Managing payroll can be an exhausting process that is often fraught with difficulties and complications, especially for smaller companies without the resources to devote to it full-time.
From auditing timesheets and aligning reimbursements, to getting to grips with complex reporting systems, payroll processing can take up a lot of time and resources, and yet, it’s a process that cannot be ignored or second guessed at. At least not if companies want a happy, paid workforce!
Fortunately, outsourcing gives companies of all sizes an opportunity to get payroll completed accurately and on time, every month; relieving their burden and guaranteeing a more contented and productive workforce. But, it’s important to choose an outsourced payroll provider you can trust, and with this in mind, here are some traits to look for in a reliable and trustworthy payroll service:
Reliability
Payroll must be processed accurately and in a timely manner, every single pay period; if it isn’t, you might as well try and do it yourself! To this end, it’s important to check reviews of providers that you’ve shortlisted, to see which one has the best track record. To help minimize errors and expedite processing, many online providers of payroll services file and pay all payroll taxes automatically, along with processing W-2s and 1099s, and reporting all new hires to the government.
If your chosen provider uses an online system, you must ensure that they follow all best practices and regulations with respect to the safety of data and cybersecurity.
Versatility
Whatever payroll system your chosen service uses, it must be able to handle a variety of transactions that are essential to both your business and your employees, such as 401(k) plans, health savings accounts, bonuses and overtime among others.
You must also consider the level of flexibility you require from a payroll service, in terms of contractor payments, scheduling, calculating wages, disbursement methods and so on. And, as the majority of workers in the U.S. are paid via direct deposit, you’ll need this to be a feature of whatever payroll service you choose. Even if your company is small and your payroll needs are currently basic, as your business grows, you’ll almost certainly need a payroll system that can handle more complex and time consuming requirements.
Simplicity
A payroll service that is difficult to use could end up not saving you any time and money at all, so make sure that your chosen provider uses a system that is intuitive and easy to update. It’s also important that you have access to human customer support as and when you need it, which will make dealing with problems easier, and get you your questions answered quicker.
Compatibility
The payroll service you end up choosing must be compatible with your HR, accounting, scheduling software, and time tracking, if it’s to be truly effective. Effective integration can reduce the stress, time, and errors associated with a range of administrative tasks, and leave you with more time to focus on other aspects of your business.
Being able to reconcile your payroll, bank statements, and ledger regularly will give you a much clearer and more accurate picture of your company’s finances, and enable you to generate employee reports, sales and other data with ease, all of which can give you any number of useful insights into your business.
Payroll services are the ideal solution for companies who want to streamline their payroll systems and pay employees accurately and on time, in a consistent manner. Helping to reduce errors, keep companies compliant, and simplify what can be a complex process, a wisely chosen payroll provider can be a real gift for businesses of all sizes.