Payroll is important for any business, but can also be difficult to manage. There are many different options you can choose for payroll, but understanding whether to run it yourself or use one of the many third-party payroll providers can be an overwhelming decision. In this episode of MissionBusinessPodcast.com, Bernard Roesch shares an overview of how to choose between different payroll options in your business.
If you have any questions about this podcast episode, please feel free to contact us.
Your Payroll Options
In your business, you basically have two options for payroll. You can either run payroll yourself within QuickBooks using Intuit, QuickBooks payroll product, or you can use third-party payroll providers.
Intuit Full Service Payroll would be considered a third-party payroll provider, since it is a service that Intuit provides instead of a product within QuickBooks
Comparing Payroll Providers
Choosing between different payroll providers can be overwhelming. There are many options, and, sometimes, understanding the difference is difficult.
The main difference between payroll providers is the level of service they provide.
- With full-service payroll providers, you get the benefit of having a contact to ask questions of and the ability to get information in various formats if needed.
- Payroll providers that offer less of a customized service will usually require you to work within their software and manage payroll according to their processes.
- Most payroll providers provide reporting to the government, so this is not a distinguishing factor between payroll providers.
Do-It-Yourself Payroll Versus Using A Third-Party Provider
In most cases, if you’re a small business, you should use a third-party payroll provider. The reason for this is that one simple mistake in your payroll process can take hours of your time to resolve. This time is better spent running your business and growing your business. So, working with a third-party payroll provider will minimize mistakes, and in most cases the payroll provider will take on resolving mistakes that occur.
You should only do payroll yourself internally if you need unique data that cannot be provided by a third-party payroll provider, or if you are large enough where it would make sense to hire staff to run payroll professionally internally.
Need Help Setting Up Payroll
If you need help setting up payroll processes for your business, contact Bernard today.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.