Maintaining payroll is complicated and can eat up all your time if you do not manage it better. The way most companies handles payroll is by outsourcing this big task to payroll services companies. It is more cost effective and neutral than having someone inside the company handling this duty. Some actually handle the payroll taxes as well.
Many companies will find that handing off HR operations, including payroll and managing benefits, saves them a lot of risks and pays off financially. For one, who has not had the negative of having a nosy or gossip for an HR manager? It can turn into a can of worms that puts the company in a bad situation because the HR manager talks to much about people’s private matters, including their pay. They also cost the company money every year to keep employed.
Instead, bring on payroll services. These companies charge a lot less and get a lot more done when hiring new employees and handling payroll.
Intuit Payroll only requires that the client enters employee hours. Intuit has a time clock interface and this may make sense for you to additionally purchase. Intuit handles tax prep and filing along with direct deposits. You do not have to invest in all of its services, though if you do use its tax prep compare that to the amount of time and money an on-staff or contract bookkeeper or accounting department cost, particularly in a smaller company.
Intuit supports adding in health insurance, 401(k) and IRA payments and deductions, just as an example. Intuit only costs from $25 to $99 per depending upon the options you choose. They charge $3 per employee per month, for instance if you want the time clock features. If you want the tax and payroll options only it is $2 per head.
OnPay is a new entrant to the payroll services arena. Though, it is receiving good reviews, which is promising. OnPay also manages payments, taxes, and direct deposit and printed checks as needed, on demand.
OnPay is geared toward the smaller end of the small-business spectrum. It lacks support for retirement and some other more advanced deductions.
OnPay costs $39.95 every month for 10 employees, plus $8 for direct deposit. After that, it costs only $1 additional per employee every month.
Paychex Flex is one name nearly anyone with an employee recognizes. It is still among the biggest payroll processors in existence. Flex is the online interface.
Paychex provides a lot of functionality, such as issuing checks, direct deposit, and even prepaid debit cards for paying employees. It does administer retirement plans and preps taxes.
According to reviews, Paychex is effective for companies with fewer than 50 employees. In addition, if you have a complex system, then Paychex is the expert to use. You will have to contact them for pricing. Again their services are tailored to individual circumstances, as it caters to complex payment systems.
Wagepoint is newer to the scene and provides its payroll services for smaller companies.Enjoy automatic deductions for 401(k)s, health insurance, and union dues, among other options. Wagepoint is $15 per pay period and $2 per head per employee.
ZenPayroll gives employees the power to get paid on their own by self-entering their data. It removes the extra handiwork and mistakes of HR or payroll companies and saves time and money. In addition, employees will be able to sign into the platform, which gives them access to pay stubs from the past. They can change their withholding here as well. It saves a tremendous amount of time for HR and for employees. In addition, it prevents from having to deal with HR mistakes.
ZenPayroll is popular as well for several reasons. For one, employees can perform charitable donations through ZenPayroll from their paycheck while receiving detailed explanations of what all deductions from their pay mean. ZenPayroll is only $25 per month and an added $4 per employee. It offers up and handles direct deposit and taxes.
What works best for one business may be a nightmare for another. In the case of business software and in particular payroll services, this can be the case. In an important area such as payroll, consider testing out services beforehand to see what will meet your company’s needs. Based upon the suitable companies, then choose the best value for the money, as each company has different pricing.
It all comes down to the nature of your business, how many employees you have, your payment frequency, and the benefits. The payroll service companies that will work best for you will depend on the needs of your company. There are other payroll software companies out there. You may want to explore those as well to make sure you are leaving no stone unturned. Just be forewarned, there are a lot of them.