Many owners start their business without having any experience dealing with payroll and other important procedures that are needed for making sure employees are compensated properly. Because of that, many choose to partner with payroll processing companies who have the experience and software needed to make sure every paycheck is accurate. While that does mean that owners will have to pay payroll processing fees, they are usually not a huge deterrent. In fact, by 2015, human resources outsourcing is expected to reach a value of $162 billion in the United States. That surprising number means that there are plenty of options available for owners who need a bit of help handling payroll.
The best payroll services will be able to help business owners with any level of experience. Whether they have to ask “what is payroll processing?” or have experience but not the time, payroll firms can be a great resource. There are lots of factors that could cause owners to outsource payroll services, so the companies that provide payroll need to be able to help a wide variety of businesses. That flexibility plays a valuable role in the fact that the U.S. payroll and bookkeeping industry generates some $39 billion every year.
Payroll processing fees will vary depending on the particular firm that a business chooses to partner with and the state they operate in. Fees could range from as little as $25 to $200 a month, according to Resource Nation. Those fees will generally include paycheck processing, online access, direct deposit, and basic tax filing. Some companies, however, could charge on a per-check basis. That will usually cost between $.80 and $2.00, and services will vary. Either way, those costs tend to be a great investment for business owners who want to keep their payroll organized and make sure employees are always compensated properly.
The fastest way to kill employee morale is to have regular mistakes on paychecks. Whether workers are paid every week or twice a month, mistakes can be a serious hassle and increase frustration and stress levels. The best way for owners to avoid that problem is to be willing to take on payroll processing fees and work with professionals. They play a valuable role for owners who either don’t know how or don’t have the time to handle payroll in-house.