7 Best Banks Providing Payroll Solutions for Maine Businesses
Keeping track of payroll, distributing employee checks on time and tracking tax documentation is crucial to running a successful business. Payroll solutions can take the complex parts of the equation and turn them into an intuitive, streamlined process that benefits your company and your staff. Understanding which bank provides the best payroll solution for Maine businesses requires a bit of digging and attention to the services offered by each institution.
Which Bank Provides the Best Payroll Solution for Maine Businesses?
When it comes to payroll services, you get what you pay for. Going too cheap or with a DIY option might result in expensive accounting errors. While the cost of payroll services varies greatly, smaller brands with around 25 employees will pay between $6 and $12 per worker monthly. National payroll vendors typically charge a small fee plus the cost per employee each month. Ask local banks if they waive the fee or charge less for companies banking with them.
Regardless of where you find your payroll solution, features you should expect from your software include time tracking, tax compliance reports, automated payments and various HR solutions. You’ll find hundreds of options for banks with payroll processing. However, only a select number stands out as the best solutions for small-business owners in Maine, providing benefits that outweigh the investment in the program.
Each of the top banks listed either have a branch in Maine or offer services to businesses based in the state. Many financial institutions merged in recent years, limiting how many options are available to customers. The ones here each have local branches. If they fail to fully meet your needs, national payroll companies exist, but you will lose some of the personal service that comes with utilizing nearby locations.
1. Machias Savings Bank
Established in 1869, the bank is a local community bank with 15 locations, including its headquarters in Machias, Maine. Machias Savings Bank leaders help those in nearby neighborhoods by offering free seminars, lessons for school-aged kids and online series to promote financial literacy.
It offers small-business owners a full range of banking products, including payroll services. Its solution for payroll services encompasses basic HR processes, payroll and access to benefits portals from a single dashboard. Compliance in industries like health care becomes easier with the built-in trackers.
Machias Savings Bank's payroll software also includes processing employee time tracking. Everything happens through its partnership with isolved. With experience serving around 177,000 employers and over 7 million employees in the U.S., the isolved platform is user-friendly and works for large and small companies. If you run into trouble, your local branch workers can help you through any issues.
This comprehensive solution saves you time and money because you can solve payroll and HR burdens in one spot. The software even offers recruiting for filling open positions. It integrates with various budget and accounting apps, so you can implement it immediately.
2. Maine Community Bank
Maine Community Bank is the largest mutual savings bank in the state and also offers payroll services for its business clients. The financial institution boasts about $3 billion in assets and has a team of 400-plus employees across 21 branches. The institution is now home to three community Maine banks, including Biddeford Savings, Mechanics Savings and Gorham Savings Bank, with over 150 years of experience in banking.
Its payroll services include simplifying taxes by preparing and filing in one place. The bank will also work with small businesses to find additional tax savings opportunities, which may help the service pay for itself over time. Assistants will walk you through your first time using the system for payroll so your staff gets paid correctly and on time.
3. Franklin Savings Bank
Franklin Savings Bank has been a part of business banking in Maine since 1868. It was founded in Farmington and originally served as a savings account for local citizens. Today, the company has eight locations in four western Maine counties. It still serves as a savings institution but has many other personal and business banking options.
It uses PAYCHEX Payroll Services to serve small businesses in the area. Some of the features include the ability to report employee information online or by calling your local branch. You'll gain access to workers’ earnings statements and get notified of how much money you'll need to cover payroll and taxes. You can create paper checks for employees or offer direct deposit.
4. Bangor Savings Bank
Bangor Savings Bank has locations across the East Coast, including several branches in Maine, and it offers numerous business services, including payroll options. A group that wanted to help the community founded the business in 1852 in Bangor. Now, the bank has 69 branches across Maine and New Hampshire and additional loan offices in Massachusetts.
It offers a full division for payroll and human resources help. Bangor Payroll keeps track of payroll, ensures compliance for regulated industries, keeps time, and even provides onboarding and benefit tracking features. Its solution is a full payroll and HR system that allows you to handle most of your staff’s needs in one spot. It specializes in helping small businesses meet their employees’ needs without spending a fortune.
5. Aroostook Savings and Loan
Aroostook County Federal Savings and Loan Association opened in 1936 amid the Great Depression. Surviving the challenges of that time was challenging, but the bank eventually grew and is today called Aroostook Savings & Loan.
The bank now has an estimated $202 million in assets and is known as a premier mortgage lender in the area. All loans are in-house and can also service your business borrowing needs. Locations include a branch in Presque Isle and another in Caribou.
The bank's payroll division offers simple solutions, with employee self-check-in and swipe clock options. It specializes in small businesses, so it offers a custom option for each company. You can report information online or by phone.
6. Paper Trails
It's not a bank, but Paper Trails is located in Maine and offers payroll options for companies of all sizes. It specializes in working with people in the state. The company opened in 2004 to help small businesses deal with the headache of financial paperwork due to payroll and HR. It’s located in southern Maine and is adept at any compliance issues in the area but can also address federal regulations.
Services include payroll processing and reporting, time tracking and scheduling, benefits administration and onboarding. It also offers an expense management portal. You can look at where you're wasting money on the administrative side of the equation and find tips to improve your organization's financial position.
This company understands the needs of your local business. Ask your banking liaison if they can help you better understand the state's income tax withholding for employee wages. You also must pay terminated employees during the next pay period, and your institution can help you with the final requirements.
7. Yarmouth Payroll Plus
Another Maine-based payroll service provider is Yarmouth Payroll Plus. The company has served southern and central Maine businesses for over 30 years. Seeking a payroll provider located in the state where you conduct business is crucial to adhering to any regulatory requirements.
The third-party payroll services provider offers same-day appointments and zero setup fees. The online system works with you to process employee paychecks, distribute W-2s and keep accurate records for tax purposes. A few additional perks sweeten the relationship with Yarmouth Payroll Plus, like notary services, wage garnishment management and workers' compensation plans.
The system allows employees to log in via a self-service portal, where they can update forms, see recent payments, make changes to their W-4 or ask for additional amounts to be withheld. Prices vary, depending on what services you need and staff size. However, contacting Yarmouth Payroll Plus to schedule a free consultation can provide you with a custom solution and quote that best suits your budget.
Which Bank Provides the Best Payroll Solution for Your Business?
The bank that provides the best payroll solution for Maine businesses is the one offering services closest to you and with which you already have a working relationship. Although many companies have software to pay their employees, the distinct advantage of utilizing a branch near you is the ability to gain one-on-one help and develop an ongoing connection with an institution that understands your financial needs.
