Are you considering hiring a payroll service for your company, but aren’t sure if it’s right for you? Take a look at our guide to understand who needs payroll services, and who can benefit from them.
Everyone can use a payroll service. Every company will benefit from having someone dedicated to handling paying employees and managing taxes and other payroll issues. There isn’t any specific industry that will need help more than another—even the companies with the most straightforward payrolls will have peace of mind by outsourcing this task.
If your company is large enough to have multiple employees but too small for a dedicated HR or finance department, you’ll want to consider hiring a payroll service. Without a dedicated office, the task of payroll management will fall to the CEO or an employee with other duties to handle. This means that the payroll will not be the highest priority—and employees can suffer if it’s overlooked.
Is your company growing quickly? If this is the case, or if your business goes through a lot of employee turnover, then you’ll probably want to hire a service to manage your payroll. Many people coming to or leaving your company means a lot of changes to your payroll, which can be hard to keep track of.
In the New England area, employees often work in a different state from where they live. This means that you need to keep track of varying income taxes for each state. This can be time-consuming, and there is a lot of potential for error. A payroll service can efficiently manage this for you, so you’ll be sure that your employees are having proper taxes withheld.
Do your employees get paid the same amount each week, or are there variations? When your employees are paid hourly or on commission, the amount will change. This can lead to the potential for mistakes in calculating the correct pay. Luckily, your payroll service can make sure that each employee is paid correctly.