Payroll Industry

The Benefit of Payroll Services

Ask any small business owner: Processing payroll is complicated and time-consuming. Dealing with anything from determining wages and withholdings to vacation and sick-time pay, deducting employee-contributed payments for benefits, garnishing wages and sending two separate checks.

When it gets too complicated, many choose to use an outside payroll service. Industry-wide, the average cost in 2010 was $3.00 per check, which makes it the right choice to relieve the small business owner from the burden of figuring it all out, every week.

“One of my rules is if you have one employee, get a payroll service.”
- Rhonda Abrams, author of Hire Your First Employee.

Sure, Quicken is an industry standard, and for good reason. But the fact is, if you count your time as money—as every knowledgeable small business owner does—outsourcing payroll costs about half of what it would cost to do it in-house. The business owner eliminates the need to hire a full-time payroll manager, or to do the job themselves, opening up many hours per week to expand other areas of the business.

Other advantages include:

Convenience

An outsourced payroll service allows the business owner the most convenient way to handle their payroll.

Full-service

Payroll companies handle anything and everything a business owner will need when it comes to payroll services.

Compliance

Payroll services can save business owners in unnecessary fees and headaches by staying abreast of current tax and payroll regulations.

Statistics:

  • In 2010, payroll services providers exceeded revenues of $45 Billion.
  • Over 250,000 businesses contract payroll services companies.
  • The Payroll Services Industry employs almost 900,000 people.
  • Salaries of employees of Payroll Service organizations exceed $26 Billion dollars annually.