Frequently Asked Payroll Questions
I only have a few employees - Why should I worry?
Payroll services are suited for companies with any number of employees. The services are designed with you and your company in mind. All companies - big and small - have the responsibility for compliance with the latest rules and regulations. In addition, if you only have a few employees, you may not have an office manager and the admin paperwork probably ends up on your desk. Furthermore, the payroll service provides you with security and reliability, ensuring that your staff is paid accurately and on time.
When, specifically, should a company consider payroll outsourcing?
Outsourcing should be a strategic decision. Ask yourself:
- Is there a system in place in the organization that will issue payments effectively and on time?
- Is the company internally able to do the calculations and deal with the details of the payroll with almost 100% accuracy, timeliness and compliance to tax law and government legislation?
- Does the company have the personnel (and time) to review the accuracy of all the above operations?
If you can't answer yes to all of the above questions, you may want to consider outsourcing payroll.
What is the cost involved? Is it expensive?
Generally speaking, the cost depends on the number of employees and how frequently you pay them (weekly to monthly). The service can include direct deposit, check signing, 401(k) plan administration etc.
Will payroll services save me money?
The payroll services pays for itself in a number of ways: it saves time, bank charges and effort as well as gives you the comfort of knowing that a professional company are responsible for your payroll. Leaving you free to concentrate all your efforts on managing the business.
