At which point you would need a switch over to a new payroll service provider?
More often companies reach a crisis point before making a decision to change. This puts people, systems, and relationships under pressure, which shadows the business growth, and at times most valuable employees may underperform and this may result in business losses.
Here are a few important signs when you should consider a change in your payroll processing.
Multiple Payroll Frequencies
In multiple payroll frequencies, employees receive payroll at different time cycles. they expect you to be prompt at all times, viz., daily, weekly, or monthly payments regardless of whether you do it yourself or hire a payroll service provider. Particularly, in this situation, your payroll errors must be avoided and you don’t want to have to be under extreme pressure. Payroll error puts you in the high drama action with employees needless to mention their agony and your frustration. In order to avoid this, it is more advisable to choose a qualified payroll service provider.
The business is growing and you are adding new employees to your business to handle your customers better, however, you’ve ended up with on-boarding loads of new staff onto your existing payroll system. Can you handle it? If you’re not prepared or your system and procedures are not scalable you could be in trouble. This is also about your ability to add to strategy – a core value from payroll. Having a payroll company with a dedicated account manager to handle this critical part for you can be a great reliever so you can concentrate on your core business process.
On Top with New Rules
Staying on top of new rules, new procedures, and implementation deadlines, as well as running your normal payroll, is difficult. Thousands of small businesses make mistakes of not staying up-to-date and it is not an easy job too and by all means, you don’t want to be one of them. If you have a staff dedicated to doing this it may help you but what if this employee does not turn up on the crucial days, then you are asking for trouble. You can avoid penalties by hiring a payroll specialist who will do the job for you with a guarantee and gives you the edge.
If you’ve lost trust in your payroll provider or staff member doing your payroll it can be hard to get it back. If the communication is stalled and you can’t easily pick up the phone to quickly resolve anything, it’s time to change.
Time is Money
Small business owners are involved in many business activities and take more than one role to accomplish the business goal. Time plays a vital role and you can’t waste a minute being at top of your competitors. If you think you are saving money by spending more time doing payroll processing then it is time for you to evaluate and make an informed decision and look for the payroll service provider who not only handles it better but also keep it low cost.