Payroll can be a real pain, and that’s where Paychex promises relief. They were originally founded on the idea that small business that employ few employees can’t really justify spending a lot of time and money figuring out payroll. Larger business dedicate an entire department to this task, but it doesn’t make sense if you only have a dozen or so employees. The company was launched in order to fill that gap and help smaller sized businesses.
Since then they’ve really grown, and now their founder is one of the few billionaires in America. They’re also a publicly traded company, so they have shareholders to answer to. You don’t bring in hundreds of milions of dollars in annual revenue without doing something right, so Paychex must work at least well enough for hundreds of businesses to use it and stay on with it month after month.
They say that they will help you master small business payroll processing and taxes with help from your local Paychex team.
Outsourcing has gotten a lot of press in recent years, thanks in part to the book the Four Hour Workweek. You should use the principle outlined in the book that says if someone can do a task that you don’t enjoy for less than you make per hour, then it only makes sense to have them do it, so you can get back to doing what you do to make money. The net result is that you end up making even more money, and you don’t wallow in self pity doing something you don’t like doing.
Getting a cost quote is pretty hard, because the services they offer are highly customized to the size of your business and what you’re trying to accomplish. We tried to provide some ballpark estimates but were unable to come up with a way to do that.
When you use Paychex for your payroll and payroll tax services you’ll also have the option to expand that into HR management, as well as offering 401(k)s to your employees. So really you’re in control of how much you want to commit to using their different services. You can treat it like a cafeteria, and only take what makes sense for your business at this time, and leave the rest.
If you ever want to take the pulse of a publicly traded company you simply need to check their stock chart to see how they’re doing. In the case of Paychex it’s easy to see that the company took a pretty big hit during the time the global financial crisis hit. Since then they’ve been able to recover, not to their original price, but they’ve definitely stabilized since their lean times in 2009. This is a sign of quality management, and an ability to weather a storm, something you don’t see in a majority of companies out there.
There’s one source of negative reviews out there for Paychex, but we feel this is not indicative of the overall consensus of how the average customer feels. If you do business with enough people, the way that Paychex does, you’re bound to have someone that doesn’t like the way you do things. That’s just part of business. The great thing about the Internet is that pretty much anyone can get on their soap box and scream their discontent from the mountaintops.
Final Paychex Review
We’re giving Paychex our Thumbs Up Rating, citing the many positive reviews that it has been given, how long it has been in business, and the ease of use of their services. There’s no way that we can guarantee that it will be right for you and your business, because there are too many variables, but we like that they take this into consideration and don’t try to sell you one-size-fits-all packages full of things you don’t need.
Talk with a rep at Paychex and see if what they say makes sense for your business. You don’t have to worry about getting scammed because this is a publicly traded company that has been around for several years providing a Fortune 500 caliber service to smaller sized businesses. Outsourcing your unpleasant tasks is a big part of scaling your business, as well as your happiness.
Why smash your head against a wall trying to do your own payroll accounting, when so much is riding on getting it right. And why delegate it to one of your employees that hates it just as much as you? It only creates a bad energy within your organization and makes it more likely that mistakes would be made. Our recommendation is to use Paychex or another tax firm to do your payroll for you, so you can be happier and do more fun things related to your business.