Thinking of changing payroll companies? Doing so can have significant implications for your business, so it's important to consider several factors before deciding. Here are some key things to think about:
Costs and Fees
Compare the pricing structures of different payroll companies. Look not only at the base fees but also at any additional charges for services like direct deposit, tax filing, or year-end reporting. Do you currently do your tax filing and reporting in house, or are these processes passed off to an external company?
Features and Services
Evaluate the features and services offered by each payroll provider. Consider whether they offer everything you need, such as direct deposit, automatic tax calculations, employee self-service benefit portals, and compliance assistance. Do you have separate programs and services for direct deposit, time keeping, and employee benefits? (Hint: Employee Navigator works well with so many payroll companies to have a single portal sign in for their employees!) Which leads us to…
Ease of Use
User experience is crucial. Consider how intuitive the payroll software is for you and your team. A complex or cumbersome system could lead to errors and inefficiencies, whether it be on the employer’s side or the employee. Creating another job or task can also impede work productivity.
Customer Support
Investigate the level of customer support provided by each payroll company. Can you easily reach a representative for assistance? If so, what is the extent of their knowledge base? Do they offer support through phone, email, or live chat? Timely and helpful support can be essential when dealing with payroll issues, depending on how in-depth you would like this system to be.
Compliance and Security
Ensure that the payroll provider complies with all relevant regulations and has robust security measures in place to protect sensitive employee data and financial information. This is sensitive data that must follow compliance requirements as well, and a good question to ask in any presentation.
Integration
If you use other software systems such as accounting or HR management software, check if the payroll provider offers integrations with these systems. Seamless integration can streamline your processes and reduce manual data entry. There are so many partnerships and possible integrations, but there are still fine details to check. Which fields of information flow over? How much manual tweaking would be required?
Scalability
Consider your future needs. Will the payroll company be able to accommodate your business as it grows? Ensure that the provider can scale its services to meet your evolving requirements. Thinking of the future, keep success in mind!
Reputation and Reviews
Research the reputation of each payroll company by reading reviews, testimonials, and case studies from current or past clients. Pay attention to any recurring complaints or issues mentioned, and how the payroll company responded, if at all. Reviews are great firsthand experience, especially as many companies, unfortunately, will overpromise what their software or services can do. Drill down with any and all questions, and ensure they have subject matter experts. This is YOUR business baby, and making sure it is in good hands is completely understandable and should be expected.
Transition Process
Understand the process of transitioning from your current payroll provider to a new one. Will there be any downtime or disruptions to your payroll operations? Make sure the new provider offers adequate support during the transition period as it will not only be just your organization, but also the employees that are affected. Having a manual system in the interim to support your employees should be set in place as bills unfortunately do not wait.
Contract Terms
Review the terms of the contract carefully, paying attention to factors such as contract length, cancellation fees, and any auto-renewal clauses. Ensure that the contract aligns with your business needs and preferences. If there is an intro period, note how long integration takes of this period.
By thoroughly considering these factors, you can make an informed decision when choosing a new payroll company for your business AND your employees. Generous Benefits works with payroll providers and their integrations daily and we are more than happy and ready to assist and guide you in your integration needs!
