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Financial Services & Accounting Firms: Payroll Outsourcing Cost vs. In-House Hire (2026)
Payroll outsourcing for a financial services firm costs $45 per employee per month, all-inclusive, against an in-house payroll clerk at the $58,260 BLS national median before benefits and taxes. Live in 3 to 5 business days, with deferred compensation structures and FINRA recordkeeping configured at setup.
What the outsourced price includes for a financial services firm
Processing on your schedule, federal and state deposits and filings in every state with an employee, new hire reporting, direct deposit, garnishment processing, W-2s and 1099s, year-end close, and the financial services firm configuration for deferred compensation structures, FINRA recordkeeping, performance fee payroll and Series license holder compliance. Corrections caused by the provider are the provider's cost, including amended returns. There is no per-run fee, no per-state fee and no year-end fee.
What the in-house price includes, honestly
A payroll and timekeeping clerk at the BLS OEWS May 2025 national median of $58,260, about $75,738 loaded, plus software, plus the cost of the errors one person makes alone. Form 5500 series returns for employee benefit plans are due the last day of the seventh month after the plan year ends, which is July 31 for a calendar year plan, and must be filed electronically through EFAST2. The penalty for failure to file is $250 per day, not to exceed $150,000.
Break-even for financial services firms
At 50 employees outsourcing is $27,000 a year; at 100 it is $54,000. Both sit under the loaded clerk at about $75,738. Below about 20 employees the realistic comparison is with software rather than a hire, where the case rests on deferred compensation structures rather than price.
The rules behind this page, with sources
General information, not legal advice. Every rule below was read on the agency page linked next to it.
- Form 5500 series returns for employee benefit plans are due the last day of the seventh month after the plan year ends, which is July 31 for a calendar year plan, and must be filed electronically through EFAST2. The penalty for failure to file is $250 per day, not to exceed $150,000. [IRS Form 5500 corner]
Read the full guide to how much payroll outsourcing costs, and the rest of the financial services firm payroll library.
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Frequently Asked Questions
What is included in the outsourced payroll price for a financial services firm?
Processing, all federal and state filings, new hire reporting, direct deposit, garnishments, W-2s and 1099s, year-end close and the financial services firm pay code setup. No per-run, per-state or year-end fees.
What does a payroll clerk cost a financial services firm in-house?
$58,260 a year at the BLS OEWS May 2025 national median, about $75,738 with benefits and employer taxes, before software.
What does a payroll error cost a financial services firm?
Form 5500 series returns for employee benefit plans are due the last day of the seventh month after the plan year ends, which is July 31 for a calendar year plan, and must be filed electronically through EFAST2. The penalty for failure to file is $250 per day, not to exceed $150,000.
What does managed payroll cost for a financial services firm?
$45 per employee per month, all-inclusive, inside the payroll software you already use, with no monthly minimum. Deferred compensation structures, FINRA recordkeeping and performance fee payroll are configured at setup, not billed as add-ons.
Related Resources
Anthony leads payroll solutions at Business Executive Group, a national managed payroll firm serving businesses across industries including Financial Services & Accounting Firms. BEG manages payroll at $45 PEPM, all-inclusive, with deep expertise in compliance, multi-state filing, and industry-specific payroll requirements. Get instant pricing at beghr.com.
Authoritative source: U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics
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