At some point in the business life cycle, Staffing companies of all sizes determine that it is more efficient and cost-effective to outsource payroll to a third party. Once you’ve taken that leap, how do you decide which payroll company will fit your needs?
Choosing the right payroll company goes beyond asking for prices. There are many variables that come with choosing a partner for your unique payroll needs. Lone Oak Payroll’s Senior Vice President Kevin Standa covers some of the best questions to ask prior to selecting a provider for payroll services.
Does the payroll partner offer additional tools to help make your staffing business more efficient?
The answer to this is important because payroll services range from very basic to incredibly comprehensive. Many payroll providers land somewhere in the lower end of that scale, with minimal tools and a rigid process that don’t create the best solution for most staffing companies.
In addition to payroll funding, Lone Oak Payroll offers TempWorks, a leading staffing software. TempWorks Software comes paired with teams of highly skilled payroll professionals to assist clients with any payroll need they may encounter. These added tools and teams allow Lone Oak’s clients to focus on other important areas of the business so they are not spending valuable time stressing over payroll being completed timely and accurately.
What is the true cost vs. the price being quoted?
One of the biggest misconceptions about payroll funding is that all payroll companies offer the same service and the only differentiator is price. This could not be further from the truth.
These misconceptions can be time-consuming and costly to a staffing company. Many payroll companies quote aggressively low upfront prices for processing payroll, failing to mention all of the fees associated with the services being offered. These fees add up when the staffing company becomes a live client.
When choosing a payroll funding provider, it’s important to ask for a transparent breakdown of weekly, monthly, and quarterly costs based on your company’s average volume to ensure you are comparing apples to apples regarding pricing.
Which services are offered by the payroll company?
The disparity between some payroll companies and Lone Oak Payroll is enormous.
On average, Lone Oak Payroll’s clients tell us that the services they receive from Lone Oak Payroll allow them to repurpose or eliminate between three and five full-time employees. Conversely, other payroll companies do not provide services that offset the cost of full-time staff. Many payroll companies only process payroll if a comprehensive and complete file is received by a rigid deadline. If this file is not received, is incorrect, or is late by even a minute, payroll is either not completed or is incorrect.
Additionally, many of the payroll companies do not have teams of professionals to contact when there are questions that need to be answered or when corrections need to be made. That means all the action and responsibility falls on the staffing company. Lone Oak Payroll takes a comprehensive approach to help all clients succeed in processing accurate and timely payroll every week.
Our dedicated professionals, staffing software, equitable pricing, and clear communication sets Lone Oak Payroll apart from other funding companies. Contact a Lone Oak representative to learn more about how we can help support your staffing company’s growth.