Switching payroll providers can be a big decision that shouldn’t be taken lightly. However, when the right supplier is chosen it can significantly improve the efficiency and effectiveness of your payroll management.
Ensuring your business runs smoothly, staff are paid on time and compliance is kept is important, especially when your business expands. If you’re using a payroll provider that can’t keep up with your business growth, has caused various issues or you’re just looking for a fresh start to the new year, this blog will explore the things you should consider when searching for a new provider.
While it can be daunting to switch payroll providers, there can be added benefits compared to your previous company, such as:
● Enhanced efficiency - Your new payroll provider should offer streamlined and automated processes to help reduce the time and effort you need to put in to get payroll right.
● Improved accuracy - When making the switch you may want to look for somewhere that offers improved accuracy for things like paying staff correctly and on time and staying compliant.
● Compliance - The provider should stay up to date with the latest rules and regulations to ensure you stay compliant, helping you avoid any fines, penalties or even business closure.
● Better reporting features - When you switch payroll providers it’s a good idea to look for somewhere with better reporting features. This gives you improved business insights and helps you identify trends.
● Employee self-service options - Choosing a payroll provider with employee self-service options means employees can access their own payslips and edit their personal details, removing smaller tasks from your payroll and/or HR team.
When you’re considering switching payroll providers there are a few things you should think about, including:
If your current software lacks integral features like automation, reporting or employee self-service options this is a clear sign to switch. Choosing a provider that can equip you with the features needed to manage your payroll effectively will inevitably improve your business operations.
One of the most basic requirements of payroll is to stay compliant with the latest rules and regulations. If you’ve had issues with compliance while using your current provider it’s important to make the switch to a company that can manage your payroll accordingly. After all, not being compliant can lead to fines, penalties and even business closure, all of which are something companies want to avoid.
If you’re constantly battling payroll issues you must change your payroll provider. Getting payroll operations right, including paying staff correctly and on time is essential and if they aren’t achieved legal action can be taken and employees can become unsatisfied. This can also lead to high staff turnover.
It’s important to receive adequate customer service in any industry, but it’s especially important in payroll, as mistakes and miscommunication can lead to penalties and fines, as well as a poor company culture being created. Switching to a provider with a more responsive and knowledgeable approach is the best option.
If your payroll is still quite time-consuming even if you’re using a provider that manages your payroll for you, it’s time to make the switch. Payroll providers should make it simpler for you to complete tasks and free up time for you to undertake more business-critical roles.
When you’re considering switching payroll providers, there are a few questions you should ask to make sure it meets your business needs, such as:
● What features does your payroll software offer and how does it set you apart from competitors?
● How do you ensure our business stays compliant with current rules and regulations?
● Can you integrate HR and time and attendance software with your system?
● How do you handle data security and privacy?
● What is the process for transitioning to your software?
● How do you manage payroll errors and issues?
● What reporting capabilities does your software have?
● How does your software help me save time on my payroll processes?
When you switch to Payescape we understand the complexity of manual processes and meeting business critical deadlines. As a result, our outsourced payroll solution gives you access to a team of CIPP certified professionals and technology that streamlines your payroll processes from start to finish. When you choose to outsource your payroll with us, you also benefit from:
● Improved efficiency - We eliminate manual tasks, multiple spreadsheets and heavy data management used within in-house payroll.
● Reduced resource - We free up time for your team to work on more business-critical tasks.
● Compliance - We ensure accuracy and significantly reduce errors and the risk of fines that are associated with not staying compliant.
● Improved data security - We provide secure software and data storage within secure data centres in line with GDPR best practices.
● The ability to integrate HR and time and attendance software - At Payescape we also provide HR and time and attendance software that can be easily integrated. This keeps everything in one centralised location helping you easily manage your business processes.
So if you’re looking for a new payroll provider, get in touch with Payescape today to see how we can support your business.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.