Payroll administration has been a problem for businesses for as long as people have been selling products and services. It doesn't matter if you're an entrepreneur, small-business owner, or an executive with a Fortune 500 company. Mistakes can be costly. And dealing with the data, classifying employees, keeping up with regulatory changes, processing payments, and all of the other duties can be daunting.
Thankfully, there are businesses that specialize in doing all of the administrative work, allowing you to focus on your core business. If you're thinking about outsourcing payroll administration, here's what you should look for in a partner.
Flexibility
While all companies face similar challenges when it comes to payroll, not all companies are similar. That's why it's important to choose a partner that can develop payroll solutions for your unique needs.
This could include a self-service platform, a full-service platform, or a hybrid of the two.
You'll also want to look for a partner that is flexible enough to adopt new strategies and tools as your company's needs evolve. It's important that your partner be able to provide the right features at the right time. The last thing you want is to invest a lot of time, money, and other resources in a partner that won't be able to help you grow.
Speed
In the world of payroll administration, time is literally money.
You're going to want to look for a partner that is fast, efficient, and effective. They will need to be able to help you automatically run payroll and calculate how much each employee earned for any specific pay period--and then provide real-time access to this data.
You're going to want to be able to know with precision what each employee is doing at any given time and how much they are being paid for it. You might also want to have a partner who can set up alerts that let you know when an employee is approaching overtime pay, PTO limits, or bonus eligibility.
Having a fast and responsive partner will help you better manage cash flow and stay in the black.
Responsiveness
Payroll administration can be complicated, which is why you are going to want a partner who will be responsive to your needs, questions, and concerns.
Your partner should be available to provide the service you need when you need it. You should have a team of people ready to help--and proactively reaching out to make sure everything is running smoothly. Your partner should also be proactive about monitoring compliance changes and letting you know about them.
Maybe responsiveness isn't what you should look for in a partner. Maybe you should look for a partner who is proactive as well as responsive.
Reputation
There are a lot of third-party payroll administration partners available to you. The hard part is finding the one that can deliver everything you need when you need it.
Going with a partner that has a lot of experience, a track record of success, and a stellar reputation will yield the results you need.
Reputations are built one payroll cycle at a time, with companies large and small. Ask other businesses about their partners to find out who is making their lives easier by doing great work in the world of payroll administration. Then ask those companies for references.
If you're ready to find the right payroll administration partner for you, connect with Summerlin-Roberts today.
