If you’re researching which payroll solution is right for your business this is where you want to start. From payroll software, all-in-one HR software, payroll services, in-house staff, payroll processors, or professional employer organizations, when it comes to payroll solutions, you’re not short on options.
In our newest eBook, Payroll Solutions: Finding the Best Fit, you’ll find a round-up of the six most common and why they may or may not be the best fit for your company.
We will be posting individual sections of this eBook here on our blog, starting last week with our sections on payroll software, and all-in-one HR software, and continuing today with our section on Finance Professionals!
If you would like to see the whole thing, you can read it here, and even download it as a free PDF!
Working with these types of financial experts and professionals can be a huge benefit to your small business in many ways. However, if you are looking for a payroll-specific solution, they may not always be your best option. Often, these professionals actually focus on categorizing your monthly bank statements to provide tax-ready financial statements, not necessarily payroll. But, many do, so it never hurts to ask.
On the other hand, if you are looking for slightly more in-depth financial services besides payroll, then many of these providers do integrate easily with payroll providers. Partnering with them in this way can greatly help you in doing things like properly reconciling and breaking out salary, wage, and taxes on your financial reports. After receiving the necessary data from your payroll provider, they would use your payroll reports to account for your payroll taxes accordingly on your financials.
If you decide to team up with an accountant for your small business’ financial needs, you need to make sure to make the best choice for your needs. Finding the right accountant for your small business can be difficult and confusing without knowing what criteria to consider.
Fortunately, Inc.com has put together a step-by-step guide to help walk you through the criteria you should look at while making this choice and what your various options are. According to this guide, here are the questions you should ask while making this decision:
- When is it the right time to hire an accountant?
- Should you hire an inside or outside accountant?
- What key qualifications should you look for?
- Can you find a referral from someone whose opinion you trust?
- What questions should you ask during the interview process and what references should you check?
Who Finance Professionals are Great For:
- A company with the budget to spend on multiple channels for their payroll and overall financial services.
- A small business owner looking for financial services outside of specifically a payroll solution.
- Someone already working with a payroll provider that wants to streamline the integration of payroll and things like financial and bank statements, reports, and taxes.
- A Small business owner lacking the financial expertise to integrate payroll and other financial needs of their company on their own.
- A company with 5-25 employees.
Who Finance Professionals are Not Great For:
- A company with a tight budget.
- A small business owner with the financial expertise and experience to integrate payroll and their other financial needs.
- Someone specifically looking for a payroll solution, without the other financial services these professionals specialize in.
- A company with more than 50 employees.