Many banks now offer payroll processing services. Should you use your bank's payroll service or stick with a firm that specializes in payroll? There are several reasons you may want to switch.
1. A bank's payroll service is just as good as a specialist's. A large firm that offers payroll services and your bank have a major similarity; neither has its full attention upon payroll, but both have enough resources to do it correctly. Smaller services that specialize only in payroll solutions may not have the resources to avoid dropping the ball now and then.
Investigate your bank's payroll services department just as you would any other firm's payroll service. Ask how many payroll specialists there are. Determine the ratio of specialists to clients, and to the number of checks cut per month. Learn what software the department uses to process payroll and its reputation among payroll processors. Request client references and check them.
2. Fewer participants in payroll mean fewer opportunities for mistakes. Your bank has your money. If you use another payroll service money must move from your bank to the payroll service's account. Bad things can happen during such transfers and using your bank's services can prevent these mishaps.
3. Save time and gain a better picture of your financial condition. You will have integrated information about all your money accounts: checking, savings, payroll, payroll taxes, etc. You can read one report or go to one Web site instead of several.
The information you get will be more up to date, as well. Often there is a delay between a bank's transfer of funds and a third-party payroll service's posting of that information to your account. Such delays are minimized, if not entirely eliminated, when the money is only moving internally.
4. It is easier to monitor the financial and operational health of your bank. In these uncertain economic times you need to keep a close eye on the people who handle your money. Put all your eggs in one basket - and watch that basket!
5. Your bank's payroll service might be less expensive. The bank may offer payroll services at cost to attract and retain customers. The efficiencies of keeping money under one roof may reduce the cost of payroll processing. Volume discounts might also be available.
6. It may be easier to get loans. The more business you do with your bank, the firmer and more personal your banking relationships become. Those relationships make a key difference between a loan's approval and rejection, and can improve the terms of any loans you may get.
7. The security of your financial information and assets is increased. The more firms handling your money and transmitting it electronically, the greater the opportunity for bad guys to gain access to your account information and funds.
Employing a payroll service is unavoidable today. But what type of service is up to you. As illustrated above, a bank's payroll offering is worthy of your consideration. You will likely save time and money, as well as enjoy better security and efficiency.
Before deciding on a payroll service provider, however, make sure you know your options. Focus' Payroll Services Buyer's Guide and Payroll Providers Comparison Guide will get you started on the right path.
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