation insurance. Finally, you should pick a company that can offer a quick response time should a problem arise.
When your business is small, payroll software may perfectly meet your needs; however, as it grows, you may decide that outsourcing for payroll processing services is a better idea. For all of your human resource needs, consider OneSource Virtual. Founded in 1990, the company is privately owned, and is committed to providing high quality service to each individual customer.