Payroll is among the things in a business organization, which shouldn’t go wrong. Workers must be paid well and on time. Failure is to do that they can start finding a new job. So it is important to ensure the payroll function is in able hands.
Outsourcing payroll services to another company will be a perfect option if there is no internal competence. However, not every payroll company is created the same. This is why it is best to consider the following tips to ensure you choose the right company for payroll management Singapore.
1. Consider the Cost
When choosing a company for your payroll services, you need to think of the cost. Although the cost differs from one company to another, it would be vital to know that there is a standard structure for pricing.
With a pricing structure, you can pay a flat base fee. You can do that by either paying monthly or after every pay period. If a payroll company charges you at every pay period, you can pay that fee every time you are running payroll.
And if a payroll company charges you monthly, you will pay every month. That means you will have flexibility when running payroll.
2. Look at the Tax Compliance Management
With rules for payroll tax compliance changing constantly, it would be best to work with a payroll company that has a tax compliance department, which can manage those updates. And once conversions are complete, a team for tax compliance must update your tax tables every year.
According to experts at Boardroom, the right payroll provider needs to have a reliable tax compliance team consisting of professionals who can review existing data to look for potential tax errors. Your compliance team needs to handle tax payments/filings as well and even help with annual processing.
3. Prioritize Knowledge and Customer Support
When it comes to choosing a payroll service provider, ensure you look at their training and customer support. Focus on finding a provider offering 24/7 support, providing training that helps in understanding the payroll process, and having a dedicated account manager.
In addition, look for a company that gives updates on the newest payroll resources, regulations, and laws for businesses to ascertain they are updated.
4. Check for Customized Packages
A subscription-based model or basic package may be okay for your company. But as your company grows, your compliance and payroll needs may start to increase. And when this happens, odds are, you may require a customized package.
If your service provider doesn’t provide you with it, you might need to go through the hassles of looking for or onboarding another service provider. That said, choosing a payroll company willing to provide you with customized packages from the very start is best.
Final Touches
When choosing a payroll company, there are many variables you will need to put into consideration, including support, pricing, convenience of use, and features. Doing payroll in-house can be expensive, even when mistakes aren’t prevalent. By hiring a good company, you can use the energy and time you spend doing payroll to focus on making more money.
