Selecting the Best Payroll Company

When it comes time to find a payroll company to assist you it can be quite daunting at first. There are thousands of companies which all claim the ability to handle your payroll for you. Many of these companies claim thousands of businesses as their customer base and offer a wide variety of extra services to you. While there are certainly thousands of payroll companies out there, it can be quite stressful to select one to manage your company’s payroll.

Here are some tips to help you get started on the process of interviewing different payroll companies to find the one best fit for you.

Budget

From the start it is important to set a monthly budget for your payroll service. While you do not have to break the bank to outsource your payroll management, it is important to understand in many ways you’re getting what you’re paying for. There are a number of providers which will offer a standard fee for a certain number of employees or for a certain amount of funds being paid out in a pay period. It is important to have a budget in mind when approaching payroll companies for their services.

One fact to take into consideration is that in most cases smaller businesses will have a higher cost attached to each employee compared to a large business with one hundred or more companies. Many payroll services will offer bulk discounts based on the number of employees being paid. Different payroll companies may also have different ways to determine the overall cost of the service in addition to throwing in other additional services into the mix.

For a business with ten employees the cost of payroll can range from $80 monthly to upwards of $200 based on what additional services are being offered, how many employees are being paid, and on what type of schedule employees are being paid.

Requirements

Payroll companies can offer their clients more than just a payroll service. Many payroll services also assist their clients in handling their payroll taxes during the tax season for an additional fee. Some offer different HR management options or partnership deals with other services including IT management or even banking services. If a provider offers you a good deal on a package for your business it may be a good idea to bundle your services to save money, but it is generally important to have a clearly defined set of requirements and ensure the payroll service will be able to meet those requirements for you.

Rankings and Reviews

Through our website we provide businesses the unique opportunity to view our rankings of the best payroll services amongst other services beneficial to businesses of all shapes and sizes. Our rankings are formulated based on client testimonials and benchmarking across five areas of evaluation which we have found to most impact the overall quality and reliability of these services. Beyond the rankings which we provide, we also offer clients of payroll services the opportunity to leave their own reviews on the services they have used.

It is generally a solid strategy to view both rankings of payroll companies and to read client testimonials from businesses which have used the payroll services. In addition, it may be potentially beneficial to reach out to clients of the companies to obtain their feedback. This will help you become more comfortable with the vendors you’re learning about as their clients will have the best idea on how they are treated.

Receive Quotes

One of the best ways to determine whether a payroll company is a best fit for your business is to receive a quote for their services based on your real life requirements. Many payroll companies will have phone access to their sales team which is a great way to receive a fast quote based on your use scenario. It is also important to ask questions about what comes with their service, different add-on services which may be of benefit to you, and what the costs of expansion would be as your company grows.

Having these answers can arm you with the right facts to make a purchasing decision. It is important to find a payroll companies which does what you need them to do for a competitive price. While you certainly get what you pay for, it is important to make sure you’re not over-paying for the same quality of service from one provider compared to what other providers are offering. Once you have your facts together and have gotten feedback from those which have used the services, it is important to select the best payroll company you’re most comfortable with which meets your budget requirements.

 

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