The last couple of blogs, I’ve discussed why you might want to outsource some or all of your payroll processing and what your options are. Today, I’d like to take a closer look at the fees. When comparing payroll options, you’ll see a variety of fees. Factors that usually affect fees include (there may be more):
- Frequency of payroll
- Number of employees
- New employees
- Changes in benefits or withholdings
- Number of different states you need to pay
- Direct Deposit
- Paycheck delivery
- Reports requested
- Integration with QuickBooks (Intuit does not charge for this, but other companies do)
So, take some time to calculate what it costs to process payroll in-house, the benefits of having it in-house and compare those costs to outsourcing (all or part) – in terms of dollars, liability, and what else could be done if staff spent less time on payroll.
Would love to hear if you outsource all or part and what your reasons were for doing so.