Payroll service companies are hired by a diverse range of companies. Anything from mom and pop businesses to global conglomerates – and everything in between – now make use of their services. However, there is a big difference between the three types of payroll companies that you can hire. Read this article and you will find out which type of company would be the best for you to consider for your business.
The three main types of companies that you may want to consider are employee lease companies; certified public accountants and bookkeepers; and professional payroll services.
Employee Lease Companies
This type of company provides a complete range of payroll services as well as an entire range of human resource services. Employees are hired by the lease company and are then leased back to the company who hired them and manages them.
Certified Public Accountants and Bookkeepers
Although certified public accountants and bookkeepers can maintain tax records and prepare payrolls they usually do not offer the range of services that are available from professional payroll services companies. One of the major things that they do not offer are bank interface services such as IRAs, 401 (k)s, direct deposit, or debt cards. If the client company wants these services then they will have to establish them themselves.
Professional Payroll Services
Professional payroll services are retained by smaller companies as well as large corporations. Their fees are often less than what it would cost to retain employees. They reduce the responsibility and the hassle associated with tax preparation and filing as well as processing payrolls.
Although their clients need to establish a point person, he or she will no longer have the burdens of preparing payrolls and administering what are often repetitive, mind-numbing tasks.
One of the reasons that these companies have become so popular is that they free management to be able to focus on their core business. When a business hires one of these companies the business owner no longer needs to worry about training, embezzlement, office politics, absenteeism, and the other challenges that seem to crop up every day in just about any payroll department. They can focus on the things that make them money.
Payroll services keep on top of federal, state and city tax legislation. Therefore the companies that hire them no longer have to retain or hire payroll attorneys. They keep their clients in compliance with both the law as well as best business practices. This is not a trivial matter because these companies help their clients to avoid fines, penalties and potentially worse consequences.
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