Why You Should Consider Starting a Payroll Service Business

Business Overview:

Starting a payroll service business is the perfect opportunity to help businesses operate effectively while working as your own boss from home. Paying staff correctly and on time should be one of the most important priorities for any business owner. Attracting and retaining quality staff is a challenging process, and any failure to pay staff on time and in the correct amount can put a business at risk of losing valuable talent. However, payroll accounting can be complicated and confusing—which can increase the chances of mistakes. In addition, business owners are faced with a wide array of responsibilities as part of the day-to-day running of their businesses, and many find the weekly or monthly task of payroll accounting to be an unwelcome burden. With this business idea, you help to take weight off of business owners’ shoulders by doing their payroll accounting for them. Learning how to start a payroll service can become a very profitable venture for you, as many businesses prefer to outsource certain areas like payroll and customer service due to a lack of personnel. In order to get started you’ll need to have the bookkeeping skills and patience to process payrolls correctly which, due to the complexity of payroll accounting and variances in local and national laws, will require you to have completed training programs on payroll accounting by professional organizations in your country. Thankfully, there are many training programs available for you to take, and most can be completed fairly quickly and at a relatively low cost. Once you have the necessary skills, the start-up costs for this business are very low and you can easily start and run this business from the comfort of your own home. You will need to invest in payroll accounting and processing software, and you will need to market your services effectively to attract clients. Having done so, you should start to see steady profits reasonably quickly. This is because once acquired, so long as you continue to provide an accurate and quality service, the majority of your clients will continue to use you and your payroll accounting for years to come.

A Day in the Life of a Payroll Service Business Owner:

As a payroll service business owner, you will spend a typical day efficiently working to ensure the accurate and timely processing of your clients’ payroll accounts. To do this you’ll use your payroll accounting software, and accurately account for the payment of each member of staff on your client’s payroll. You will then process the payment (or have it processed for a specific date), print out payroll statements, and forward them on to each staff member (and to your client). Of course, you may decide to hire your own staff to process your clients payroll accounts for you. In this case a typical day would be spent marketing your business to attract new clients and further increase your profits.

About Your Customers:

Your customers will be businesses that want to outsource their payroll accounting.

What You Need to Start:

• The skills and patience to process payroll correctly
• Training on payroll accounting by a professional organization in your country
• Payroll accounting software
• Computer
• Printer
• Business license
• Marketing (online, flyers, ads, word of mouth, etc.)
• Financial tracking software

The Good:

• You will be taking care of one of the most important areas of your clients’ businesses for them.
• You can gain the skills you need to start this business relatively quickly and inexpensively.
• The start-up costs for this business are low.
• You can start and run this business from the comfort of your own home.
• Most businesses choose to outsource their payroll accounting, so you can potentially make great profits with this business.

The Bad:

• Unless you love numbers, payroll accounting can become somewhat repetitive.
• It may be a while before you start to see good levels of steady profits as building up your client base can take some time.

Resources:

• American Payroll Association
• Bureau of Labor Statistics on Payroll and Timekeeping Clerks
• Wikipedia on Payroll

About The Author

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