As a business, payroll might seem like the last logistic you would like to figure out. Learning how to file business taxes and payroll paperwork might not be your idea of time well spent. As such, outsourcing payroll services will free up valuable time for you to perform more impactful functions at the company.
It is therefore important to find one that saves time, rather than wasting it. To ensure you find the right payroll company, you need to ask the right questions.
Here are questions to ask when looking for the right payroll service provider for your company’s needs:
What services do you provide?
This should be your first basic question.
Using the list of services you want, do they check all the boxes? Are the payroll experts able to provide everything you’re looking for?
Many payroll service providers offer a variety of services besides simple payroll and tax accounting. Be sure you know what specific services you are signing up for.
Can you process different types of taxes?
One of the most common reasons to outsource payroll services is to ensure taxes are submitted in compliance with the law.
An outsourced payroll processing company should handle all tax contributions compliantly, accurately, and on time. Also, consider asking about tax processing for employees who may work remotely out of state.
Are reports available, and what can be included in them?
Payroll service providers often can provide you with reports about your overall payroll stats. Many reports are available electronically and can be sent in the form of an Excel spreadsheet showing you total payouts, tax deductions, or company co-pay for benefits.
What options do I have for reporting payroll data, and is my information confidential?
Submitting employee work hours and other payroll information varies depending on the company you have chosen to process your payroll. If dealing with confidential information, be sure their processing methods are secure.
Can changes be made after payroll is reported? What is the timeframe for changes?
Make sure to ask what their policy is concerning mistakes or needed changes to submitted payroll data. This way, you will be sure there is a processing delay or timeframe that allows for changes.
Who can I contact in case of questions or concerns?
Good customer service is essential for any payroll service provider. If something comes up where you need to contact the company with your questions or concerns, be sure that they can attend to your needs efficiently. When it comes to finances, your questions should go to the right people.
Do I have a payroll specialist assigned or will I work with a new person each time?
If and when you have questions concerning your payroll service, knowing whether you have an account specialist assigned could be very useful for getting problems resolved quickly.
How is payroll delivered to me? What is the cost of delivery?
Are the checks printed and sent in the mail? If so, how is postage covered? If the payment is directly deposited electronically, are there charges attached to this service?
How will I be billed for the service?
You should always be aware of how you are going to be billed for using their payroll services. Usually, service providers charge in a monthly bill that can vary depending on the extent of their coverage and the quality of their service. Be sure you assess all billing reports for specific charges to be sure you aren’t paying for any services you are not using.
In Conclusion,
Outsourcing your payroll duties can be a great way to cut back on paperwork and keep your payroll in line with updated tax regulations. Hiring an outside payroll service provider can be relatively inexpensive, and is a valuable option for many small and startup business owners.
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