Did you know that small businesses pay an average of $845 a year in penalties associated with their payroll management? This is why it is important that all small businesses have the right small business payroll services or firm to handle this important part of their operations. MBA Financial & Accounting Solutions have been managing payroll for their clients for many years. We go above and beyond for our clients. After reading this article, make sure to contact us for a FREE consultation. Here’s a look at what exactly a small business payroll service does and the best payroll services available for small businesses.
What Does a Small Business Payroll Service Do?
There are three major tasks that a small business payroll service offers:
1). Collects employee time and calculate employee pay
Whether your employees are salaried or work by the hour, it may be necessary to collect the employee’s time for billing purposes. A small business payroll service company will have a system in place to gather all the employee hours. Also, the service will be able to calculate the employee pay based on those hours.
2). Pays employees
The small business payroll service will also be able to handle the regular payment of your employees. This can be a big time saver if you have a growing number of employees on your payroll.
3). Handle tax filings
Finally, a small business payroll service needs to handle the important task of dealing with the tax filings that are associated with your employee payroll.
Best Small Business Payroll Services
Currently, there are a number of small business payroll service solutions available. Here’s a look at the top seven payroll service companies to consider:
Gusto is considered by many to be the best small business payroll company because of their comprehensive list of services and its relatively affordable price. The company a monthly rate of anywhere between $39 to $149 plus $6 to $12 per employee per month.
Quickbooks is perhaps one of the most recognizable names when it comes to accounting software. You may be surprised to know that you can use Quickbooks to also handle payroll services. Pricing on Quickbooks ranges from $45 to $125 plus $4 to $10 per employee per month.
If you are looking to completely outsource your payroll services, then you will want to take a look at Justworks. This company is popular because of its ease of use and its low pricing. The service costs $39 to $99 per employee per month.
4). Wave Payroll
Wave Payroll is a popular choice because the company offers a flat price for all of its services. You can try Wave Payroll for 30 days for free. After the trial period, Wave Payroll costs, $35 per month for states where they file taxes and $20 per month in all other states plus $6 per month per employee.
ADP is the biggest name in payroll services. Therefore, it makes sense that you consider ADP for your small business needs. The company does not disclose its pricing so it is hard to gauge the value that you get. However, you can be sure that ADP provides some of the most professional and reliable services that you can get for your small business.
6). Sure Payroll
If you are in a niche business such as retail or a church, then you should take a look at Sure Payroll. The company is really good at working with companies who may have trouble working with other payroll service providers. Pricing with Sure Payroll is also affordable with monthly rates costing $19.99 to $49.99 per month plus $4 to $10 per employee.
OnPay is a great choice because they integrate with a large number of payroll and trim tracking software. OnPay is so easy to use that you can even manage the service from your smartphone. If you are looking for a top integration solution, then OnPay should be your choice. Pricing for OnPay cost $36 per month plus $4 per employee.
Finding the best small business payroll service
A top payroll service company will be able to take the headache out of dealing with tracking your employee hours, getting out paychecks, and dealing with tax filing. Be sure to carefully research any small business payroll service before hiring them for your company. The best plan of action is to contact MBA Financial & Accounting Solutions to help you decide which payroll service to use. Our executives can help you choose the right plan that will benefit your business.