Payroll is a complicated, time-consuming process, and one you may not want to undertake on your own. Outsourced payroll providers can make the process of paying your employees much easier. Frequently, these providers offer other payroll-related solutions along with processing your payroll. But if you have a limited budget, you may wonder if the cost of a payroll provider is worth the ease and peace of mind. So, what do payroll services cost?
Payroll Pricing Structures
There are a couple different ways payroll companies often price their services.
- Fixed Monthly: This type of pricing provides payroll services for a ranged number of employees at a set cost. For example, a payroll company may offer processing for 10-15 employees for $500 a month. This allows you to process payroll as many times as you want in a month with one set cost. Some companies with this system will put a limit on the number of employees that can be included or the number of paychecks that can be processed in each month.
- Per Employee Per Month: Many companies use a per employee per month pricing model, so for example you may pay $55 per employee per month. This typically includes all regularly scheduled payrolls or for the month based on your pay cycle. Additional paychecks processed outside the normal cycle may come with an additional fee.
- Per Frequency: Some companies charge their administration fee based on the number of payrolls processed. For example, it may cost $250 per payroll processed.
Factors That Affect Payroll Service Pricing
Some additional services that a payroll company provides may have their own separate pricing. Make sure you understand what the administration fee includes and what services may come at an additional cost (such as W-2 processing, Form 940 and 941 processing, work comp reporting, etc.) Some payroll companies will include these additional services into their base fees and others will be structured so you have to pay additional fees if you want all the additional services.
How to Choose a Payroll Company for Your Budget
The price ranges and services offered by outsourced payroll companies, you need to make sure you’re working with a company whose solutions and prices fit in your budget. Helpside offers payroll services in addition to employee benefits, human resources and risk management services at affordable rates for small businesses. If you want to know more about our pricing, contact us at email@example.com.