Specialization: Look for a provider that has previous experience in the construction sector, so you can be confident that your payroll team is ready for the specific challenges of your industry. Experience: To what degree does the provider specialize in payroll? Does the firm dedicate its time to payroll, or does it simply offer payroll as an optional feature beyond its primary focus? You should also ensure that the provider's employees hold recognized qualifications from the Institute for Payroll and Pensions.ģ. You don't need to look too far these days to find a business that has been victimized by a payroll service firm that walked away with significant sums of money, leaving that business to answer to its employees and the IRS.Ģ. Qualifications: How long has the provider been in business? This is critical as it is an indicator of a company's stability. Here are some factors to consider during the research and interview process:ġ. Once you have an understanding of your payroll needs, you can begin interviewing payroll service firms to see which best fits your unique business. Firm's experience in your company's sector.Key Factors to Consider when Employing a Payroll Service But there are many more services available. What are your unique needs? Basic payroll services generally include calculation of payroll and tax obligations for each employee, check printing and delivery, management reports, and quarterly and annual tax form preparations.What does it cost for you to handle payroll internally? Make sure this amount includes the cost of staff and the cost to maintain training.Then again, you may prefer to give your information directly to your payroll services provider. How do you need to process your payroll? If you're on the road quite a bit, you may require a web-based service.The key is not knowing about all the payroll companies, but rather, understanding your company and your individual needs. So, how do you find the one that's right for you? It seems that every company offers similar-but different-service packages, security and costs.īecause payroll is such a sensitive area, it's vital that you choose a reputable and highly professional payroll services firm. As each day passes, new options are introduced in the payroll arena. Do you choose the enormous, publicly-traded entity or the mom-and-pop shop around the corner? Are you better off with an online company or with old fashioned bricks and mortar? Just as your business continues to evolve, so does the payroll industry. Identifying the right payroll partner can be a daunting task. Remember, time is money, and you may discover that your time is best spent on other tasks. Employers are finding that outsourcing payroll can be a better economic solution in the short term, and it can save time, money and their company's image in the long run. That's why fewer and fewer companies handle their own payroll. Keeping up with the changes in payroll regulations in order to ensure unwavering accuracy can be a full-time job. They also can damage your company's reputation and credibility-especially amongst your employees. These mistakes account for billions of dollars in fines each year. Some receive stiff penalties-even for unintentional errors. The IRS estimates that one out of every three employers has been penalized for a payroll mistake. Employees change, as do their family situations and their payroll distributions.Ī single mistake with any of those issues can lead to serious and significant implications for the company. There is little question that handling payroll, a necessary part of any business, can be challenging.
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