How To Select the Best Payroll Company For Your Firm

Employers all across America are faced with having to deal with compliance issues related to hiring, managing and terminating employees.  Outsourcing the Payroll, HR Administration and Benefit Administration to a trusted provider is the best way for your organization to create efficiencies, streamline your employee data management, and ensure that the business is in compliance with filing and notice deadlines.  But how do you choose which payroll provider offers the best solution?

Aside from offering the basics of calculating payroll and tax obligations, printing and delivering checks, depositing and reporting the taxes to the proper agencies and assuming the penalties when in error, the key component a payroll firm should be evaluated on is customer service.  Unlike other business services, you will constantly be relying on your payroll provider for deadline sensitive responses to your support issues.  In many cases a national provider with a local processing office is ideal, mainly due to the fact that payroll emergencies or corrections that need to be made can be remedied quickly and within the same time zone.  Identifying the key factors that provide this information can be subjective but measured.  First factor to identify is the eagerness of existing clients to provide references and in many cases you can identify this in their responses.  Obviously a reference should not provide a bad referral, but it can provide some insight into the type of relationship they have with the firm.  Questions that you should consider asking the references are:

  1. Have you used another payroll service before switching to PAYROLL COMPANY and how do those experiences compare?
  2. How responsive is PAYROLL COMPANY to your questions?
  3. Have you had any issues with PAYROLL COMPANY and if so, how quickly and accurately were they handled?
  4. Why did you choose PAYROLL COMPANY initially? And did they deliver on that factor?

The retention of the payroll firms’ clients is a measurable metric that should be easily shared.  In essence, determining their client loyalty is a direct reflection on their commitment to high levels of service. Know more here!

Another important factor to consider is how the providers’ services align with your business needs and goals.  For new business, growing companies and established firms, there are a myriad of considerations faced when it comes to management of employee related items.  For example, a new business may want to utilize a payroll firm just to handle the employee checks and tax filing and remove that headache.  Over time though, as the business changes and grows, employee satisfaction and retention becomes critical.  Employers find that they will need to offer benefits to retain employees and should begin to formalize their policies to provide their staff with clear communication and direction.    Many employers pull together multiple vendor relationships to address this and ultimately find that managing this can be cumbersome.  By the time they are established firms, and sometimes before this happens, the need to streamline these in order to create efficiencies and meet the goals of the company becomes imperative.  Ensuring that the firm you choose is able to provide services to small, medium and large business and that the firm is not niche specific is critical to making sure that you always have a partner that is able to provide you with what your business needs.

And finally, an equally important item to consider when choosing the provider is trust.  It is critical that you identify and choose a stable provider.  They should be able to provide you with a proven track record or history of business and produce verifiable documentation on their security protocols and procedures.  If they don’t have either of these, then don’t do business with them.

A last item of note – when comparing providers don’t be easily fooled by free promotions and gimmicky discounts or waived implementation fees.  Often, within 6 months the rates will go up or charges will be added and you will end up paying more than the comparable firms.  Just pick the best firm for your business and long term strategies, and ultimately you will save time and money, which is the whole purpose of outsourcing. For more information, visit: https://www.jandsportraitamerica.com/how-to-design-an-effective-payroll-outsourcing-model/

How to Design an Effective Payroll Outsourcing Model

Top business executives continue to seek ways by which their business can remain relevant in the industry while their operations become more fluid. One of the top secrets they utilize in making their business become more fluid is outsourcing especially their payroll process. When you want to outsource your payroll process, here’s a simple 6-step checklist for designing an effective payroll outsourcing model. Read on to find out more in detail.

Step 1: what exactly do you need from an outsourced payroll service?

Having defined what you need, you need to start putting them in the right order. A common technique is to identify the processes that you feel needs to be outsourced and the ones you feel can still be handled internally. However, it is also perfectly acceptable to outsource everything.

The processes you are going to outsource will influence the payroll service provider you are going to choose.  New evidence from the HACKET group suggests that employee data maintenance is the most outsourced payroll process. Others in order from the most to the least outsourced payroll process are payroll inquiries, gross to net, garnishment administration, pay statement distribution, garnishment payments, verification of employment, check printing, w-2/t-4 as well as tax and payment.

You can choose to also do likewise

Step 2: critically examine service providers

When you have chosen the payroll process or processes to be outsourced, the next step is to assess different service providers. It won’t be a bad idea to also keep in mind the future of your business.

Step 3: appraise the proposals put forward by service providers

Before you ask them for proposals, you must have had a discussion with at least ten of them and you must have narrowed them down to at least five. Then, you can request proposals from these five.

Step 4: see their product in action

You will need a visual and practical presentation of their product to choose your preferred payroll service provider. A side benefit of this is that you may have some suggestions on processes not identified by the provider but which they can offer for your company.

Step 5: choose your service provider

After listening and watching their presentation, you must be able to make a decision on who to hire.

Here are the top six questions you need to answer before you make your decision on who to hire;

  • What are their suggestions on changes in payroll function when your company grows bigger?
  • How did they assure me that their service is the best quality?
  • Were they honest about prices of their services?
  • Based on your selection criteria, was the outline of their proposal detailed enough?
  • Do they have an understanding of the current state of your payroll procedure?
  • Which of this service provider stands out both in everything?

Step 6: move your payroll to the outsourcing company

This is the last step involved in this process. It is important for you to stick to your plan because this step is the most demanding. A detailed plan of the transition should be supplied by the service provider.  Go over this plan very carefully, if you have any questions, don’t hesitate to ask.

Continue reading here https://seekingalpha.com/article/4338572-paychex-be-ready-to-buy-quality