In a highly competitive business environment, businesses are required to rise above the worries related to payroll processing.
Pertaining to the extensive time & efforts involved, payroll processing has become a challenging task for every organization big or small- irrespective of their business size.
Moreover inexperienced payroll processing can harm your business harshly with penalties and fines.
To discard payroll worries & break free from compliance stress, more & more businesses are choosing to rely on a Third Party Payroll Services Provider.
Selecting the right payroll services provider can be a business critical decision. Here’s what you should keep in mind to pick the right one:
A Third Party Payroll Services provider may offer a variety of offerings – payroll processing, filing & paying payroll taxes & reports.
Never overlook privacy of payroll data by assessing their policy on data confidentiality and loss of information
Data Security, Data Archival & Retrieval
Data Security in payroll processing is very important for your business be it in-house or outsourced.
You need to be really cautious when your employees’ data is in third party hands.
Know how the payroll services provider manages information and the degree of security provided.
Ask how the provider has managed to stop data breaches in the past. Understand what measures they use to store and retrieve data, if required.
Process Knowledge & Industry Experience
Assessing a Third Party Payroll Services provider, also means knowing who will handle your payroll accounts.
You need to understand the knowledge & experience of the services provider in the industry & business environment in which your company is operating.
Make sure that the payroll services provider is highly experienced, dedicated and reachable with a well-equipped talent pool
Employee Self Service & Accessibility
The ideal Third Party Payroll Services provider must ensure that your employees are able to view their individual payroll information self-sufficiently.
You must make sure that your service provider covers a dynamic Employee Self Service (ESS) in its offering.
This allows for a seamless connection between employees and their payroll.
Customer Support for your Business & your Employees
The payroll services provider has to be liable to take a call on any payroll/tax issues pertaining to your business.
You need to check with the references provided by the services provider regarding the accuracy & response time of the provider.
Also, try to understand the service provider’s policy about responding to customer queries. Quick and effective communication really matters to solve payroll deadlocks
Pricing & Costs
Ensure that you get value for money with affordable payroll services that complete the job hassle-free.
Know the hidden fees & the exact pricing model before you decide on a payroll service.
Payroll Specialists at Mindpool can save you from all the challenges of payrolling tasks quickly & cost-effectively. Know more about our Third Party Payroll Services.