Your company has grown to the point where it is difficult for you to keep up with payroll on your own. At the same time, you lack the funds necessary to hire an on-site payroll processor. Outsourcing payroll tasks can be the ideal compromise in this situation. But, how do you know whether to work with a large or small payroll provider?
Should You Go with a Big Name Payroll Provider or a Smaller Company?
Individuals and businesses alike tend to feel more comfortable purchasing products or services from well-known brands. In most cases, that means large companies with a national presence. However, this may not be the best choice when it comes to choosing a payroll provider for your small business.
Large payroll companies may offer more services, but they are often generic and not tailored to your specific industry or region of the country. More often than not, they are so overloaded with clients that they aren’t able to provide timely support. And, contrary to popular belief, larger companies aren’t always more cost-effective! As a small and established payroll, human services, and insurance provider in Charleston, South Carolina, Compass HCM understands your customers and the local culture. We also serve business owners in Beaufort, Bluffton, Hilton Head, and all the surrounding communities.
Paying your employees correctly and on time should be one of your biggest priorities as a business owner. While most people understand that mistakes happen occasionally, they are not going to be happy with repeated payroll errors or late paychecks. Another thing to consider when outsourcing payroll is that you need to file timely reports and submit payroll taxes for both federal and state governments.
At Compass HCM, we pride ourselves on developing close relationships with each client, anticipating their needs, and relieving the stress of running payroll. Whether you pay your employees weekly, monthly, or somewhere in between, you can relax knowing that our expert payroll processors are on the job.
Factors to Consider When Outsourcing Payroll
You should have a good idea of the features you need from the payroll services provider you hire before starting your search. For example, would you like to offer your employees several options for receiving their paycheck? Although direct deposit into a bank account is extremely popular, some employees may prefer receiving a paper check or having the funds from their paycheck loaded onto a debit card.
Below are several other questions to ask when deciding whether to go with a big name payroll provider or a smaller, local company.
- Can the payroll provider handle special requests like wage garnishments?
- What is the outsourced payroll company’s reputation in the community? Be sure to check neutral online review sites along with asking for professional references.
- What type of support does the company offer? Will you have a dedicated support person you can contact when you have a question or tech issue? Look for a payroll provider that offers multiple forms of contact with availability both during and after business hours.
- What steps does the provider take to secure the private financial data of your employees? Does the company have a plan in place to address a potential data breach?
- Is the payroll provider compliant with all state and federal regulations? How long does it keep records?
- Is there a way for employees to log on to a website to view their payroll information and/or make any necessary changes?
These are just some of the questions we would be happy to answer during a consultation with your small business. We feel confident you will agree that smaller is sometimes better, especially when it comes to something as important as paying your employees. Contact Compass HCM for hands-on and timely payroll services.