There are over 400,000 payroll companies currently operating in the United States. How are you supposed to find one that’s right for your medical practice? First, consult with your attorney, financial advisor, or an independent CPA about the benefits of outsourcing your payroll to a third party. Next, obtain referrals from other medical practices similar to yours in size and scope. Third, consider using a top payroll company such as Paychex, ADP, or Intuit. These are the “big boys” of payroll, so you can rest assured of their reliability and accuracy. If choosing a larger payroll company, however, be sure you’re not getting charged for extra services you don’t need, such as human resources services. Finally, choose a payroll company by considering the following questions:
- How many new employees do you plan on hiring this year?
- Will those employees be full time, part time, or contract workers?
- Will your employees be offered tax deductions and other benefits that need to be tracked by payroll?
- Will your employees be paid weekly, bi-weekly or monthly?
By considering which types of services you’ll need, consulting other medical practices for referrals, and including your financial advisor in the decision-making process, you’re sure to choose the perfect payroll company for your practice.
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