Every business has at least one thing in common–employees need to be paid. And as a result, hundreds of payroll providers have flooded the market. But before you can even begin weeding your way through all the options, you have to decide whether or not it's even the right time to make the switch.
In this article, we help you make that decision by presenting the top 5 reasons why it's time to switch payroll providers. Once you've read through the list, you should have a pretty good idea if it's the right time to take the plunge.
Did you know that, on average, businesses should expect to pay between $15 and $200 monthly for an effective payroll provider? Of course, many factors play into the price of your payroll cost structure, such as how you want to pay your employees and where they live.
Perhaps it was a simple process when you first started using your current payroll provider. But as your company grew, so did your need for more. If you feel you're paying too much, it never hurts to ask your provider for a breakdown of the services you use. If they're unwilling to bend or bundle their prices, then perhaps it's time to look elsewhere.
Chances are that when you signed up with your current provider, they guaranteed to limit or eliminate errors. Technically, with an automated process, errors shouldn't happen. But, alas, we don't live in a perfect world. Just look at what happened last year with ADP.
Errors happen, and they're an unfortunate aspect of payroll. But they shouldn't happen so often that it hinders the success of your business. If your current vendor continues to produce errors, it may be time to switch to a payroll provider whose technology explicitly eliminates the common errors you're experiencing.
You can purchase the world's most incredible, shiniest new payroll solution, but if the customer service isn't reliable, you'll need a monthly subscription for Tylenol for all the headaches coming your way.
A payroll solution is a highly complex tool with many bells and whistles. You'll need assistance along the way, and chaos can ensue if your customer service team isn't there on the spot. A customer service team should offer personalized attention and instant access to needed support. If you're not receiving this from your current support team, it's probably time to start looking elsewhere.
Businesses today have many options to choose from when selecting the HCM tools and services they need. For example, tools and services may include onboarding, benefits administration, tax services, ongoing training, etc.
Too many solutions can lead to a disparate system where time and money are wasted on manual administrative work, duplicate data entry, and frequent errors.
With integration capabilities, your payroll provider will be able to integrate with popular third-party solutions, ensuring your entire process runs seamlessly, eliminating time-consuming manual tasks such as data entry and costly errors. If your provider doesn't offer integration options, it's time to move on.
We often hear this one: "We're spending so much time in our payroll system that it's taking us away from focusing on other important tasks." Unfortunately, this sentiment is a sure red flag that your current payroll provider isn't working for you.
In a recent report of over 1,000 small businesses, owners found that processing payroll was one of the most time-consuming tasks of their day, spending at least 5 hours per pay period between calculating, filing, and remitting taxes. However, you can avoid these time-wasting rabbit holes.
The main benefit of having a reputable payroll provider is that it frees up your and your team's time to focus on other important matters. In addition, your payroll provider should be able to handle the daily, weekly, and monthly tasks that involve paying your employees accurately and on time.
If you spend countless hours daily processing payroll, it's time to find a new provider.
If you're ready to switch, it may be time to get your hands dirty and begin weeding through the various payroll providers. However, if you'd like to skip past that mess, we'd love to help. With over 25 years in the HR & payroll space, we've developed a payroll process that addresses and eliminates all of the problems we've mentioned above.
Whether you're ready to make the switch or wish to pick our brain and get some ideas, click here, and one of our specialists would be happy to have a quick chat.
No Comments Yet
Let us know what you think