Running a business can be very rewarding but it also has a plethora of different challenges. One of the biggest challenges is dealing with payroll so these suggestions will help you streamline the process. You could try and process the payroll on your own but if you make a mistake you could be slapped with heavy fines and penalties so you need to look for professional organizations that offer these payroll services. There are some questions that need to be addressed before you can select a payroll service so be sure to follow these steps in detail.
Key Questions To Address When Screening The Various Payroll Service Providers
The first question that must be addressed is whether the payroll service provider handles remittance to the government including superannuation. If the payroll deductions including this superannuation is not submitted to the government in a timely manner then you could be levied with penalties. After you have confirmed the payroll service provider performs remittance you can move to the second item, how many years has the payroll service provider been in business. There are new firms opening up daily but you don’t know whether the firm is reliable or not so what you need to do is look for firms that have been in operation for 5 or more years. Once you have identified the organizations that have been offering these payroll services for more than 5 years you should find out how much each of them are charging for their services.
Each of these payroll service providers will charge whatever they feel their service is worth. Some will charge an hourly rate while others will either charge a flat fee or take a percentage of the total payroll being processed. What you need to do is look at the pricing in detail and make a list of the top 20 firms based on the fees being charged for their services. Now that you know which of these payroll service providers has the most competitive pricing you have to review their individual track records to try and identify the one who has the best reputation.
The most effective way to establish this reputation is by reading over the comments made by other business owners who have used or currently are using the payroll service provider you are screening. To get this information you must visit a variety of different social networking websites and read over all of the comments made by these business owners. If you are not satisfied or able to find comments on these social networking platforms you should look for independent websites that review payroll service providers. Only when you have completed this due diligence should you move forward and meet with the payroll service provider in person to discuss your needs in detail. If you stick with this approach you will have more time to focus on growing your business knowing your payroll issues have been addressed.