There is a growing trend with small and medium sized businesses today. More and more of them are outsourcing paying their employees (and everything that goes along with that) to a payroll processing company. There are several reasons why this is an attractive option, not the least of which is that payroll companies are experts in this field that are able to do this task much more efficiently and usually can save a company money over the cost of employing people in-house to do this work.
When it comes to choosing a payroll processing company, one thing to keep in mind is that they are not all created equal. Some are more expensive than others, and some offer more extensive services. The ideal company is one that strikes the right balance of affordability and service offerings to fit the needs of your business. With that in mind, here are 3 things to look for in choosing the right payroll services company:
Payroll companies come in all shapes and sizes. Some are large publicly traded companies, others are small and privately held. Some have large call centers where you speak with the first representative you are directed to, others assign a personal representative to each client or even offer them the chance to speak to the owner of the company. In a perfect world, with all other factors being equal, you want to work with a payroll processing company that offers personal service-one phone number to call, one person to talk to. So whenever you call, you always talk to the person who is most familiar with your account and most able to address your concerns.
2. Customized Service Offerings
As mentioned above, in a perfect world, you want a company that is privately held (not answering to Wall Street) and offers personal service to each client. Unfortunately, this is not a perfect world. Many times, the trade-off for personalized service is a smaller firm that lacks the ability to meet the needs of a company your size. However, there are a few payroll companies out there that are both personal in their service and flexible in their offerings. The best is to find a payroll processor with top of the line technology and the ability to custom-tailor their offerings to meet the needs of any size business. This in turn allows you to pay for only the services you need, usually saving you money over a typical ‘one size fits all’ program.
3. Concern for your Security
This is a big one that is often overlooked when searching for the right payroll services provider; security. Many companies process your paychecks, but they are drawn from your bank account-exposing you to check fraud. It is much better to work with a payroll company that uses their bank account and not yours. This puts all the risk on them and gives you the peace of mind of knowing that no disgruntled employee will be able to pull off a check fraud scam on your account.