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Start-Ups

The Benefits of Using a Payroll Company and How it Can Save You Money

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By Matthew Whitaker   |    March 3, 2021   |    1:48 PM

At Intelligent Office of Alexandria, we know that your main focus as a business owner is to grow your business while offering the products or services that your customers enjoy. However, it is easy for business owners to become bogged down with the human resources tasks involved with running a business, such as paying employees, figuring out tax withholdings, and deciding which health and retirement plans to offer. These important, yet time sucking tasks, can make it difficult to focus on the hard work of growing your business.

That is why we met with Jake Baltes, District Manager for ADP, to learn more about ADP’s products and services, the value they offer to business owners and their employees, the benefits of using a payroll company such as ADP, and the ways in which they can help you save money. Jake Baltes, a graduate of the University of Kentucky, oversees six zip codes in the DMV. He works with accountants and financial centers, such as Bank of America, and brings in new businesses to ADP.

ADP’s Services & Programs 

At its core, ADP is known as a payroll company and is considered a pioneer of the industry. ADP pays 1 in 6 Americans and is the largest payroll company in the world. They also offer human capital management to businesses owners by providing HR assistance and integrating benefits to payroll. ADP’s services and programs include:

  • Payroll
  • Recruiting
  • Screenings and background checks
  • Employee handbook wizard
  • HR helpdesk
  • Mobile access to paystubs
  • Retirement solutions
  • Health insurance solutions
  • Workers’ compensation
  • Time keeping

“ADP is so much more than a payroll company. We want to be with our clients throughout the entire life cycle from hire to retire and anything in between,” says Jake. “We help businesses grow by giving them access to Zip recruiter and advice on how to stay up-to-date and in compliance with changing rules and regulations of government. Ultimately, we give our clients time back into their day so they can focus on what’s most important, such as marketing and growing their businesses.”   

Benefits of a Payroll Company v. Paying Employees Directly

A payroll company, such as ADP, takes on all tax liability. If a business owner makes a mistake in payroll taxes, the liability will fall on ADP and not the business owner, if they were to receive a notice from the IRS.

When paying employees directly, businesses need to make sure that they are doing it compliantly, in accordance with IRS rules and regulations. Many times, businesses will incorrectly pay their employees as a 1099. However, a payroll company, such as ADP, will help employers determine the difference between a W2 and a 1099 employee. This is a benefit to the employees because it provides proof of income when they go to purchase a house or a car. Additionally, ADP will handle the tax filing and year end statements, ultimately saving the employer time and money.

While most payroll companies require at least 3-4 days in advance to process payroll, ADP offers a 24-hour turnaround time. If paying on a Friday, the employer will need to submit payroll by 4:30 p.m. on Thursday. The pay will be directly deposited into the employees’ bank accounts or ADP can overnight the checks. This is another added benefit of using such a reputable and well-established payroll company such as ADP.

How to Save Money 

Every business owner is looking for ways to save money. Often, the question is how and in which areas. If you are like most business owners, every dollar counts, so it’s important to consider the details of payroll and determine whether this is an area in which you can save money.

If you are currently using another payroll provider, Jake will review their services and how much they cost, and then make recommendations based on any cost savings offered through ADP, as well as upgraded technology on the backend. “We can almost always save you money and provide more value, which offers cost savings in the long run,” says Jake. Additionally, because workers’ compensation is a payroll-based insurance, there is an audit at the end of each year. If you experience high turnover or your estimation was off, a lot of the time you end up owing money. Conversely, ADP offers a “pay-as-you-go” system that allows business owners to save money throughout the year.  

On the retirement side, many people do not know that the Secure Act of 2020 offers significant tax credits on retirement plans. ADP can help business owners get access to 401K and IRA plans and will benchmark a 401K plan to find any hidden fees while taking on any fiduciary liability. They work with all the major investment firms such as Fidelity and Vanguard and will serve as the administrator of the plan.

Finally, ADP offers monthly promotions on their services. If you are thinking of switching to another payroll company or would like to learn more about how ADP can save you money, contact Jake Baltes at Jake.Baltes@ADP.com or 434-466-3017.

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