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Business Insights on Payroll Services providers
For 49% of small businesses who use an outside payroll service, saving money was the primary motivation. Main reasons to consider payroll services providers:
- $800.00 – the amount in 1 in 3 small businesses will incur each year as a payroll tax penalty.
- 10% – IRS penalty assesment for that is charged for not submitting taxes electronically via EFTPS
- 76% of overpayments are due to terminations, leave of absence and time reporting.
- 55% of small businesses owners/managers process payrolls when kept in-house
- 39$ per month – The starting price for outsourced payroll services
- 69% report of favorable results when changed to an outsourced payroll solution
Did you know?
The top reasons for using payroll services are comprehensiveness (45%), Effectiveness(17%) better workflow(14%) and greater accuracy(11%).