Are you tired of using the conventional and painstakingly slow manual payroll system in your organization month after month to disburse salaries to your employees? Just imagine the plight of the person who would be handling the responsibility of managing payroll in your company. Being repetitively subjected to handling such complicated process every month could easily cause him or her to crack under pressure and commit critical errors in handling payroll calculations.
But the fact of the matter is that you simply can’t do without payroll management in your company, because paying employees correctly on time is an essential part of running any organization. So what can you possibly do to root out the possibility of mistakes during this process? Your best bet lies in going with a Payroll solutions provider, who will take away your worries of going through the payroll process in your organization in-house, and also minimize chances of unwanted errors and mistakes in this very crucial process.
Since a majority of Payroll service providers employ different technologies, support functions and expertise, some become a better choice than the other providers operating in this field. To assist you in choosing the right payroll service provider for your company, here are a few crucial questions that you must ask them before you pick a payroll provider for your organization.
Question 1: What services and support will I get? Before hiring a payroll service provider for your company, you will need to ask them about the services and support they will be offering in their package? With some payroll providers, you might only get the basic services package including:
• Calculation of remuneration • Calculation of superannuation • Calculation of taxes
Some other would offer you an advanced services package that includes:
• Calculation of wages and taxes • Applying Pay rule conditions • Disbursal of salaries to employees • Payments to other agencies, authorities and others • Handling reporting of new employees • Deducting benefits like health insurance benefits • Handling other earnings and deductions i.e. reimbursements, bonuses & commissions
In order to choose a payroll service provider that suits you the most, you will have to recognize your specific payroll requirements and then pick a provider who is the best fit for your business.
Question 2: What add-on services will be included in my package? When it comes to add-on services, it will be better to opt for a provider that offers a single platform for handling employment management services including:
• Fresh recruitments • Laws related to employment • Workplace safety measures & employee’s health • Recording time & attendance • HR functions
Opting for this package will help you in saving money as well as improving efficiency in your organization. Some payroll providers also offer Employee Self Service (ESS) module and employee benefits, which could be an added advantage in your services package.
Question 3: What payroll platform will be used for my services?
You should never forget to ask about the platform they will be using for managing your payroll. If the software applications used in the process are old and outdated, then they might prove difficult to customize according to your needs, and may also lack the ability to integrate with other platforms. That’s why it is critical that you ask about the technology, and take the required time to evaluate it yourself.
Find out if the platform they are using is a stand-alone one or scalable according to the needs of your company. Inquire if the platform has the functionality to be used in your internal payroll system? Since a majority of advanced payroll platforms are cloud based, going with one of them would also give you the benefit of getting an Application Programming Interface or API, which would give you the ability to interface with other systems like MYOB, Xero and QuickBooks.
Question 4: Will I get a dedicated team of professionals for my payroll services?
This is definitely the most crucial question that business owners forget to ask when choosing a payroll provider for their company. Just like the payroll staff employed in your company, you should also have the benefit of a dedicated team of professionals working solely for your payroll services in the company you are hiring for your payroll management. Ask them about spending time with the dedicated team, so that you can know them better and also make them more aware about the culture of the company they are going to work for.
Although the big payroll service providers don’t normally allow direct access to the companies outsourcing their payroll services, but there is no harm in asking your service provider for the same. And if they do happen to have this arrangement, then it obviously would be a big plus for your company’s interests.
Question 5: Will my payroll information be safe and secure? It’s also important to be sure that the payroll services provider is properly protecting you company’s financial information while managing your payroll services. So it won’t be a bad idea to find out about the safety measures employed at their data center, which will be responsible for keeping your sensitive financial information safe from prying hands of hackers, spywares and other high potential threats.
Verify if your payroll service provider has the following safety measures in place:
• 256-bit Advanced Encryption Standards • Multiple layers of security • Biometric scanning for controlled access • Key card and PIN number restrictions • 24×7 security camera coverage • Firewall protection
Making the move to outsource payroll management of your company is not going to be an easy decision at all. It is going to be a tough decision because a single error in judgment while choosing a payroll provider could lead to a lot of complications in the immediate future. It would not only waste your precious time and effort involved in this process, but also waste a significant amount of money and reputation due to employee unrest caused by mishandling of your payroll management by a substandard service provider. That’s why; it is all the more necessary that you keep all the above discussed aspects in mind while finalizing the payroll service provider for your business.
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