Payroll Service Providers

More than half of small firms in the US hire an outside company to prepare their payroll.

The likely reason for this is that professional payroll service providers assume all aspects of payroll on behalf of their clients. They are also well-versed in financial and tax regulations and general payment processes.

Hiring payroll service providers (just one type of numerous BPO companies) is beneficial for the companies who want to focus their time and energy on revenue-generating tasks and ensure they’re being fully compliant in paying their employees and due taxes.

This article lists out the best payroll service organizations that can help your business achieve full compliance and tackle the often-complex employer payroll services with accuracy and efficiency.

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1. Ingenium

Ingenium
[Source: Ingenium]
  • Average hourly rate: 125/h
  • Minimum budget: $1,000-$10,000

A Virginia-based business and consulting company, Ingenium provides numerous back-office services, including a suite of finance products for small business. The financial data tracking, “so you’re primed for critical decision making and growth,” includes these specific payroll services:

  • Bookkeeping
  • Monthly financial statements
  • Payroll services
  • Financial projections
  • Keeping a sustainable budget
  • Compliance monitoring for better local tax filling

2. E&Q Tax

[Source: E&Q TAX]
  • Average hourly rate: On inquiry
  • Minimum budget: On inquiry

New Jersey’s E&Q Tax Accounting and Business Solutions is a company specializing in finance services only, providing a wide range of expert resources and systems necessary for running a business of any size.

Their business suite of payroll services includes:

  • Payment for small to medium-size businesses and startups
  • Payroll related reports
  • Payment plans
  • Wages, deductions and withholding calculations
  • Timely preparation of all federal and state tax forms
  • Profit and loss statements
  • Bank reconciliation

Aside from a suite of payroll solutions fit for businesses, they are also providing a range of payment solutions for individuals that need them, such as helping with income tax, mortgage and financial planning, tax planning, credit repair solutions, IRS payment assistance, etc.

3. Outbooks

[Source: Outbooks]
  • Average hourly rate: $20/h
  • Minimum budget: On inquiry

Outbooks is an outsourcing payroll company from the UK offering “comprehensive, HMRC compliant and BACs approved customized payroll services that meet the needs of organizations of varying sizes.” They also provide custom payroll processing and portal-based solutions.

Their scope of payroll services includes:

  • Bookkeeping and VAT returns
  • Payroll
  • Self-assessment tax returns
  • Account management
  • Keeping their UK-based clients GDPR compliant

4. Accountants On Air

[Source: Accountants on Air]
  • Average hourly rate: $18/h
  • Minimum budget: $10,000-$25,000

Accountants On Air is a New York-based team of professionals excelling at advisory, audit, accounting and tax services. They offer free consultations as well as a process in which they connect clients with a dedicated specialist that identifies their business needs, customizes the services according to them and matches them with professionals who can deliver results.

Among their main scope of services, the company provides:

  • Financial advisory
  • Audits and assurances
  • Tax handling
  • Business formation
  • Accounting
  • Savings review

5. Canavan Syddall and Associates

[Source: Canavan Syddall and Associates]
  • Average hourly rate: $250/h
  • Minimum budget: On inquiry

Headquartered in Colorado, Canavan Syddall and Associates provides professional accounting, bookkeeping and consulting for businesses of all sizes, as well as tax and other accounting services for individuals.

They allow clients to opt for a personalized service package as well as indulge in a comprehensive package that includes their entire suite of services, including:

  • Personal/business income tax
  • Payroll tax
  • Accounting
  • Business consulting
  • Business tax returns
  • Accounts payable management
  • And more

6. Quality Back Office

[Source: Quality Back Office]
  • Average hourly rate: On inquiry
  • Minimum budget: On inquiry

Hailing from Illinois, Quality Back Office is an accounting and bookkeeping company that “bundles back office services into one service plan for a lower monthly fee” than the industry average. A one-stop shop for all accounting and payroll needs, the agency sets up specific processes in accordance to each client, allowing them to focus on their core business processes.

The set of services Quality Back Office provides includes:

  • Accounting and bookkeeping
  • Income, payroll, sales tax services
  • Accounts payable
  • Accounts receivable
  • Invoicing
  • Payroll
  • Virtual CFO

7. Wiss

[Source: Wiss]
  • Average hourly rate: On inquiry
  • Minimum budget: On inquiry

An accounting and business growth company from New Jersey, Wiss works with companies in various industries, from real estate and construction to healthcare and public sector. Their mission is summarized in their Core Four Ways: Advocate, Impact, Care and Collaborate.

Their vast array of services is categorized into several groups, such as Advisory, Tax, Assurance, Outsourced Accounting, Law Firm Services and others. Specific set of services that fall under these include:

  • Business process review
  • Outsourced payroll
  • Lease consulting
  • State, local and international tax
  • Wealth management
  • Financial sponsor
  • Due diligence
  • Business valuation, etc.

