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- iHaveNet.com: Small Business Guide
Small Business Money Matters
By contracting with a payroll service provider, your company is agreeing to outsource the administrative aspects of payroll management. Each pay period, someone within your office provides the payroll service provider with employee salary details and updates information about new hires, salary adjustments, and terminated employees.
Successfully selecting and working with a provider is often a matter of knowing which questions to ask. Here are some areas to explore with potential vendors:
How much do payroll services cost?
Most providers charge a set fee for processing payroll each period.
The amount will be dependent on the complexity of the products and services your business needs. For instance, if you employ two people, you may find a very basic plan meets your needs. If you employ over twenty people, you may be interested in additional services such as direct deposit and 401(k) plan management.
What does a payroll service provider handle?
In most cases, providers' fees include payroll processing, check generation and distribution, payroll tax filing, and W-2 generation. Additional services may include 401(k) management, employee handbook development, and direct deposit registration and management.
Which services are included in the payroll services providers' fees?
The answer to this question will vary by payroll processor.
Ask potential providers to spell out the services that are included in their rate. In addition, ask them to specify which items may carry additional charges. For instance, who pays postage fees for delivering paychecks to your company? Will the addition of new employees affect your rate?
How many days does the service require to process payroll?
Many payroll service providers will require that you submit payroll details one to four days ahead of the date paychecks will be distributed. Check providers reporting schedules to make sure they meet your needs.
How are unexpected payroll changes managed?
Policies on last-minute payroll adjustments will vary by provider.
Some may be flexible up until close to payday, others may refuse to make any changes after you submit data, or charge you a fee for adjustments.
What happens if a payroll filing error is made?
Read potential providers' contracts carefully to make sure they accept financial responsibility for any filings errors they make. The last thing you want is to be hit by IRS fines because of your payroll provider's mistakes.
Can the payroll service meet your company's future needs?
As your company grows, you may be interested in additional services, such as 401(k) administration and direct deposit, from your provider. Review each company's full suite of offerings to ensure it can meet your future needs.
How do I get the best deal?
Payroll provider services often differentiate themselves through price, customer service, and add-on service options. Shop around until you find a blend that's right for your company, and don't hesitate to negotiate for additional services. Look for a company that can provide references from other small and growing businesses it has serviced.
Small Business Guide
- Starting Up Your Business
- Coming Up With a Winning Business Idea
- Common Startup Mistakes
- The New Rules for Startups
- Business Incubator FAQs
- Naming Your Business
- Researching Your Business
- Your Personal Savings
- Registration, Licenses, and Permits
- Getting a Tax ID Number
- Fast-Growth Startup Resources
- Structuring Your Business
- Overview: Corporations
- State Offices of Incorporation
- Incorporate Out of State?
- Writing a Partnership Agreement
- Choosing a Board of Directors
- Basics of a C Corporation
- Basics of an S Corporation
- Basics of an LLC
- Basics of a Sole Proprietorship
- Basics of a Non-Profit Corporation
- Basics of a Professional Corporation
- Basics of a General Partnership
- Basics of a Limited Partnership
- Your Company's Public Relations
- Elements of a Successful Public Relations Campaign
- How to Use Your Press Coverage Effectively
- Press Releases
- How to Write a Successful Press Release
- Sample Product/Service Press Release
- Sample Commentary Press Release
- Sample Event Press Release
- Sample Tips Press Release
- Sample Personnel Press Release
- Effective Competitive Analysis
- Managing Purchasing to Maximize Cash Flow
- Top Six Pricing Mistakes Businesses Make
- How to Avoid Lowering Your Prices
- Bidding Basics
- Hiring Staff
- Creating an Effective Job Description
- Do You Know How to Pick Them?
- Little-Known Hiring Resources
- Classifying Contract Workers
- Tips for Successful Interviewing
- What You Can't Ask in a Job Interview
- New Hire Paperwork
- Small Business Insurance
- Types of Insurance for Small Businesses
- Small Business Insurance FAQs
- Insurance Resources for Small Businesses
- Home Office Insurance: Myths & Realities
- Small Business Resources
- Government Resources for Small Business on the Web
- Resources for Women Entrepreneurs
- Fast-Growth Startup Resources
- Small Business Security Resources
- Taking Time Off
- Your Pre-Vacation Checklist
- How to Take a Vacation
- Learning to Delegate
- Getting Away When You Can't Get Away
- Preparing for Tax Season
- Year-End Planning Tax Savers
- 10 Ways to Pay Less in Tax
- 25 Common Business Deductions and Expenses
- Avoid These Common Errors and Audit Triggers
- Understanding the Home Office Deduction
- Corporate Income Taxes Primer
- Employment Taxes Primer
- Sales Tax Primer
- Sole Proprietorships and Partnerships Tax Primer
- How to Get a Filing Extension
- Year-End Reconciliation
- Getting the Most from Your Accountant
- Developing Accurate Financial Projections
- Cash Flow
- 10 Ways to Help Increase Your Cash Flow
- Cash vs Accrual Accounting
- Bookkeeping and Record Keeping Basics
- Quick Ways to Get Through a Cash Crunch
- Projecting Cash Flow
- Cash Flow Triage
- Getting Funding
- Cash Flow Through Factoring
- Small Business Investment Corporations (SBIC)
- Traditional Funding Sources
- Non-Traditional Funding Sources
- Your Company's Credit
- How to Read a Business Credit Report
- Credit Terms Glossary for Your Small Business
- How to Protect and Improve Your Business Credit Rating
- Give Your Business the Financing Edge
- Employee Compensation
- Employee Benefits
- Bonuses: How To Be Fair
- Workers' Compensation Q&A
- Keeping Workers' Compensation Costs Down
- Payroll Management Choices
- Key Elements of Payroll
- Working with a Payroll Service Provider
- How to Create a Business Plan
Small Business Money Matters - Working with a Payroll Service Provider
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