Do you think it's time to move to a new payroll system for your business? Do not hesitate to make a change. The transition process should not be so chaotic. Although missing or delayed data errors and pay periods can occur, you can easily mitigate them by choosing the right payroll provider.
For you to say that you have converted your payroll successfully, you should be able to have a finished product that meets the unique needs of your business with the least amount of work possible. Whether you are looking to start using a payroll service provider or are looking to make a change, here are some key things you should look for.
5 Things To Expect From A Payroll Company
1. Convenience
Payroll management is a great way to organize your payments and compensation for your team. However, it can take a long time if you do not have a clear system in place.
You should have the freedom to manage your payroll system anytime and anywhere with ease. It should be such that you can do it from virtually anywhere, not just your office. A practical system will also make things easier with tax time.
2. Easy to use
No matter how advanced a paperless pay system is, it should not require elaborate training to use. Anything that takes a long time to learn to install is a no-no. You do not want to spend valuable resources to train your staff.
It's even better if the system you are using comes with tutorials and a step-by-step practical guide to get you started quickly.
3. Cost-effectiveness ratio
To use a payroll provider, you will have to pay an upfront and subscription fee. Check with your payroll provider to find out how much you will pay in a month. Which items are included in these fees? Will you have to pay for the add-ons separately?
If the supplier charges you for this, think twice before committing your company's resources. The impact of payroll on business results will be of importance if it becomes ridiculously expensive. The idea is to avoid paying for features that you did not even ask for or that you do not need.
4. Service Options
Are you looking for a full-service pay system? If you answered "yes", you should consider getting one that can make direct deposit, payment and payroll statement.
Another benefit is to choose a payroll service provider that will allow you to easily transfer information to classify taxes and track sick leave as well as vacation. Although it may cost you more, it gives you all the services you need from a payroll service provider.
5. Partners and Integrations
The best payroll service providers are generally integrated with accounting and HR tools. With these, it is faster to run the back office. The good thing is that it gives you time to focus on the 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. In this way, you will be able to get up-to-date and accurate data whenever you want.
Abstract
Before choosing a payroll service provider, make sure that it has the know-how and experience to create tax compliance software and payroll processing. It never hurts either to make sure they are very good at customer support and retention.
Your team will be grateful to you for having an efficient and hassle free system.
Reissued with permission. Original here.
Image from Due.com