There are numerous payroll providers on the market. How are you choosing the best fit for your company? Are you now looking to grow? Is price your number one priority? Is your concern quality of service? By answering the following questions, finding the best fit is easy. Here is a brief list of a few items to evaluate:
Assessing the needs of your business:
Is cost your number one priority? If you choose the lowest cost provider, what will mistakes cost you? When you choose a mid-market provider that guarantees your questions and concerns are addressed, what value does this offer your company? When your new provider ensures your company remains in compliance, what does this benefit mean to you? When interviewing prospective payroll providers, look at your return on investment and peace of mind that is needed and the choice becomes clear.
What is your time worth? Time is of the essence in your business. If you’re spending time on collecting time cards, entering employees’ time, computing and processing payroll, you’re taking time away from other areas of focus that proactively increase revenue and profit.
Why is payroll the top three out of five services that are outsourced globally? Outsourcing these administrative services rather than creating a department will streamline your business practices and shift overhead labor costs to specialists. When you make this move, you minimize management expenses involved and create a scalable business that’s poised for efficient growth.
Bundled vs. Not
To bundle, or not to bundle? That is the question. Some providers stack services in a bundled model and provide you with unwanted or unneeded features that bump up your costs. Understand what your business needs are and educate yourself about the associated costs. Now you can choose the service provider that best fits you and your business needs with confidence.
Are the features that are of most value to your business offered?
Does your company require a full-service provider or only payroll processing? Labor law posters, pay-as-you-go workers compensation, background checks, HR, etcetera, are all directly related business services. Consider your options and operational needs and decide if a singular vendor with all services will benefit you most, or if you need to focus solely on payroll services. By outsourcing these services, what is the overall benefit to your business?
Opportunity Cost Analysis
This is a terrific opportunity to review your cost benefits of outsourcing. How much time and how many staff members are used to manage your payroll and workforce services that could be allocated to more critical tasks? What are your cost benefits? Software, labor costs, and training all add up. Compare a modest internal team of one to three employees to a team of specialists who can complete the tasks of payroll faster and effortlessly. By outsourcing your payroll and workforce services team, you’re employing specialists that are attending industry related conferences, continued education and training on the most recent regulations, legislative changes, and compliance standards. The benefit to you is avoiding thousands of dollars in associated costs.
Take your time to evaluate what’s most critical for your business to be operationally savvy and make a calculated decision based on your business goals.