Proper payroll management is key to ensuring your employees are paid on time and your legal obligations are met. No matter where in the world your employees are, standardised processes and reporting are crucial to an organisation.
With new payroll technologies and cloud-based systems available in the market to help you manage your workforce, what comes next is figuring out which ones are most suited for you, your business, and your employees' needs.
These are our top 5 most important things to consider when deciding what payroll model to choose.
1. Your company needs
Figuring out your payroll requirements depends on what type of business you have. For example, if you have a company of five employees, your payroll requirements will be completely different to that of a company with 100+ employees. When figuring out your payroll requirements, key things to consider are your company objectives, how many employees you have, what type of employees you have, and your employees' payment frequency and needs. You can also consider the unique requirements of the industry you are in. Whether finance, hospitality, or construction, you will need to make sure that the payroll providers you consider working with can offer you industry-specific payroll. Once you better understand what your payroll needs are, you can start to discuss these with service providers and figure out who would be best suited to your needs.
While selecting a suitable payroll provider for your business, one thing that must be considered is ensuring that your corporate compliance requirements are met. You can fully access similar services such as tax, and other filings may also be outsourced to your payroll provider. Still, if the company you decide to partner with were to fail in their efforts to stay compliant with local regulations, then the penalties for non-compliance would still be your responsibility, so it is with the utmost importance that you choose carefully. Look for an established payroll services provider with glowing client testimonials and an excellent reputation. Doing so can give you more insight into the type of companies they have worked with, the services provided, and overall, more confidence in selecting your payroll partner.
Self-service payroll portals are hugely valuable. Self-service payroll portals will allow your employees to do things that once had to be done through the Human Resources function and thus save time and money by allowing staff to do things such as downloading payslips, submitting holidays, or checking leave balances, and checking and amending personal details. Providers are now offering platforms accessible from mobile and tablet devices. Giving your employees the freedom to remotely access their payroll management platform is a huge benefit.
Pricing is an essential factor that always comes into consideration when making a business decision. Still, in this case, quality, convenience, and ease of access should all ultimately be the most decisive factors when deciding on whether to outsource your payroll needs or not. Saving time on tasks such as payroll usually involves significant cost savings too. Although you would be spending extra to outsource your payroll rather than in-house, the time saved doing such tasks can be seen as a cost-efficient solution. Be aware of pricing models and which features are available when selecting your payroll provider to give yourself the ability to factor in all costs knowing that once this is paid and agreed upon, all your payroll needs will be taken care of without any further costs incurred down the line.
5. Range of services and features
Payroll services typically outsourced to a service provider to ease business operation include calculating reimbursements and holidays, salary taxes, sick leave, payslips, and many more. A professional payroll provider, like Hawksford, can provide all the services you require for your business to run smoothly with prompt payments and efficient use of staff requests. Suppose the payroll provider you are considering uses automated software. In that case, you will need to ensure that this software fully executes all your desired services and needs for your business to run smoothly.
At Hawksford, we have payroll professionals that speak more than 22 languages, who can take care of all your corporate payroll requirements with fast and efficient communication.
We use the best cloud-based management software supporting flow control, user-friendly reports, and access control. The cloud platform can meet the demands of enterprises of all sizes and is also accessible on mobile apps.
We have been providing payroll services to over 450 clients globally through a broad spectrum of industries from retail, healthcare, manufacturing, tech, and the education sector.
Contact our payroll professionals today to find out more or see our payroll services.
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