Find a Payroll Service Provider near you
The average rating for Bark Payroll Service Providers is 4.9, based on 7,068 reviews
5/5
based on 7,068 reviews
Are you thinking of outsourcing your payroll to a payroll provider? Read our handy guide to find out how much you can expect to pay for payroll services.
If you’re considering outsourcing your payroll to an external payroll provider, you’ll need payroll services. This completely hands-off approach to payroll will save you both time and effort, as well as helping you to remain compliant with employment legislation.
The majority of payroll providers will offer a comprehensive payroll service, maintaining annual leave records, as well as dealing with sick leave. They’ll also manage your employee’s timesheets, making sure they’re paid on time and accurately for the work that they do.
To further save you time, payroll service providers will liaise with and deal with any enquiries from your employees, as well as calculating, creating and distributing payslips. This takes another job off your plate, leaving you to deal with what’s important to your business.
You can save both time and effort by choosing to outsource your business’ payroll. But how much do payroll services cost?
The cost of outsourcing your payroll to a payroll provider will be influenced by the number of staff that you employ and the frequency with which you pay them. Although there is no fixed rate for payroll services, a breakdown of the average costs of outsourcing your payroll based on Canadian payroll providers is given below.
| Average cost (per employee, per month) | $12 |
| Minimum cost (per employee, per month) | $8 |
| Maximum cost (per employee, per month) | $20 |
The cost of payroll services will depend on many different factors including:
Number of employees
Frequency of payment
Setup costs
Additional services
The number of employees on your payroll will impact the price of outsourcing your payroll to an external payroll service. The cost is typically calculated per employee, but the majority of payroll providers will offer a reduced rate for larger businesses. This means that the larger your workforce is, the lower the individual cost per employee will become.
You’ll find that the price of payroll services in Canada will also be influenced by how often you pay your employees. The average prices above are based on businesses that pay their employees monthly. If you pay your employees on a weekly or fortnightly basis, you’ll be looking at a higher cost to outsource your payroll as the workload is increased.
The majority of payroll providers will also charge a small setup fee for each of your employees. This cost is generally nominal, averaging around $5 per employee. You’ll incur this charge when you first hire the payroll company and again whenever new employees join your payroll.
There may also be an additional fee if you choose to have printed payslips sent to your employees. This typically costs in the region of $3 per person per payslip. Make sure you ask your payroll management company about this charge before signing up to ensure that you fully understand the associated costs.
Some payroll companies may also offer HR and other accounting services. If you opt for an integrated service, you’ll notice the fees increase quite significantly due to the additional workload required. It’s worth considering what you want to keep in-house and what you’d like to outsource.
Some businesses choose to manage their payroll in-house and it’s perfectly possible to do so. However, you’ll need to have experience in managing payroll and a good knowledge of the legal requirements to ensure that you don’t end up with a fine.
If your business employs several people, payroll can quickly become overwhelming and take over your day-to-day work. Hiring an in-house payroll specialist can work well, but you’ll need to make sure you’ve got back up in case they call in sick on payday
Choosing to outsource your payroll to an external payroll provider will mean that you’re free to concentrate on what matters to your business whilst leaving your payroll to the experts. You can feel confident in the knowledge that your legal duties will be complied with and you’ll be less likely to be hit with a fine.
Searching for the right payroll services for your business can be a challenge. At Bark, we understand how difficult it can be to find the right payroll provider. That’s why when you search for a payroll provider on Bark, you can browse the profiles of companies that meet your requirements and read reviews from genuine clients before requesting a quote.
The average rating for Bark Payroll Service Providers is 4.9, based on 7,068 reviews
5/5
based on 7,068 reviews
