Payroll Services Should Save More Money Than They Cost
How much is your time worth?
Is this being considered when looking at the bottom line of a payroll company’s quote?
Even if the payroll company’s proposal is close to the amount that you’re already paying, or even much higher, for the same basic services you’re already getting, take a closer look at all of the features and services and consider your time because the amount saved might be much more than the amount quoted.
There are many determining factors when deciding on the best payroll service and, believe it or not, the amount in time saved might save much more than the cost of the service itself.
If you currently do the payroll internally, analyze the cost for each service and compare it to the amount of time you spend doing each one. Or if you currently outsource your payroll to another service, compare that system to the one being proposed. Is it easier to use and navigate? Can you access it remotely? Are there more usable features to take on some of your other tasks? Are there any disruptions like frequent updates? How responsive is the service department? Understanding the time saved by using the new system might justify the overall cost.
For example: A Paperless Payroll requires that every employee has direct deposit. Obviously, there are cost savings by eliminating the payroll delivery, check signing and stuffing the checks into envelopes which might offset the added cost of direct deposit for everyone. What is sometimes overlooked by companies is the time saved by outsourcing all of this which actually saves more money than the added cost of putting everyone on direct deposit.
Depending on how often you need to reprint pay stubs or W-2’s for employees, by having the Paperless Payroll service, your employees can access all of this themselves online.. Another time saver.
Here are some other examples of the savings seen in other services:
Tax Filing services are one of the biggest reasons businesses use payroll services because any miscalculation or missed payment can result in paying penalties and interest. If a deduction is set up incorrectly or if the tax tables aren’t kept up-to-date, it can be costly.
Workers Compensation offered through the payroll service should also save money and will help your budget. Workers Compensation is traditionally based on an estimate of