Payroll Vault Helps Business Owners Rethink Payroll
Payroll Vault says it takes the burden of payroll off the plates of foodservice and retail companies so they can focus on growing their businesses.
Payroll consistently ranks as one of the top three most-outsourced business functions for companies. In the United States, small businesses generate 65 percent of new jobs, and 97 percent of the businesses employ less than 100 people.
Payroll Vault found a niche in the small businesses sector, which up to now was often considered underserved. Payroll Vault’s national presence of more than 50 locations (and growing) across the United States is specifically designed to support any small business including retail stores, restaurants, business services and professional services.
Tax laws and recent changes in federal, state and local legislation have made payroll and workforce management administratively challenging and complex. These changes in legislation, along with new wage rates and compliance issues, keep business owners up at night; thus, outsourcing payroll services has become top of mind for most, according to Payroll Vault, which states that small businesses want a reliable, local provider that can provide a personal, consultative approach for their payroll and human capital management systems.
You may think payroll is payroll — think again. Payroll Vault says its differentiator among industry competition is that it creates personalized boutique-style payroll solutions, matched with “incomparable” customer service, in a convenient and real-time solution with in-the-cloud software to support small business owners who want to grow and more efficiently operate their businesses.
“The local payroll services model is virtually untapped and business owners want a relationship with their payroll company and payroll specialist.
Payroll Vault is unique in that way,” Founder and CEO Sean Manning says. “With a strong economy, low unemployment and people starting businesses, the need for payroll and workforce management services is quickly on the rise. We describe the payroll industry competition as ‘cluttered.’
There are several options and many of our competitors have call and processing centers overseas that lack a focus on the client experience, the business owner uses online software that keeps them in a basic DIY payroll mode, or perhaps the business owner has their accountant do their payroll which can be inefficient and less than ideal. Payroll Vault’s local, personalized and transparent services are a welcomed alternative by business owners who cherish having attention given to them and their business,” he continues. “We view our service more like being an advisor or consultant to our clients because we are active in our local business communities and care about their success. Payroll is our primary service and we offer a full suite of auxiliary services with most of our clients using several of them. We describe these services and resources as ‘workforce management.’”
Once regarded as services for larger companies, today’s small business owners need the support of workforce management services to help keep them compliant, operate their business and manage their employees. Payroll Vault’s suite of workforce management services include time and attendance, scheduling, pay-as-you-go worker’s compensation, human resources, drug screening and testing, background checks, labor posters and pay cards.
Many of these services are integrated with the software Payroll Vault uses from vendor partner Thomson Reuters, making it easy for the company to reactivate seasonal employees and create a clean, accurate interface to import employee time for efficient payroll processing. “The engine around payroll services has to be strong,” Manning explains. “We are aligned with Thomson Reuters to ensure we have one of the best software solutions available for our clients with secure and world-class data storage.”
As a boutique-style full-service payroll company, Payroll Vault places an emphasis on customer service and developing strong relationships with its clients. “Our clients are not just a number,” Manning says. “We know our clients by their names, and we know that client service wins hands-down in any industry and in any economy. When clients have a question, they receive a quick and efficient response so they can get back to focusing on their business. Larger brands could take up to days or weeks to resolve a client’s issue.”
Payroll Vault has a 97 percent “client satisfaction” retention rate, and Manning says this speaks to how the company emulates its client service throughout the entire system. Curt and Anne Staley, owner/operators of Big O Tires of Seymour, Ind., say, “The fast and efficient service we receive through Payroll Vault has been a great asset to our business. It’s good to know in an ever-changing business world that we have our own personal experts on our side. Thank you to the great team at Payroll Vault for making operating a fast-paced business manageable. We are pleased you have our backs and support our company.”
As a Business Opportunity
Payroll Vault is a brand and franchise concept for entrepreneurs who want to tap into professional services and own a full-service Payroll Vault franchise.
The training and ongoing support provided by the executive team has new franchise owners up and running their businesses in about 90 days. For people that already own a business, like multi-unit franchise owners, this can provide an opportunity to turn the expense of payroll into a revenue stream. Payroll Vault currently has 52 locations across the USA and is expanding rapidly.
Franchise owner Blair Motl says: “It’s awesome being integrated in my local business community, knowing so many professionals and building a sound client base that will be with me for years to come.
My Payroll Vault team of ‘rock stars’ paired with our services are valued with our clients. Together the synergies grow business all around. The entire Payroll Vault family is supportive, and I feel like I am making a difference for my clients every day.”
Whether business owners are seeking better solutions for payroll support for their employees or they are looking for new business ownership opportunities, Manning suggests that Payroll Vault is a company worth considering.
Accolades for Payroll Vault
The company has received numerous awards in the industry including:
° Entrepreneur magazine’s “Franchise 500” and “Top Low Cost Franchise” awards
° Multiple awards from Franchise Business Review including “The 200 Best Franchises to Buy in 2020” and “Top 50 Franchises for Franchisee Satisfaction”
° HR Tech Outlook’s “Top 10 Payroll Providers”
° “Best Places to Work” designation from the Denver Business Journal