As a business, you may have a lot of tasks at hand that needs tending to, and handling payroll in-house may seem like a burden in between all of these core business operations you are responsible for. Choosing a payroll provider to handle your payroll process is a wise choice in situations like these. While your in-house HR (Human Resource) department most definitely can take care of the payroll process, bear in mind that processing payroll is a time-consuming, tedious task that demands a lot of attention to detail, and it can lead to mistakes like errors in calculation of benefits and perks as well as deductions for tax and other statutory contributions.
It is one of those critical functions where you cannot afford to make one as it can cause employee dissatisfaction thereby affecting their performance which will affect the overall productivity of the organization.
Choosing the right payroll service provider is a crucial decision for a business. Make a list of what you need before looking for a payroll service provider. For example, do you want a payroll service that simply concentrates on streamlining the payments to your employees in whichever form they like, check or direct deposit? Or do you want more comprehensive services including payroll processing and other HR features?
However, regardless of your requirements, some of the major factors you need to consider while choosing a payroll management provider are- experience and expertise, services offered, data security, scalability, and client reviews. After a thorough research and careful consideration, depending on your need you can choose the payroll service that aligns best with your business needs.
The aim of payroll services is to ease and streamline the process of paying your employees. There are several types of payroll services that clients can avail depending on their payroll needs and challenges. Some services a payroll service provider might offer are-
This is the most basic, yet significant function of payroll. It involves the calculation of wages of employees depending on the type- full-time employees, hourly employees, overtime, holiday pay etc, to ensure that they are all paid accurately and on-time.
A payroll service provider takes the responsibility of calculation of payroll by withholding taxes that are appropriate and are in adherence to the local, state, and federal laws. As your payroll service provider, we even provide w-2 forms to contractors and freelancers, if any, that are working for your company.
As per federal law an employer must report if there is a new hire or rehired employees in the organization and provide basic information of them within 20 days of hire date. A payroll provider can handle this task for you.
A payroll provider will manage and track each employee’s activity, their sick days, vacation days, paid time off etc. With the help of an integrated payroll software system, we make sure all of the mentioned activities have a built-in approval system where employees can request their days off, manager approves requests and calendar invitations are sent out so that everything can be updated along with the appropriate work schedules.
Detailed reports that include data and statistics on how your business is doing is provided by a payroll provider. With these reports managers, and other department heads can identify the areas that need improvement as well as keep track of the wages paid, tax withholdings, attendance, hours worked etc.
It’s important for businesses to have access to their financial and data. As your payroll provider we will make sure that we integrate all the financial and data platforms that need access to this data.
A self-service portal is necessary for every employee to ensure smooth access to their personal data. Whether they want to change their personal data or need access to their payslips or would like to see their tax withholdings, and ESS is necessary in every organization.
Choosing a payroll service provider is not easy because you don’t know who to pick, what to look for in the payroll service or who can best understand your needs. Here’s what you can do if you are confused:
By now, you may have made a list of the best payroll providers. All you must do is pick one. But how? Different providers offer different payroll services. There are some crucial factors you must consider before you choose the best payroll service for your business.
Not all payroll service providers offer all the services or the services you may be looking for. Here are a few things you should look for-
Every business is unique and has varied requirements. Now, you may have a list of features you need. Compare these features with what the payroll provider is offering. For example, are you ok with payment being made to employees with the method the payroll provider offers like direct deposits or checks, or do you prefer paying your employees through debit cards or other methods?
Next, check if the service offers PTO administration, garnishment payments, unemployment insurance, or any other features your business may need. Make you choose a payroll service provider who can provide you all the features you require.
Remember, that ultimately you and your employees must have an ease of access to the payroll information. So, make sure that the portal or software the payroll provider provides you with is easy to use, user friendly and is easily accessible to managers and employees around the clock, has minimum glitches, easy to navigate and is not cluttered with unnecessary features.
Of course, you may have outsourced your payroll work to a third-party payroll service provider, but you still always need access to the payroll data as and when you require. Suppose your in-house accounting team need access to data from their accounting software or HR services may need access to data, they must be able to access it easily. So, you need to ensure that the payroll service integrates with other services, as it can avoid all the manual record keeping.
You need to be able to depend on your payroll provider to attend to any payroll problems swiftly. Make sure you pick a provider who provides seamless customer support and responds promptly to your payroll problems.
A payroll provider must be well aware of all the labour laws as well as any changes or updates from the government regarding the same. They must make sure that you company’s payroll process follows the tax laws and is not prone to any kind of fines or penalties. Additionally, you can also find out if they offer penalty protection.
Every payroll provider offers various payroll services, packages at different prices. Depending on the range of payroll services you require, choose a payroll service provider that can offer you your required services well within your budget. Also make sure they lay out the exact details and costs of their services to avoid any surprises of hidden costs.
Hiring a payroll provider can free up a lot of your time so you can focus on providing the best service for your customers and growing your business. Alp Consulting is a leading payroll service provider In India offering a wide range of payroll and HR services. Our expertise has helped various fortune 500 clients handle their payroll seamlessly. Our team of experts are equipped to handle any or all payroll challenges you may be facing regardless of the size and nature of your business.
If you are a business owner looking best payroll services that perfectly aligns with your business needs then contact us today, and we’ll provide you with the perfect payroll solution for your business.