As the new financial year approaches you may want to start thinking about changing payroll providers. Being fully prepared for a fresh start in April can help you ensure your payroll processes run as smoothly as possible. If you’re finding continuous payroll errors such as paying your staff incorrectly or not on time it’s a good idea to start looking for a new supplier. That’s why this blog will explore 5 things you should consider when switching payroll providers.
When considering switching providers it’s a good idea to weigh up the pros and cons of your current one. This allows you to understand whether they’re meeting your needs or if you need to look for a new supplier.
Conducting an audit can also help you understand the strengths and weaknesses of your outsourced payroll company, potentially helping you discover features that you may want to benefit from. For example, you may find that you want software that’s reliable, user-friendly and comes with excellent customer service.
Even if there are more pros than cons, if there are serious issues like not staying compliant or accuracy concerns it’s important that you switch providers. Problems with compliance can lead to fines, penalties or even business closure, making it crucial that you find a new payroll provider.
It’s important that you check your current contract to see whether you are tied in. If you are, you may have to wait until a specific time before you can change providers. However, you can always contact your outsourced payroll company to see if there is any way they can make any adjustments.
If you find yourself tied into a contract you may want to consider looking for a new provider that offers flexible monthly subscriptions that allow you to change whenever it suits you.
Switching payroll providers is a decision that can significantly impact various aspects of the business. Due to this, it’s important to discuss any payroll decisions with your stakeholders like HR and finance teams as well as heads of teams. This ensures they act in the best interest of the broader company goals.
Stakeholders can add valuable insights into the requirements and expectations payroll software should meet for the business. Furthermore, working with other parts of the company encourages collaboration and helps the transition period run smoothly as everyone should understand what to expect from the new software
When making the switch it’s important to collect all necessary information needed for your payroll processes to run smoothly. You should make a note of data like:
● Employee information.
● Salary details.
● Bank account details.
● Company information.
● Relevant tax information.
While some payroll software offers integration options, it’s still a good idea to record this data to ensure nothing is lost and avoid any hiccups along the way.
There are lots of things to consider when switching payroll providers, but here are a couple of the things you should avoid:
● Misunderstanding the price - Sometimes payroll companies offer discounts on the implementation of their platform. It’s important that when you sign up to a new payroll system you understand the costs for both implementation and continuous running of your payroll practices. This avoids any nasty surprises and ensures you can afford what you’ve committed to.
● Running out of time - You’ll want to start looking at new payroll providers well in advance so that you can thoroughly research their features, reviews and even partake in free trials or demos. This allows you to fully understand whether it’s the right fit for your business and helps everything run smoothly.
At Payescape we understand the importance of getting your payroll right. Payroll errors can have a huge impact on employee satisfaction as well as the way in which a business thrives and operates. That’s why it’s easier than ever to move your payroll processes over to us where our CIPP certified professionals take extra care to ensure everything runs smoothly from implementation and onwards.
When you choose us, you can benefit from:
● Improved efficiency - We eliminate manual tasks and heavy data management that’s involved in in-house payroll.
● Achieved compliance - Our outsourced managed payroll ensures accuracy and reduces errors, helping you stay compliant with the latest rules and regulations.
● Improved data security - We provide secure software and data storage within secure data centres in line with GDPR best practices.
● Access to experts - Our CIPP certified professionals manage your payroll effectively and keep up to date with key regulatory changes.
If you’re looking to switch payroll providers, get in touch with Payescape today to see how we could be the right fit for you.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.