Before discussing what the best payroll outsourcing companies are, it is best to understand that organizing a company and making sure that things are the way they should be can be difficult and stressful at times.
Payroll is one of those aspects of running a business or company that can bore you out, and cause administrative problems but are very important and so must be taken care of.
It is for that reason that companies outsource theirs. This article is an expert guide that lists the best 27 payroll outsourcing companies.
Over time the reason why things have been done has continued to mutate. One thing hasn’t, and that is man’s need for comfort and ease.
If you produce industrial quantities of cement, like a man I know, then you need some things outsourced. You run a petrochemical firm, then you need some part of it outsourced.
Own a football club, then you will need many things outsourced. It is either that or watch yourself drift from the core of your company’s business operation to paying more than necessary attention to peripherals.
Peripherals that should be supporting and making business, workers, and customer relationships seamless.
What is payroll?
Payroll means a list of employees within a company and how much they are to be paid, but nowadays it is more commonly used in reference to employee wages and making a record of the amount of money an employee has made over time.
What is a Payroll outsourcing company?
In lay terms, a payroll outsourcing company is a company whose business is to run payroll services for other companies.
These companies receive details from their clients and then implement these details to get the best outcome. The outcome that pays both their clients and themselves.
This is so because if a payroll outsourcing company does not perform optimally or give their clients what they want, then they will not be in business for long.
Why do people need payroll outsourcing companies?
Payroll is a major expense for most companies and is the primary component of labor cost.
Labor costs vary by industry, and comparing companies in different industries should be done with this in mind. In the accounting world, doing payroll is a crucial but often thankless job.
The calculations must always be accurate, the paychecks must be printed on time, new and departing employees must be added to or deleted from various processes, and the taxes must be remitted to the proper authorities on time and in the correct amount. As soon as the process ends, it begins again.
Many companies outsource some of the work. Research shows that 47% of all US companies with revenues over $5 billion outsource payroll.
5 things to consider when outsourcing payroll
#1 – Accountability
The fact that you have a company that needs to outsource payroll means you are willing to pay for those things not to be a problem.
You need accountability to ensure that in the unlikely event that payroll is delayed, inconsistent, or wrong, you need to be sure that it is the burden of the payroll company to fix it up.
#2 – Productivity
When outsourcing payroll to a company, it will be done with the view that releasing staff from doing this job helps to redirect their focus from payroll into more productive parts of the business.
#3 – Data security
When outsourcing payroll to secondary sources, you need to be sure of the fact that your company data in the hands of the payroll outsourced company is safe and is impregnable to unauthorized sources.
#4 – Professionalism
Professionalism is the knowledge that the company you are giving data to know more about handling payrolls than you or your staff does.
This may not readily sink in until you realize that payroll management does not involve only paying salaries but paying taxes and withholdings and other levies for staff as and when due, without interruptions.
#5 – Cost
What does it cost you to do in-house versus what it costs you to have it done for you by an outside team?
People who have had to handle their payroll for years can testify to the burdensome nature of the job. Though appearing small, it can make or break a person, a business, and processes.
27 best payroll outsourcing companies
#1 – Gusto
Gusto runs a payroll service that many companies appear to like. The payroll system is easy to use, it makes compliance easier, and easy to switch to, for those who may be having problems integrating their previous systems with the present one.
#2 – Quickbooks
Quickbooks runs a payroll system that is hosted in the clouds and is therefore accessible anytime and on any device. Quickbooks makes it easy to track your cash flow and enables you to build better business insights.
PaySpace offers an intuitive and modern payroll solution that does away with some of the legacy payroll approaches (like the month-end pay-run concept) and simplified data capture capabilities for Human Capital Management by embedding legislation into the software, thereby minimizing the numbers of fields and forms a user would be required to complete.
#4 – ADP
With solutions designed for industry use with the best minds and backed by years of real-world experience, the ADP promises to give services for any size of company.
