One of the most important parts of owning a business is payroll. It’s can also be very costly if not done correctly. In 2013 alone, the IRS issued $4.5 billion dollars in penalties to businesses who incorrectly calculated their payroll taxes. Not only that, but there are also varying salaries, shift differentials, benefit contributions, and many other factors to take into consideration when paying employees. It can be overwhelming for even the smallest of companies.
Many businesses have turned to outside help for their payroll processing needs. If you are considering having your payroll managed by an outside company, here are five key questions to ask when researching options.
- What kind of customer service can I expect?
Businesses run at all hours and so should your payroll provider. Because questions and issues can come up at any time, look for a company that offers 24/7/365 support. It’s also worth looking for a company that provides Single-Point-of-Contact Support. Save yourself time and hassle with dedicated support who knows your story rather than starting from the beginning with someone new every time you reach out.
- Is their technology in step with current trends?
Technology is always changing, and you need a payroll provider who is on top of the latest trends. There are more options to getting money to employees these days. Physical checks, direct deposit, and reloadable debit cards are all options to consider when researching companies. In addition to that, you need to look into how user friendly their software is. Cloud-based options make it easy for you and your employees to keep track of and update important information from any internet connected computer instead of submitting requests that can take days to process.
- How safe will my business’ and my employees’ information be?
Sharing sensitive data with an outside company can be scary. Breaches and crashes have been in the news more often so it’s imperative you look in to how your data is stored. Look for a company who can provide round-the-clock security and has a comprehensive disaster recovery system in place.
- Who is responsible for any penalties incurred from inaccurate tax filings?
As was stated before, errors in tax filings have resulted in billions of dollars in fines levied on an annual basis. It’s possible that some of these errors came from professional payroll services. While everyone will promise accuracy, you should look for a provider who puts their money where their mouth is. If mistakes do happen, find someone who will pay for their own gaffes instead of passing the fines on to you. An extra point to consider: A company will be more invested in doing things right the first time if it’s their money on the line instead of someone else’s.
- Can they do more for me than just payroll?
Many payroll service providers also offer HR services to assist with national and state workplace requirements as well as various employee needs. Newtek, however, goes well beyond this to be your one-stop shopping source for much of what it takes to keep your business in business. You can turn to us for employee benefits, business insurances, payment processing, technology, and business lending all to keep you growing and profitable.
To get started, reach out to Newtek Payroll & Benefit Specialist today for a complimentary consultation on how we can help you achieve your business goals.