As fulfilled and engaged as your employees may be with their jobs, if they have any issues with their paychecks, it won’t take long for them to become frustrated. Some companies have dedicated payroll departments and others find it useful to outsource this process to one of many companies that specialize in payroll. How do you know which option is right for you? Here are some things to consider.
- How big is your company? One of the biggest concerns when it comes to answering this question is how many employees your organization has on staff. However, the answer isn’t cut and dry. Small companies like to use payroll services so they don’t need to employee a dedicated payroll department. Some larger companies like to use them to maintain consistency. However, larger companies have the budget to support staff dedicated to payroll processing.
- Do you need more than just payroll? There are other reasons to consider an outside vendor, especially if your small company also wants to offer benefits.
- Are your employees exempt or nonexempt? Exempt employees are traditionally paid an annual salary. Nonexempt are usually hourly employees who receive hourly pay and qualify for overtime. The more complicated the payroll process, the more important it might be to outsource it.
- How often is payday? Another thing to consider is how often you pay your employees. Salaried employees are frequently paid twice a month. Hourly employees might be paid every two weeks or every week. This is something a payroll service can work out with you to be the most effective for your type of business.
Whether you decide to keep payroll in-house or outsource; BASIC has a solution for you!
- In-House: Our Labor Cost Management software replaces inefficient and inconvenient time tracking procedures and completely eliminate the manual collection of payroll data, saving your company hours on payroll processing. Our user-friendly and cost-effective time & attendance system with integrated software applications will give your company insight into employee labor patterns, save money on direct and indirect labor costs, and give you the competitive edge. Learn More About our In-house Payroll Software at www.basicgatekeeper.com
- Outsource: Take the human error out of payroll and outsource the full responsibility and duties to BASIC! We know that accuracy on both fronts is the way to keep your employees content and your business free from penalties and fines. Learn More About our Outsource Payroll & Timekeeping Solutions here!