Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
As posted on the Government of Canada website, the country has a total of 1.23 million employer businesses as of December 2019. Out of this 1.23 million, 97.9% or 1.2 million are small businesses. In the United States, there are 30 million small businesses, and 88% of them have less than 20 employees.
Small businesses are an important mechanism of the North American economy. Payroll is a very complicated business aspect, and business owners can get into a lot of trouble if they don't make it right.
Scroll down until the end of this article and learn the five reasons why it is a practical and smart move to outsource payroll. You will also learn why QuickBooks is one of the most reliable payroll services for small businesses.
The 5 Qualities of the Best Payroll Services for Small Businesses
Payroll is a very complicated process: it's a list of personnel to be paid for the services they provide. As an entrepreneur, you should offer quality services not just to your customers but also to your workers. The last thing you want to happen is to disappoint efficient employees because of the discrepancies they might encounter in their payslips.
Here are the qualities of the best payroll services for small businesses:
Time is gold, and your energy is surely in demand in other areas of your business. Hiring a payroll service can make things easier for you. Nowadays, payroll can be done on mobile and other devices. It's best to see that your payroll provider utilizes and maximizes the latest technologies and their benefits. You'll be happy to know that you can save more and cut some costs when you outsource your payroll rather than doing it in-house.
Let a payroll service do the calculations for you and provide you with accurate, easy-to-update business information. You have to feel that the payroll service you're about to hire is more than able to give you the convenience you need.
This aspect is essential because you have to see what the payroll company can do for you. You can start by scanning the services of your target payroll company.
Here are some of the functionalities that you may want to look for:
- Having direct deposit
- Can conduct online onboarding of employees
- Tax-related processing
- Integration of your employees' compensation premiums and benefits with the payroll
- Time and attendance systems
It is hassle-free if your payroll service provider can do tax-related processing. You can also observe the latest technologies, like if the payroll company uses facial recognition and biometric time clocks.
Accuracy is a big deal! The payroll company must assume liability for the work it will do for your business. As a business owner, a mistake in your payroll can lead to your employees' dissatisfaction. If your payroll service provider is filing taxes on your behalf, it must comply on time and pay the right amount so you can avoid penalties and establish a good credit record.
In case the payroll service you hired makes errors and delays, it should shoulder the blame and the penalties associated with the inconvenience.
Compliance is quite an intimidating aspect because every state or territory has different regulations that your business needs to follow. For example, California has over 40 labor laws that have been changed in the last three years. The payroll service should know the laws and regulations of the territory where your business operates.
The payroll provider must also have the ability to reduce your legal fees by being competent enough to help you with human resource matters.
For your business to become more prepared during an inspection, your payroll provider can suggest the following:
- An employee handbook
- Updated policies and procedures
- Acquisition of labor law posters
- Regular background checks
Service is very essential since it can make or break a payroll service provider. It's everything because bad service at the back end can bring a company down even if you have a good setup on the front end. You have to take into consideration the level of support you get from the payroll company. A good customer testimonial is a plus you need to keep in mind.
If you want to know more about the payroll company, you can look for a net promoter score that ranges from -100 to +100. A score that goes over 50 is considered an excellent company that delivers great service and customer satisfaction.
Still can’t get the hang of QuickBooks? Unloop’s Payroll service is here to help you! Here are the things that you can enjoy once you partner with us:
- More time. You can just tell us how to run your payroll and we’ll take care of it so you can focus on other things you need to accomplish.
- Provides year end returns. Click a button and we’ll send all tax requirements your employees need to file at the end of the year.
- Work with a motivated team. Unloop’s team of professionals will give you the best payroll service and they can give you answers to all your queries immediately.
Our payroll service utilizes tools like QuickBooks, and promises an easy and automated payroll with a cloud-based system that organizes all you need. If you have questions or need clarifications, our team will always be around to assist you.
Don't be afraid to outsource your payroll because a good payroll service provider allows you to focus on other things. Payroll is crucial and it needs the expertise of financial professionals who can deliver accurate payroll details for the satisfaction of your employees.
When you’re looking for payroll services for small businesses in Canada or wherever else your business is located, it’s important to ensure that they have the five qualities listed above. Otherwise, you might place your business in hot water. Fortunately, Unloop’s Payroll has all of these qualities, making it the best option for small businesses. Book a call with us today!