Did you know that the number of small businesses in the US is greater than 31 million? Additionally, these businesses employ almost half of the private sector workforce in America, and the percentage they represent of exporters is 97.5%.
Considering how many small businesses are in the US, you might feel anxious about the competition. Fortunately, by using the right strategies to streamline your business, you can do better in this competitive environment.
This is where payroll services for small businesses can make a big difference. In this article, we’ll review how you can choose the right payroll services for your small business.
Finally, you can streamline your small business processes, and your business can be more successful than ever. Read on to learn more.
1. Know What Payroll Services You Need
To decide on a payroll services for small businesses company to work with, you should start by thinking about which payroll services you need. Some services you can get through a payroll service include payroll processing, filing payroll taxes and paying them, and new-hire reporting.
They also include integration, PTO management, employee self-service, mobile access, and payroll reports.
Think about your company, its size, and your needs. This way, you can decide on which payroll services you need. Then, you can ensure that you only include on your list companies that offer these services.
2. Think About Cost
When selecting the right payroll company for your small business, you should also think about the cost. While the cost varies from company to company, it’s important to be aware that there’s a pretty standard pricing structure.
With this structure, you’ll usually pay a flat base fee. You will do this either every pay period or every month.
When a company charges you at each pay period, you’ll pay this fee every instance you run payroll.
When a company charges you each month, on the other hand, you only pay each month. This means you’ll have a bit more flexibility when it comes to being able to run payroll because you won’t be charged each time.
Note as well that pricing can vary per provider. This is often the case if they offer a variety of levels of service.
For example, one plan might only include payroll services. Another plan, on the other hand, might print W-2 forms and pay your business’s payroll taxes in addition to the basic payroll services.
Basic fees are usually somewhere between $20 and $100. Many payroll companies will also charge an amount per contract worker or paid employee per pay period or month. This amount is usually between $1 and $15.
Sometimes, these companies will also have added costs, for example, if you want to use direct deposit.
Consider everything in this section, as well as your budget. This way, you can figure out what you can afford before finally selecting your payroll services company.
3. Consider the Features
To select the right payroll services company for your small business, you should also consider the different features you want with your payroll services solution. This is in addition to the features of handling tax obligations and payroll processing.
Some features you should think about include multiple payment options, detailed payroll reports, workers’ compensation administration, PTO management, garnishment payments, and multiple wage rates.
Note that, when it comes to the multiple payment options feature, there are different payment options this might include. These may include prepaid debit cards, paper checks, and direct deposits.
4. Look For Ease of Use
Something else you should consider when choosing the right payroll services solution is ease of use. If it’s too complex for you to understand, this isn’t a good thing. The interface should be easy to use and enable you to run payroll—and add employees into your system—in just a few minutes.
5. Check Out Their Reputation
Whenever you’re using any business services solution, you should think about its reputation. This way, you can be sure that you’re selecting a solution provider that will provide you with services that are high-quality and reliable.
One way you can look for companies that have good reputations is to ask people in your industry what companies they recommend.
Additionally, when you’re considering different payroll services companies, take a look at customer reviews and ratings on their website. You should also ask the companies whether they have any references they can connect you with.
Finally, don’t forget to look at third-party review websites. This way, you can make sure you’re reviewing objective reviews of these companies.
Keep in mind that one negative review isn’t something you should worry about too much. However, if there are many negative reviews of one company, this is a sign you shouldn’t use that company’s payroll services.
You should also look for payroll services companies that offer support. This way if you have any issues with the solutions they provide you with, you won’t be left with a group of employees you suddenly can’t pay. Specifically, ask whether there will be a dedicated support representative who will be there to help you.
Looking for Payroll Services for Small Business?
Now that you’ve learned how to find the best payroll services for small business solutions, you might have decided that you’re ready to look for one of these solutions. In this case, you should look no further than Bradford Jacobs.
At Bradford Jacobs, we’re experts when it comes to payroll and small businesses.
We offer a variety of services, including PEO, EOR, talent acquisition, and more. To learn more about how we can help you, contact us now.