Payroll Company Guide | Prosperity Payrolls | Australia
So you’re a small business ready to take the next step in investing in a payroll company. It’s an exciting process as it contains so many benefits, however, it can also be a daunting decision to make, as a business owner you always want to do what’s best for your company. Here, we go through all the important factors to be aware of before researching local payroll companies.
Should my small business outsource a local payroll company?
There are a range of reasons as to why a small business may consider outsourcing a local payroll company. If you’re a small business owner and have been contemplating outsourcing a payroll company, consider the following questions:
- Do you need more time to concentrate on other strategies for your business?
- Can your small business afford an in-house payroll department?
- How much do you know about the legalities and penalties behind payroll?
- Are you able to stay up-to-date with the constant changes made in payment regulations?
- How secure is your current payroll management system?
- Do you have the correct technology payroll software?
What to look for when outsourcing a payroll management company for your small business.
Not all payroll companies offer the same level of service. Below we list specific things small businesses can look for from a payroll management company:
- Features: aside from payroll processing and tax obligations, small businesses should consider if the company offers multiple payment options, like direct deposit, paper checks and prepaid debit cards. You may also want to check if they offer multiple wage rates, garnishment payments, PTO management, workers’ compensation administration, unemployment insurance and detailed payroll reports.
- Ease of use: the payroll company that you choose should be user-friendly, and not too complex to understand. It should include an easy-to-use interface that allows you to run payroll and add employees into the system in a matter of minutes.
- Cost: in addition to the cost of their services, you need to determine if a contract is required. Many services operate on a month-to-month basis with no long-term contracts, while others require yearly commitments. It is also important to factor in whether you’ll pay by the month or pay period.
- Reputation: ensure that your provider has a strong track record and good online reviews as you will feel more secure knowing the company has dealt with the payroll issues you may encounter.
- Integrations: you may want a payroll service that syncs with the programs you already use, like time and attendance systems and accounting services.
- Support: research payroll companies that provide help when you need it. It’s good for a small business to ask whether you will have a dedicated support representative to be your main point of contact.
- Outages: online payroll services are cloud-based. Ask the provider whether the system has many outages and how often it is down for maintenance.
- Added services: some payroll providers offer various other services – human resources, benefits and retirement plan administration etc., that you can add to your plan.
Know the people you may be working with.
Small businesses who decide to team up with Prosperity Payrolls for their payroll processing can rest assured that they are in capables hands, are in the hands of a business that is well-versed in the industry and cares about small businesses.
There are many payroll processing companies out there, so why choose us?
Prosperity Payrolls, a payroll company in Australia, is the trading name of Joseph May Pty Limited, Scullin, ACT, Australia. The company’s Chief Executive Officer, Arnold Cummins has an MA degree from Cambridge University and gained extensive IT experience with the Australian Government and the private sector. Mr Cummins founded and built a very successful Canberra-based ICT software and consultancy company, which grew over 22 years from humble beginnings to be a major supplier of software and services to governments in Australia, New Zealand, South Africa and the United Kingdom.
With a great leader behind us, we also offer friendly personal service, low fees, and a range of options suited to your business. Visit Prosperity Payrolls to learn more on how we can help you.
For A Quality Payroll Service That Comes With Financial Benefits, Contact Prosperity Payroll Today.
At Prosperity Payrolls we help you maximise your earnings, honestly, securely, fairly and at minimum cost. As an individual contractor, you earn a great income but may miss out on many of the added benefits which come from belonging to a company. That’s why we prioritise our clients getting the most they can out of their pay, while taking into account tax obligations and superannuation. If you’re after a payroll processing company you can trust, contact our friendly team today.