Are you looking for a good payroll service company?
The market size of the American payroll service industry is currently at $55.1 billion. That means lots of businesses exist in this market. If you have never chosen a partner to work with before, you won’t know what to look for.
Fortunately, this guide will discuss what to look for in a payroll company. Read on and find the best payroll companies today.
Integrity
A firm with an untarnished track record of integrity and honesty is a good sign. Get a company that has lots of experience with accurate and on-time tax filings and payments.
These reputable firms encourage their customers to verify payroll tax payments with the Electronic Federal Tax Payment System.
Insurance
The top payroll companies have errors and omissions (E&O) insurance. It ensures your business remains protected even when they make mistakes. They also have cyber liability and crime protection fidelity bonds.
It protects your company’s integrity when devastating mistakes happen. If your desired service has no insurance, it’s an automatic red flag. Look for a better firm like hrwisellc.com.
Great Customer Service
Payroll companies will give you references. It allows you to explore their past customers’ experiences.
Ask the right questions to set the right expectations when working with them.
For example, ask how long before a representative responds to their question. Are their staff US-based? How long before the representative resolved their issues?
Asking these questions determines how the firm acts after they get your money. If the answers are less than stellar, consider another company.
Updated Technology
The best companies have easy-to-use online technology. It must connect payroll processing with time tracking and human resources. Their technology should allow your employees to look at their pay and other important information.
If your business shifted to a work-from-home arrangement, it must have GPS technology. It helps track the amount of time the employee worked at home.
A good time and attendance system enable you to track your employees’ attendance. It allows the payroll company to calculate the number of hours worked and paid time off.
The integrated human resource system must also track an employee’s training progress. It includes licenses and certifications whenever necessary.
Affordable Cost
As a business, you want to save as much as possible when finding a service. However, determine whether you need to sign a contract. A lot of services use a monthly payment system with no long-term contracts.
Other services need annual commitments. Depending on your payroll needs, the pricing structure will affect your ROI.
Get the Right Payroll Service Company Now
These are the factors to look out for when picking a payroll service company. Use them to get the most out of your investment.
However, payroll is only a part of your business processes. Optimize your other areas to ensure your business remains afloat.
Do you need more guides? Consider reading our other posts today.
