Payroll Trends: How Do You Stack up?
Ever wonder how your payroll processes compare to other small businesses? Or what's really the most important feature to look for when hiring a new payroll service? We collected data from hundreds of recent BuyerZone users to let you see how your business compares.
What does it all mean?
There are a few points that stand out.
- With a combined 66% of our users either not processing payroll at all or handling it in-house, having someone else do it for you is a primary driver of payroll service purchasing. Given the legal requirements and sensitivity of getting payroll right, turning to an expert is just common sense as your business grows.
- Three concepts stand out in the free response text about what buyers are looking for in a payroll service: price/cost, accuracy, and service. First, and as always, BuyerZone users are a frugal bunch, looking to make sure they don't spend too much on their payroll service. Many are probably also curious about the costs of payroll services. But the second two common responses indicate what's important to buyers besides the bottom line: getting the payroll right, and providing responsive service to answer questions and resolve problems if any.
- Two features really stand out for most of our users: tax filing services and direct deposit. Without these two features, a payroll service provider probably shouldn't be on your short list.
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