I work with sole proprietors and small business owners who have 1 – 5 employees. But, a lot of small businesses have more than five employees. For larger small business companies, you will need to find a larger payroll service professional. Read on to learn about how to pick the right payroll service.
Ask for recommendations from other associates.
There are many people who use payroll services, so asking around will give you some direction on who to talk to.
Check to see if they have reviews on Yelp or Google My Business. You can even review to see if there is any news about the company by googling them.
Ask for referrals from the payroll company so you can speak with them directly. Speak directly with the owner of the payroll company. If they are reluctant, you may want to go elsewhere.
Ask your bookkeeper for recommendations. Many bookkeepers may have affiliates with payroll companies. They may be able to give you a good deal.
Ask the right questions to the payroll company.
Verify that the service providers will submit the quarterly, monthly, yearly reports for you electronically or by mail. Gathering this information from the tax offices is vital. But, what’s even more vital is that they submit the reports in a timely manner because you would be at fault, not them.
Ask for their credit rating and how they keep their business files secure.
Check their credit ratings. If they can check your credit, you can check theirs as well. Companies also have credit ratings. If they are doing their own books correctly, you know they will do yours correctly. Visit this link for more details.
Be sure to find out how they keep their files secure. Nowadays with a lot of hackers going after payroll companies, it’s best to know what they do to make sure they are up to date with their technology and process.
Make sure they connect with all your tax agencies. Log in periodically to make sure they are submitting your returns and payments correctly. Keep your passwords and usernames safe. If you have to change payroll services, you at least know the vital log in information.
They usually don’t use your usernames and passwords. They use their own and report that they are managing your business to the tax agency.
You can ask them for their filing ID Number. Usually, the tax agency will send you a letter verifying that the payroll company is going to file for you. If there is an error, you can contact the tax agency right away.
Confirm with them on how often they review their payroll process and make sure all the reports are completed. Ask them about their user website and how easily accessible it is to see the reports. This will allow you to log in and download the monthly, quarterly, and yearly reports digitally and save them on your business computer.
Ask any questions you have about the contract.
Review the contract thoroughly. Have your lawyer look at it too if you are uncertain. Make sure you review your rates and what they are going to be charging you each month. Also, check when they will be removing the funds from your account. They usually pull funds one or two days before they issue payroll.
Make sure all these steps are covered before you sign any official documents. I hope this helps you get your payroll set up and ready to use. If you need help determining which company you need, we offer Virtual Admin Consultations where you can ask us any questions regarding this process, and we can review their contract with you. Feel free to contact us and schedule an appointment.