You have done your research in regards to outsourcing your payroll to a trusted vendor. You maybe even have found a few third partner payroll vendors that you are deciding between to help solve your payroll and HR needs. It is time to make a final decision. One of the final questions to answer when making any business decision is “How much is it going to cost me?” While every vendor has a unique price that they charge for their services, the answer to this question really is open-ended. Depending on how many HR services your business requires, the higher the payroll cost to your business. However, we have broken down some of the costs for running payroll below.
How much will payroll cost my business?
At Paper Trails, we charge an all-inclusive price. We have, which is an industry standard, two different methods of invoicing our clients. The first method is a monthly invoice. Your business is charged a set price per active employee in our system per month (PEPM). The second way we invoice your business is per each payroll run. We charge a set base fee and a small per employee charge based on the number of service you need. In this method, your business is charged every payroll run, not a monthly invoice.
Which pricing model is better for my business?
Choosing between the two pricing models for your business depends on many factors. Factors to consider about your business can include:
- Number of employees you have.
- Amount of HR services you need.
- Which industry you are in.
- The seasonality of your business.
Each business will be different, but remember, the PEPM model generally favors larger businesses that need to take advantage of more tools that Paper Trails has to offer. The per payroll method is generally a better solution for smaller business, or a hospitality business with dramatic seasonal swings.
If you have any questions about pricing, or would like to get started, please reach out to our team today!