#5 – Trinet
Trinet provides a full-service human resources (HR) solution to small and midsize businesses. Key features include core HR, payroll, and benefits administration, along with risk and compliance. It offers bundled HR products tailored to industry and strategic HR services.
#6 – Paycycle
PayCycle is a provider of on-demand payroll services for small businesses and the accounting professionals who serve them.
Paychex has the HR, payroll, and benefits solutions your business is looking for. From do-it-yourself payroll to human capital management.
#8 – Sage
Integrated HR and payroll for increased productivity, growth, and people empowerment.
#9 – Surepayroll
Surepayroll offers to take somethings off your hands if you can. It takes away the stress and hands you a mobile access point to check what is going on.
#10 – Cogneesol
Cogneesol has on its page “Cogneesol specializes in payroll processing services and is a preferred partner for a substantial number of clients.
We have more than 12 years of experience in small business payroll processing and can process a considerable number of payroll records monthly.
We provide more than 99% accuracy in payroll processing and have a team of highly qualified chartered accountants who focus exclusively on the payroll.”
#11 – PayUSA
Pay USA provides its clients with the leading HCM cloud-based software that includes a full set of productivity tools and resources to grow their business.
#12 – Algentis
Algentis offers HR and payroll services to customers. The aim is to eliminate delays.
#13 – Deloitte
Deloitte despite being on the high side offer payroll services. This includes “Preparing employees’ payrolls, including calculation of salaries, contributions for social insurance, health insurance, unemployment insurance, and personal income tax.”
#14 – GreytHR
The greytHR Platform automates HR processes & empowers employee self-service. Get all-around productivity and engaged employees; the crucial ingredients for growth.
#15 – CloudPay
CloudPay provides accurate, compliant global payroll in a single, unified, automated solution, with auditable processes adapted to the unique requirements of each location.
#16 – Keka
The only cloud HR Software that is employee-centric. Unlike traditional HRMS solutions, we are a modern new generation platform focused on user experience and simplifying complex workflows.
#17 – Open HRMS
Open HRMS Payroll finetunes your entire payroll management process, It reduces payroll processing time with its advanced payslip generation methods based on the timesheet, salary rules, and salary structures.
#18 – Gen Payroll
Gen desktop payroll software is a complete human resource management solution for companies having an employee base in dozens or hundreds. The software creates virtual connectivity between HR and employees.
#19 – HRMantra
HRMantra is one of the most powerful payroll outsourcing services that offers a comprehensive set of payroll processing features. What sets it apart is that you can easily customize the system to fit into the most complicated pay calculations.
#20 – OnPay
Onpay believes in taking more tasks than is offered. They believe that payroll services are a nice start, but are only one small business to do.
#21 – Zenefits
Zenefits has all the HR tools that make managing your people easy, from streamlined onboarding and easy PTO tracking to org charts, performance reviews, and so much more.
Simple software and expert support for payroll, benefits, HR, and compliance. Justworks are there to help you navigate these challenging times.
#23 – Square payroll
Get full-service payroll, automated tax filings, and employee benefits all in one place.
#24 – Insperity
Insperity, Inc., previously known as Administaff, Inc. provides human resources and administrative services to small and medium-sized businesses.
#25 – Ultimate
Ultimate provides HCM solutions designed to improve the employee experience by putting people first—HR, payroll, talent, time and scheduling, engagement surveys, HR service delivery, and more.
#26 – Ceridian
Ceridian’s payroll software empowers your team to access and audit data continuously throughout the pay cycle instead of waiting until the pay period closes.
This provides them with more time for reviews and audits, which helps to ensure a more complete and accurate payroll submission.
#27 – Oorwin
A typical software application that combines many human resource functions such as benefits administration, attendance & timesheet management, payroll management along with compliance management.
These companies are there to help lighten the load that comes with running a company. This list of payroll outsourcing companies is not exhaustive as there are very good companies rising the ranks with each successive year.