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Insider on: payroll services
Payroll processing basics
How do you process payroll for your employees? Almost nothing will sink the morale of your employees faster than screwing up their paychecks. People on tight budgets at home usually can't afford a one or two-week disruption in pay. Here's how the process works.
When to outsource
When should you consider outsourcing?
Payroll Processing - Why Should I Pay Someone to do This?
According to a report by the industry publication HRO Today, HROs average price for services is around $600 to $800 per employee, per year.
Payroll Processing - Things to Look for in a Payroll Outsource Partner
Outsourcing payroll processing – or any HR function – is a question of cost and quality. An outsourced HR service should cost less than it would if you were handling it in house – if it doesn’t, you shouldn’t use it.
Payroll Processing - What Else Can I Outsource With Payroll?
Most companies are not human resources experts. Payroll is a specialized business function, like advertising or finance, that everyone isn’t going to be good at. So, any company can potentially take advantage of a payroll processing service. Smaller companies in particular will likely lack the expertise to handle payroll inexpensively. Outsourcing payroll processing allows a firm to focus more on improving its own business.
Payroll Processing - Who Are The Big Names?
ADP, Intuit, Ceridian and Paychex are the best known of the large payroll processing services operating in the US. The four together represent about 25 percent of all employee payroll processed in the US. Beyond these four, though, the market is deeply fragmented, with small and local firms handling payroll processing for millions of small businesses.
Payroll Processing - How Does Outsourcing Work?
A good payroll processing service will also be able to give you a reasonable snapshot of your personnel issues at any one time, and chart trends, both by using your payroll data and possibly by aggregating that data with that of similar companies.