6 Best Payroll Outsourcing Companies for 2024

Payroll administrators track and implement benefit deductions, wage garnishments, paid time off, unpaid time off, taxes, and payroll errors. They also need to be aware of data security issues that could arise during the onboarding when they gather employee data. Finally, payroll outsourcing companies typically provide scalable solutions.

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Some payroll services are part of comprehensive HR platforms that include not only pay and benefits but also employee development, education and coaching programs. In addition, the wallet comes with tools to help employees manage their finances, access discounts and their bills. Finally, as with most mobile the statement of cash flows payroll apps, employees can view their earnings, deductions and tax withholdings using the wallet. Paycor offers hands-off tax filing services with W-2 and 1099 processing.

1. With their comprehensive solution and excellent support, TriNet is a trusted choice for many businesses.
2. From employee self-service mobile apps to hands-on databases, these payroll outsourcing providers offer many features.
3. For the best results, find a payroll software solution that doesn’t take much work to put the system in place.
4. They handle international payroll complexities, including compliance with local employment laws and regulations, ensuring seamless operations.

It is also best for growing businesses that need automation tools to scale their payroll and compliance efforts as they grow. The cost of outsourcing payroll can depend on several factors, including your business’s payroll schedule, the size of your business, and your exact payroll needs. If you decide to help streamline your payroll process using payroll software, you can spend as little as $22.50 per month.

What Are Payroll Services?

An intuitive dashboard that allows you to view and manage all payroll activities at a glance can make the payroll process less time-consuming and more efficient. Lisa Lindsey is a seasoned HR consultant and coach and the founder of Peale Piper, a boutique human resources consulting firm. She helps small to mid-size businesses transform their culture, move their human calculating present and future value of annuities resources practices from transactional to strategic, as well as develop and retain their employees. Lisa has over 20 years of corporate human resources, legal operations and start-up experience, including executive roles in cybersecurity and building services industries.

When you hire a new employee, its team of tax experts notifies the correct state entity as required by law. The platform also calculates, withholds and remits payments, then files your taxes on the federal, state and local level. Then, it prepares and delivers W-2 forms to your employees when needed. Finally, for employees, it will manage your unemployment taxes and claims on your behalf.

In addition, ADP RUN offers all the features you’d expect in a payroll service. It has tiered plans with payroll by direct deposit, a self-service employee platform, new hire onboarding and optional benefits administration for additional fees. More advanced plans include a robust HR platform, including an employee handbook, document management, training programs and employee toolkits. The product offers an easy-to-use basic payroll processing platform to pay employees and contractors but no HR and benefits administration in its basic Essentials plan. It strips away the complex features of the broader Paychex platform to stand out as a provider of easy employee payroll. If sampling risk in audit you have a small business with a few employees or a larger company with hundreds, payroll outsourcing services can offer many services.

Reduce costs

The benefits of payroll software are payroll accuracy, timeliness and compliance. Paycor offers plans for businesses of all sizes, but the software is best for medium and large businesses with more complex HR needs than smaller companies. You can add on benefits administration for an extra fee and let employees manage and enroll in benefits through the self-service portal, as well. Wave Payroll offers employees a self-service portal that allows them to access their pay stubs and W-2 forms without HR involvement.

Midsized Business

Justworks offers two PEO plans, plus a couple of add-ons to expand your chosen plan’s functionality. However, I noticed that payroll and adding new team members, in particular, require a lot of manual data entry upfront. In addition, customization of reporting, templates and the dashboard is limited. Any systems that must sync to derive this data, such as time clock software or systems, happen automatically, so I didn’t have to worry about any of those processes. The company’s automations ripple across the system so all parts of the software, from its IT and Financial Cloud to its HR and payroll features, are always in sync.

It can also give you a more holistic view of your business’s financial situation. This category of features ties in closely to some of the payroll concerns. If you’re just using software, either the tool can pay your people or it can’t.