Outsource Accounting and Bookkeeping | Tips for Finding a Payroll Outsourcing Company
A small business can benefit from using the services of a payroll outsourcing company. Many SMBs question this decision, as they feel they can save money by doing their own payroll. However, this is not true. Small business owners who do their own payroll have a tendency to make errors. When a business makes payroll errors, it is held liable, and the IRS penalizes it. Also, the valuable time and energy a small business owner spends keeping the books could be spent making money. So, if a small business is not outsourcing its payroll, it is losing out.
But with so many payroll outsourcing companies, it is overwhelming to choose one that best suits the business’ needs. Thankfully, IBN Bookkeeping Services has created a guide to make the selection process easily for small business owners.
Assess Your Business’ Needs
Before using the services of an outsourced payroll company, a business needs to be aware of the services it needs. A payroll company offers a range of services and all may not be apt for a business. Once the small business owners knows what he needs, he will be better equipped find the right service partner. Generally, outsourced payroll services include salary and basic tax calculation for individual employees, direct deposit, checking printing and delivery, and generating reports. In case a company doesn’t offer these basic payroll services, it is best to widen the search.
Look for Special Features
A payroll service should offer services that go beyond the basic ones. These special features could benefit a small business significantly. So look at things like the ability to integrate the vendor’s software into the company’s HR software and management of 401K plan. These extra services and features will benefit a business and ease the owner’s burden in the long-term.
Check Out the Price
As a small business, price is important. A business needs an outsourced payroll service that can offer what it needs without burning a hole in the pocket. So find out the services offered and the cost. Then do comparative shopping to see which service is more affordable without compromising on the services. Be wary of hidden fees that some vendors may charge for things like adding an employee to the payroll or switching an employee to direct deposit. There are still others who may charge a weekly processing fee. These hidden fees can turn into money guzzlers that a small business can ill-afford.
Accessibility to Information
A reputed outsourced payroll company, like IBN Bookkeeping Services, will always make sure customer can access any kind of payroll-related information when you need. This is not true for all payroll services. Hence, small business owners may want to go with a service that allows them to log into their company’s account at any time to view the information related to their organization’s payroll.
Small business owners may not consider this aspect until you actually need it. This is important to payroll service and hence, a business should always opt for an outsource payroll company that provides superior customer service when it require.
IBN Bookkeeping Services meets the criteria for exceptional outsourced payroll company. It has been providing seamless, efficient and affordable payroll services to small businesses in Wilmington and surrounding areas for decades and has carved a niche for itself with its expertise. So when a small business is looking for the ideal outsourced payroll partner, think IBN Bookkeeping Services and breathe easy.