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Starting a Payroll Processing Business?
I've been doing payroll for a family business for about two years. I've decided that I should start a small payroll processing company on the side. I already have a few small companies that I'm positive will give me their business. What payroll software do you know of that will allow me to keep up with multiple companies payrolls (i.e Quickbooks)? I plan on reporting taxes, printing payroll checks, w2, filing the different forms, etc. Thanks for your help.3 years ago - 1 answers
There are thousands of payroll processing companies in the US. The market is pretty saturated. Because you have been processing payroll for 2 years for a family business probably doesn't qualify you to open a payroll processing company.
Do you have a CPP designation?
Do you know different tax laws like a 401A or how deferred comp works.?
And with a payroll processing company you take on the liability of the other companies payroll -- you need off site facilites to ensure you can process if there is any kind of disaster (including no electricity), if you make an error would you have the funds to reimburse the cliet?