As both a small business owner and the owner of a bookkeeping firm, the payroll process is something I’ve had a good deal of experience with for my own employees and clients that request our assistance. I understand how essential it is that paychecks are delivered as expected, and while the specifics of doing so are specific enough, it’s still important to ensure that the system we utilize for the process is as simple as possible.
That’s the subject of an article at the Small Business BC Blog, entitled Choosing a Payroll Service That Fits Your Business. The main focus of the article is whether businesses should handle the payroll process internally, or if they should outsource it to a company that offers such a service. It looks at some of the factors that should be considered when making such a decision, and while it does not recommend which route to take, gives business owners a good idea of what they should take into account in order to understand which method might work for them.
Here’s one of their tips:
The payroll service you select should offer the tools you need without overloading you with those you don’t. Buying the least expensive measure to save money may have you lacking the tools you need. However, purchasing the most expensive may have you paying for tools and services you don’t need. The software or services should offer you flexible options.
Different businesses have different needs, and the payroll service or software that’s selected needs to meet them as closely as possible. There may be no perfect solution that matches every item on your list of requirements, but some shopping around will help you find the right options for your business and budget.
On the topic of needs, the article also mentions the importance of determining what yours may be before the deciding how to handle the payroll process. It also goes talks about making sure your payroll system stays up-to-date, ensuring support is offered with whatever route is chosen, and asking for recommendations from other business owners. If you’re trying to determine the best method of payroll for your business, we’d recommend giving this one a read.
What do you think? Did you find this article useful? How do you currently handle your payroll? Are you satisfied with the process? Your thoughts are always welcome, so let us know!