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Wednesday, May 6, 2015

The SME's guide to online payroll services

Employment laws, tax laws and company accounting methods contribute to the complexity of  small and medium enterprises' payroll management. Fortunately, there are options that make this process simpler and easier.  Some of these options are self managed whereas others are outsourced or licensed using third party software providers. In any case, being thoroughly familiar with the payroll process, how to streamline it and knowing the pros and cons of payroll services is an informed business approach.

The following Ayers infographic details a comparison of two popular payroll provider services. Specifically, Intuit and ADP. Each of these payroll services offer varying degrees of service, reporting, and customized solutions. Weighing the differences is itself a task involving an evaluation of the cost advantage of paying a monthly fee in relation to the benefits of reallocating company resources for other functions such as revenue generation. 

Depending on what an SME needs the benefits vary. For example, tax service solutions are considered an add-on cost by ADP, but not Intuit, but ADP customer support is available 24/7 whereas Intuit is not. Depending on a business' needs, some services may be redundant making the choice easier. However, there also numerous competitor services to consider such as Paychex and Payroll 101.