This blog post was written by Newtek and re-published here with permission. To learn how Newtek business solutions can help your small business, click here.
One of the most important parts of owning a business is payroll. It’s can also be very costly if not done correctly. In 2013 alone, the IRS issued $4.5 billion dollars in penalties to businesses who incorrectly calculated their payroll taxes. Not only that, but there are also varying salaries, shift differentials, benefit contributions, and many other factors to take into consideration when paying employees. It can be overwhelming for even the smallest of companies.
Many businesses have turned to outside help for their payroll processing and human capital management (HCM) needs. If you are considering having your payroll managed by an outside company, here are five key questions to ask when researching options.
- Does the service do everything I need it to do?
Because there is more to payroll than just cutting checks, look for a solution that consolidates your payroll, HR, workers’ comp, health benefits, and 401k into a single human capital management system. At Newtek Payroll & Benefit Solutions, we provide a total HCM system on a single software platform that allows you to manage all aspects of your workers’ employment from on-boarding to separation.
- What kind of customer service can I expect?
Businesses run at all hours and so should your payroll provider. Because questions and issues can come up at any time, look for a company that offers around the clock support. It’s also worth looking for a company that provides Single-Point-of-Contact Support. Save yourself time and hassle with dedicated support who knows your story rather than starting from the beginning with someone new every time you reach out. Newtek Payroll & Benefit Solutions provides every business with a dedicated account manager that can assist you with all of your needs and questions.
- Is their technology in step with current trends?
Technology is always changing, and you need a payroll provider who is on top of the latest trends. There are more options to getting money to employees these days. Physical checks, direct deposit, and reloadable debit cards are all options to consider when researching companies. In addition to that, you need to look into how user friendly their software is. Cloud-based options make it easy for you and your employees to keep track of and update important information from any internet connected computer instead of submitting requests that can take days to process.
- How safe will my business’ and my employees’ information be?
Sharing sensitive data with an outside company can be scary. Breaches and crashes have been in the news more often so it’s imperative you look in to how your data is stored. Look for a company who can provide round-the-clock security and has a comprehensive disaster recovery system in place.
- Can they do more for me than just payroll?
Some payroll service providers also offer HR services to assist with national and state workplace requirements as well as various employee needs. Newtek, however, goes well beyond this to be your one-stop shopping source for much of what it takes to keep your business in business. You can turn to us for employee benefits, business insurances, payment processing, technology, and business lending all to keep you growing and profitable.
To get started, reach out to Newtek Payroll & Benefit Solutions specialist today for a complimentary consultation on how they can help you achieve your business goals.