Payroll Vault

a system that makes sure they’re the right fit. Just because somebody wants to be a business owner doesn’t always mean you award them a franchise. If it’s right for that person, we can teach and coach them; we can provide all the right tools to be successful. But they need to execute, themselves.” Payroll Vault offers three different levels of territory, “so that we can easily help support the path the prospec- tive franchisee wants to go with,” Manning explains.“Ear- ly on, we had franchisees that wanted multiple locations and there are a couple that own those now,” he adds. “However, we recognize that some markets are smaller and some markets are bigger, so they can start small and We’d already been asked to do payroll for about 70 clients through the accounting firm, and we saw that as an expansion opportunity. So, we created a payroll company that could really serve the small business owner in a boutique style service versus the larger compa- nies that were out there. SEAN MANNING CEO/FOUNDER build, or start big if they have the resources to do that. We’ve also recognized the need to make an expanded territory option so that the investment isn’t quite as large and they can be very satisfied with the territory that’s awarded them.” Manning keeps in touch with his franchisees via an annual conference.“We also have what’s called an ‘owner exchange,’’’ he adds.“We get together once a year and talk about howwe can be more successful as a group.We do regularly-scheduled owners’ calls, everymonth.And we have pretty systematic support and training. It’s all about being available and looking beyond where we currently are –not only for the brand, but also for the franchisees.” Payroll Vault caters to the 90 percent of American businesses categorized as “small” and its franchisees tend n Simple, affordable full-service background screening n Accredited by the NAPBS n Outstanding customer service n No setup fees or monthly minimums Employment screening Drug screening Tenant screening Volunteer screening Do you know the person you’re hiring? www.nationalcrimesearch.com 888-527-3282 PAYROLL VAULT PREFERRED VENDOR n National Crime Search www.nationalcrimesearch.com to target those with around 15-20 employees.When asked why so many small businesses, today, are looking to outsource their payroll functions, Manning explains: “Both the federal and state governments have made it extremely difficult to manage this process. They’re overwhelmed with the reporting requirements which are very confusing. Business owners needs to focus on the key things that make them successful, and sitting in an office for two hours a week, trying to process payroll, and getting it done accurately, deters from what they need to be doing.We’re there so they don’t have to worry about those details.” Another new wrinkle in the payroll domain is the new set of overtime rules promulgated by the federal government, which go into effect this December 1st.“49.5 percent of small business owners don’t even know this new law exists,” Manning says.“So part of our goal is the education of small business owners. You re- ally need the resources to make sure that you track time efficient- ly in order to make sure that you don’t run into compliance issues. Our vendor partners, whether it’s software, timekeeping tools, HR partners, compliance posters - all of those resources, we can turn on and make available very quickly to a business owner to help resolve any of those concerns and avoid some serious penalties that can even lead to closing a business because they can’t afford the penalties that come up as a result of payroll non-compliance.” Manning believes that there are definite advantages to the Payroll Vault model –not only for its customers, but for its franchi- sees, as well.“We’re one of the very few brands that is extremely scalable. So, you can have one location and probably meet your financial goals. And very few brands like us require a minimal in- vestment to be successful,” he states.“It’s Monday through Friday, regular work hours and holidays off. You’re working business to business, which is generally easier; it’s an annuitized business, so once you get a client, it’s typically with you for ten years.We get paid every one to four weeks, typically, because that’s when you run a payroll. There’s no collection, there’s no receivables, no credit card or checks, and no need for a billing system, so it’s easily man- aged. And, as far as the top resources you need–you need a good brand, and you need a good software and vendor supplier group, which we have.” In the end, though, Manning stresses, again, that the final results are up to the franchisee.“You also need a dedicated owner, and a team underneath,” he says,“and you can be successful own- ing this type of business.”