How Much Do Payroll Services Cost Small Businesses
As a small business owner, it is important that you have a good payroll service in place to help you manage the whole payroll system for your company. This is important, because according to this article on Entrepreneur, statistically 1 out of every 3 small business owners will get penalized by the IRS for some mistake in their payroll management. This is actually a fairly large percentage of small business owners getting penalized. Just from the numbers, it is clear that there is a need for good payroll services. The question then becomes: how much does this service cost? Thankfully, there are some great options out there that won’t break the bank. Below is a list of some of these payroll services.
1. Inuit Payroll
This payroll option is offered in the same Entrepreneur article linked above. Innuit Payroll has a variety of options to meet different budget needs. Its cheapest offering is Inuit Basic and only costs $20 a month. There is a fee of $2 per employee added per month for every package. The Basic package runs your payroll and will calculate your taxes, but not file them. Inuit also has their Enhanced package, which actually will file the taxes for 31.20 per month. The more expensive package is Full Service, which is $79 a month.
Suggested by the Entrepreneur article as well, Gusto is a great payroll service. In fact, it was named the payroll service of choice by PC Magazine. Gusto only costs $39 a month, plus $6 a month per employee. At this low fee, there are so many great services included. For example, Gusto files your taxes, all the way from local to federal. It also allows employees, even those who are not working with the company anymore, to view their information, paystubs, and W-2s. Also included in this low price are services like benefit planning, direct deposit and check services, to name a few. In essence, Gusto tries to pack a lot of great services into a fairly low cost package.
According to this article on Business News Daily, OnPay is the best option for small businesses that are on the smaller end. This can be useful for you when your business is just starting out, or by it by nature is small and will remain so. OnPay only charges $36 per month for its base fee, plus $4 per employee. The services OnPay offers are great as well. For starters, you get your tax responsibilities taken care of. OnPay also offers the ability to have unlimited number of payroll runs each month, which enables you to have different pay schedules for different employees, which can be useful. They also have great customer service to help you with whatever needs may arise.
As this list has shown there are many different payroll services that offer great monthly packages that can help you manage your payroll needs. As has also hopefully been shown, there are great base packages that are available for under $50 a month. How much you will pay will obviously in part depend on how many employees you have. But there are still some great, low-cost options to help you manage your payroll. If you are looking for cheap payroll services to help keep you from being penalized by the IRS, you can’t go wrong with the ones listed above.