4 things to consider when looking for a payroll provider

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Payroll

September

A reliable payroll provider can give you peace of mind They give you the resources to help you pay your employees and taxes accurately and on time Their services go beyond basic salary calculations

A payroll provider has a lot of tasks to do: record employee pay, calculate deductions, give payslips and file taxes Most full service payroll providers also integrate time and attendance

Even if you have one employee, you should outsource payroll service as the penalties for errors and mistakes are much more expensive than the actual payroll cost

But you may be concerned about missing payroll periods or data errors during the transition, but it doesn’t have to be chaotic

Here are four things one should consider when looking for a payroll provider:

Accuracy

What a waste it would be to spend money on a service that’s still sending the wrong payments to your employees Before signing up, ensure that the provider has the expertise and skills for accurate calculations

Expertise and compliance

Does the provider have subject matter experts who can handle various payroll tasks, including payroll calculations, taxes, deductions and other requirements?

PAYE legislations are increasingly complex and difficult to stay on top of for employers It is important to find out if payroll provider is up to date on laws? With HMRC increasing the volume of PAYE audits it conducts, the complexity has only increased Errors in this area can lead to losses and affect the cash flow, in addition to the stress caused and lost working hours A reliable payroll service provider will take all your payroll worries, allowing you

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Data Security

Payroll data is super sensitive as it contains personally identifiable information Ensure the provider has stringent data security policies, infrastructure and a secure payroll management system The payroll provider should have a secure cloud based portal, eliminating the need for unsecured email exchange

Your payroll provider should backup your data for worst case scenarios and contingency planning

We give a list of questions you should refer to as an essential checklist before signing up with a payrollprovider:

What is the turnaround time?

Who is liable for those mistakes?

How much time does it take to fix a mistake?

Will there be any additional charges for adding or changing employee payroll?

Will there be any change in annual fees after one year?

How frequently will you receive reports?

Will payroll integrate with your accounting software?

What back office technology does the service use?

What are the customer service hours?

Will you have a dedicated manager?

If data is re entered, will I be able to review it before it goes through to payroll?

To sum it up, a payroll provider should do these three things for you:

Pays employees on time

Pays your payroll taxes on time

Completes your payroll filings on time

Most importantly, all three should be compliant with the law

Outsourcing your offers you peace of mind, knowing that your employees are paid on time, every time, in a compliant and efficient manner

BY: Vinod

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