Hiring employees may be a marker of growth and success for your business. But with that growth comes extra administrative tasks, such as payroll. Running a business requires a laser focus on productive activities that can generate growth, boost profitability, and please customers—the time spent inputting payroll, preparing quarterly reports, calculating and filing taxes, and making sure you’re compliant with laws and regulations only distracts you from your business goals.
“It’s typical for small businesses to start out doing payroll themselves—often through business owners (or a designee) who have the authority to approve expenses and write checks,” said Michael Eley, product manager for payroll solutions at Truist. At the early stages, some owners view payroll as a way to monitor costs and manage employees.
“But if you’re looking to maximize the time you invest in growth, or your company gets large enough that the demands of management (including payroll) start taking up more of your day, you need to look at ways to better handle payroll,” Eley said.
There are several options to offload payroll tasks, including:
The cost of payroll processing depends on the complexity and size of the task. Most providers will ask you for the following to calculate a base cost:
The Truist Online Payroll solution is a flat monthly fee of $55 for businesses with 50 employees or less, regardless of payroll periods, number of jurisdictions, or method of payment. Disclosure 3
In addition, some payroll services may add charges for the following Disclosure 4
Ask about how your service provider supports you in the event you’re audited or questioned by federal or state authorities. Government inquiries can require owner time and tax knowledge that are often in short supply. Truist Online Payroll works with you to resolve any tax notices.
Putting it all together, there are several ways you can manage payroll. The following table provides the costs along with the pros and cons of each option to help you find the one that best fits your business.
| Do-it-yourself | Payroll outsourcing service (or with CPA) | Truist Online Payroll | |
|---|---|---|---|
| Base fee | N/A | $50-$200/month plus per employee charge; CPAs may charge additional fees | $60/month for the first 50 employees; $2/employee for next 50 employees Disclosure 3 |
| Implementation or set up fee | N/A | One-time fee | Included |
| Transaction fees for checks or direct deposit | N/A | Extra charge | Included |
| Customer support or maintenance fees | N/A | Extra charge | Included |
| Track and enter time worked | Usually manual or spreadsheet | May have automation to collect employee wage and timesheet data | Integrates with time clock application |
| Calculate deductions for state and federal taxes, benefits, and other (garnishments, etc.) | 1.5 hours per month Disclosure 5 | Automated | Automated |
| Run payroll/pay employees | 3.2 hours per payroll Disclosure 2 | May charge transaction fees | No fees |
| Integrate with accounting system | Manual | Depends on service | Included |
| Make quarterly tax filings and payments | 30-45 minutes/quarter Disclosure 4 | Included | Included |
| Benefits administration and retirement savings plans | Varies based on plan composition | Depends on service | Included |
| Annual W-2 and 1099 tax filings | 3.5 hours annually Disclosure 2 | May charge additional fees | Included |
| Respond to employee requests for documents and information | Owner/designee responds as required | Depends on service | Employee portal for full access |
| Produce payroll reports | Usually manual or spreadsheet | May charge additional fees Included | Included |
| Tax guarantee | Not available | Depends on service | Included |
| Expert payroll/HR resource | Not available | Depends on service | Included |
Let us do the heavy lifting of payroll administration.
Truist Online Payroll helps you spend more time running your business and less time administering it. Call a small business banker at 844-279-8256, or schedule time for an in-person or virtual appointment to see how Truist Online Payroll can help your business.
This content does not constitute legal, tax, accounting, financial, or investment advice. You’re encouraged to consult with competent legal, tax, accounting, financial, or investment professionals based on your specific circumstances. We don’t make any warranties as to accuracy or completeness of this information. We don’t endorse any third-party companies, products, or services described here. And we take no liability for your use of this information.
Disclosure 2 Q1 2022 Truist nationwide survey of 522 small business owners with annual revenues between $100,000 and $2 million.
Disclosure 3 Online Payroll is a feature available within Truist online banking for companies with 1 to 100 employees. For more than 50 employees, an additional $50 one-time implementation fee applies along with a $2.00/month, per employee fee. The per employee fee only applies when the number of employees during the monthly billing period is 51 or more. Per employee fee is charged starting with the 51st employee. Effective Jan. 1, 2024, the monthly maintenance fee is $60. Additional charges and transaction limits may apply. See Truist’s Business Deposit Accounts Fee Schedule for details.
Disclosure 4 See Truist’s Business Deposit Accounts Fee Schedule for additional details.
Disclosure 5 SurePayroll estimates.
Services are subject to applicable service terms and conditions and certain services and functions are subject to approval.
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