A hard-working business owner always has a hundred and one different tasks to do. Whether it’s finding a replacement for the employee that quit last week, identifying the best new supplier for the company, or getting legal issues squared away, being an entrepreneur can feel like always being a couple of steps behind on a task checklist.
That’s why so many entrepreneurs outsource some of the more menial tasks on their to-do list, like payroll. In this article, we’ll take a look at the average payroll outsourcing cost and help you figure out whether or not absorbing this cost is the right decision for your company.
Average Payroll Outsourcing Cost
The exact price of the payroll outsourcing cost you pay will depend on the location that you are in. For instance, payroll services australia will have a different price tag than the same services in Europe.
But as a general rule of thumb, you can expect to pay approximately $100-$150/hour for payroll services. If you want to pay on a monthly basis instead of hourly, then the figure will depend on the number of employees you have as well as the complexity of your pay structure.
For instance, if all of your employees are hourly workers who don’t work overtime, that’s a very simple pay structure. On the other hand, if you have hourly employees, salaried workers, and commission-based bonuses, then payroll gets a lot more complicated real quick. The natural consequence of that is an increased price tag.
Regardless, it’s important to come to outsourcing payroll with the ROI perspective. If taking this task out of your to-do list gives you more time to focus on growing the business, then it could be well worth it despite the steep price tag.
How to Find a Good Payroll Company
Payroll companies are a dime a dozen, but good ones are hard to find. Use these tips to guide your search.
First, be sure to check online reviews. Any payroll services company that can’t point to a plethora of happy customers willing to sing their praises is probably hiding something. Runaway from them.
Second, also consider industry expertise. Payroll can have small variations depending on the industry that the employees are working in. By selecting a service that specializes in your industry, you can virtually guarantee yourself a high-quality, accurate service.
Last but not least, take a look at delivery times. The last thing that you want to do is to pay your employees late. That’s a sure-fire recipe to getting a lot of employee turnover.
The company you choose should be able to commit to hard-and-fast deadlines and have a demonstrated history of staying on time with employee payments.
Outsource Your Payroll
There you have it. Now that you know the average payroll outsourcing cost and how to find a good company for it, you should be better equipped to put one more menial task out of your to-do list.
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