1. Why Paychex?
There are several outsourcing providers in the payroll industry, offering a wide variety of similar
services. National providers, such as Paychex, offer expertise and comprehensive service at an
economical price. Here are some other points to consider.
National providers offer a wide range of outsourcing solutions. From payroll to human
resources to employee benefits, Paychex services can be scaled to meet the needs of most any size
company and will support your business as your company grows.
National providers use data integration. Payroll and other essential HR recordkeeping tasks
share a great deal of data. Managing these jobs piecemeal is inefficient, time consuming, and
expensive. Paychex payroll services provide an efficient, centralized point for integration of
these jobs.
National providers ensure that government-mandated payments are met. Employers face
about 400 changes in the tax laws each year. That doesn’t include amendments to workers’
compensation, COBRA, 401(k)s, and other mandated employer responsibilities. With Paychex
handling many administrative functions, employers also minimize the risk of being assessed any
tax penalties.
National providers invest annually in technology enhancements. This allows Paychex to
provide clients with more efficient and up-to-date processes. You are less likely to have outdated
software that doesn’t talk to other systems, and complicated re-configurations are not necessary
when new versions of software are made available.
National providers deliver business continuity protection. Processing capabilities at multiple
sites offers safety in emergencies. Redundant data storage guarantees security of essential
business information and the ability for it to be retrieved from an alternate location in the event
of an unforeseen circumstance.
National providers have financial stability. Paychex is a publicly traded company that must
adhere to strict legal guidelines and audit controls. Financial information is available for review
through the annual report and SEC filings. In addition, Paychex has the funds to ensure payroll
and payroll tax requirements are met in a timely manner.
National providers hold fidelity bond coverage. This guarantees that clients will not suffer a
loss due to any errors or misconduct by Paychex employees.
As you consider different payroll outsourcing companies, keep your long-term business
objectives in mind. Comprehensive services, financial stability, and best practices in the industry
are key elements to ensuring you choose a provider capable of supporting the growing needs of
your organization well into the future.