5 Things to Look For in a Payroll Provider
Think it’s time to convert to a new payroll system for your business? Don’t hesitate to make a change. The transition process doesn’t to be that chaotic. While data errors and missing or delayed payroll periods may happen, all these can easily be mitigated by choosing the right payroll provider.
For you to say you have successfully converted your payroll, you should be able to have an end product that meets your company’s unique needs with as minimum work as possible. Whether you’re looking to start using a payroll service provider or are looking to make a switch, here are a few key things you should look for.
Managing payroll is a great way to organize your payments and compensation for your team. However, it can be a time-consuming hassle if you don’t have a clear system in place.
You should have the freedom of running your payroll system any time and from anywhere with ease. It should be such that you can do it from virtually anywhere and not just your office. A convenient system will also make things much easier come tax-time.
No matter how advanced a paperless payroll system is, it shouldn’t require elaborate training to use. Anything that takes a long time to learn how to set-up is a no-no. You don’t want to spend valuable company resources training your staff.
It’s even better if the system you use comes with tutorials and a step-by-step how-to guide to get you up and running quickly.
To use a payroll provider, you will need to pay an upfront and subscription fee. Find out from your payroll provider how much you will be paying in a month. What items are included in this fees? Will you have to pay for the add-ons separately?
If the provider is charging you for that, think twice before committing your company’s resources. The impact of the payroll on the company’s bottom-line will matter if it becomes ridiculously expensive. The idea is to avoid paying for features you didn’t even ask for or don’t need.
4. Service Options
Are you looking for a full-service payroll system? If ‘yes’, you need to consider getting one that can do direct deposit, payment, and payroll reporting.
Another perk is to choose a payroll provider that will allow you to transfer the information to file taxes easily and track sick days as well as vacations. Although that may cost you more, it is effective in giving you all the services you need from a payroll provider.
5. Partners and Integrations
The best payroll providers are usually integrated with accounting and HR tools. With these, it is faster to run the back office. The good thing is that it affords you time to concentrate on efforts to build your business. It should also be possible to easily link the payroll system with retirement packages, point-of-sale systems, and the general ledger. That way, you will be able to get up-to-date and accurate data whenever you want it.
Before you choose a payroll provider, ensure they have the know-how and experience in creating software for tax compliance and payroll processing. It also never hurts to make sure they’re very good in providing customer support and retention.
Having an efficient and hassle-free system is something your team will be grateful for.