8. Quad Consultancy

[Source: Quad Consultancy]
  • Average hourly rate: 70/h
  • Minimum budget: $1,000-$10,000

Quad Consultancy is a recruitment, payroll and HR consultancy firm from Malta that provides top-notch services to enterprises ranging from small business and startups to big companies of international stature.

The scope of their services encompasses salary calculations and outsourced payroll, among many others. In these areas, they help organizations:

  • Free up time for revenue generating activities
  • Reduce costs
  • Ensure confidentiality of data
  • Leverage expert payroll knowledge

9. OSMEAC Solutions

[Source: Osmeac]
  • Average hourly rate: $60/h
  • Minimum budget: $1,000-$10,000

OSMEAC from Texas is a full back-office accounting/finance contracting and consulting firm specializing in accounting, fractional CFO, bookkeeping and taxation services.

They offer a wide range of contract accounting and finance products along with the expertise to help grow any business via customizable set of solutions.

The full list of their payroll services includes:

  • Fractional CFO
  • Bookkeeping
  • CPA / Tax Services
  • Accounting System Implementations
  • Contract/Interim Controller/Accountant
  • Financial Reporting Services
  • Accounting Process and System Improvement

10. TABS Inc.

[Source: TABS]
  • Average hourly rate: By inquiry
  • Minimum budget: $1,000

New York’s TABS Inc. provides the guidance and assistance necessary for starting or expanding a business, as well as for navigating and growing in any competitive market. The company’s team is well-versed in the laws and regulatory requirements in all US states, which is an important consideration in payroll processing business.

TABS provides bookkeeping and tax support services, as well as payroll processing, helping businesses with:

  • Payroll setup and processing
  • Income tax support
  • Compensation analysis
  • Benefit administration
  • Credit card processing
  • Accounts payable, etc.

What Do Payroll Service Providers Do?

Payroll vendors tackle one of the biggest challenges any business faces, especially new and small enterprises. They take charge of the payroll processing by providing services such as paying the employees on time, deducting and paying taxes, keeping the companies compliant, delivering reports and so on.

Payroll companies make sure their clients’ employees are paid accurately and on time, while meeting legal and regulative obligations and requirements. They focus on payroll and related HR tasks that let business managers, decision-makers and owners focus on tasks related to business growth and improving brand image and product/service quality.

Some of the tasks that payroll companies help their clients with include:

  • Keeping track of employees’ working hours and attendance
  • Calculating employment taxes
  • Setting up deposit methods and accounts
  • Delivering payroll records to employees and the employer
  • Making sure their client is compliant with local, state and federal payroll laws

How to Choose the Best Payroll Service Provider

Different payroll companies provide different levels of services that are fit for companies of various profiles, industries, as well as growth rates. In order to identify the payroll company that is the right fit for you, consider the below criteria and aspects in your evaluation.

Scope of Services

First, you need to determine the actual offline or online payroll services that you need. Do you just need a partner that will approve, automate and submit payments to your employees or a company that will handle the taxes and regulatory requirements — or both?

Numerous payroll companies offer different tiers, from basic to advanced payroll service packages that fit different requirements.

General services that payroll companies provide that you may be interested in include:

  • Payroll processing
  • Managing taxes
  • Delivering reports
  • Payroll compliance
  • PTO management
  • Payroll deduction
  • Providing payment options, etc.

Cost of Services

Bear in mind your company’s budget to know whose payroll services you can afford. Consider multiple pricing models and whether a contract is required and pick the company that provides the most cost-effective option for your company.

Reputation and Track Record

Look at each payroll service provider’s portfolio, list of past clients and, in particular, independent, third-party reviews that will let you know how good their services really are and discover how to do payroll with them as a partner.

A payroll company that has already faced and solved the challenges of your industry has greater chances of being a success with you as well.

Integration of Services

In case your company uses specialized tools and payroll software for accounting of HR purposes, you may want to look into whether a payroll vendor can integrate their payroll management system with yours. This would improve the functionality of the payroll processes while keeping your own internal processes intact.

Regulation Compliance

With payroll processing, staying on top of the latest local and federal laws and regulations is instrumental. As tax laws are changing constantly, you’d want to partner with a company that makes sure they are up-to-date with all and any amendments in your local taxation law.

When reviewing payroll service providers, it’s prudent to gather as much information as possible about their service, reputation and price. Here are some questions you should ask them before choosing your future partner:

  1. How often are your tax tables updated for compliance?
  2. Do you have other clients in my industry?
  3. How will you handle my business payroll process as the company grows?
  4. How long does it take to fix a mistake?
  5. Are there additional charges for adding or changing employee payroll?
  6. Will the annual fees change or increase after one year?
  7. How often will I receive reports from the service?
  8. Are you able to integrate with our accounting software?
  9. Is there an additional cost to file taxes in multiple states?
  10. How often will I hear from you and who will be our main point of contact?
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