Payroll Service, Changing Providers. Chapter One. Reasons to change Providers
The time has come to change your payroll service or start fresh, with a new provider. There are many compelling reasons you might want to make this switch, including the cost of initial setup and monthly fees, the quality of service and features offered by other providers, and the level of support from a different provider. However there are some things you should be sure about before moving on all fronts.
So, when it comes to deadlines and costs and benefits, like employee savings and security, you need to make sure that your payroll and HR provider can meet them all. And, while there are many potential reasons to change providers, some of the top contenders include:
What are the costs? A lot of payroll services offer free starter packages which come complete with payroll serving particulars. But when you need to upgrade this free service into a full-fledged payroll administration service – the monthly fee will probably climb. The monthly costs for most providers may range from $25 to $100 or even more. But there are also free and low-cost options.
How long is the time it takes for payroll processing? When moving from one company to another, the new payroll provider needs time to get the appropriate information from employees and supervisors and to set up new accounts and processes. Depending on a provider's size, this set-up could take from 2 weeks to 3 months or more. The good news is that most payroll providers offer same-day or next-day processing, which could shave a couple of days off of this process.
What is the technology used? To make the most of a payroll provider, you need to know about its capabilities. Does it offer an online solution? Frequent user web portals? Will employees have access to their pay stubs online? Can they make changes to their paystubs if necessary? The more features available, the better.
Are there any automatic features built into the payroll service? Automatic paycheck deductions may be one of the smartest features that a provider could offer. This would allow employees to track their expenses, retirement contributions and income tax withholdings through their bank or credit union accounts. This would also avoid any confusion over pay when direct-deposited each month.
What's the cost of switching providers? When you're changing payroll solutions, one of the things to keep in mind is how much time and money need to be spent to make the transition. Some providers may offer a seamless transition, where all payroll information will be moved over with no problem. Others may require that employees' deductions change into their new systems, which could take time to implement.
How compatible is it with other systems? If you're already using a company-specific HR or online payroll service as your primary provider, you'd want to ensure that any additional services are compatible before moving on. For instance, are payroll or HR information automatically updated with your benefits and employee health insurance? Is it compatible with your existing software?
How many employees are there in your company? If you're a small firm, scaling up to a full-service payroll provider may be a good idea. It will enable them to offer you more sophisticated controls and features. Whether it's time and money-saving features or other advantages, you'll find that the options for larger companies can be fewer.
What features does the payroll service offer? While some employers prefer to be in charge of their cash flow for all types of employee payments, others prefer the convenience of an online system that sends out paystubs to them each week or month. A provider that can offer both solutions would be a good solution for most. There are also many other features that we have already covered in this article, and it will be great if you can get them all for your business.
What about support? And when support is on the line, you should consider all the ways and services a provider offers to their customers. Does it offer phone support? Does it have a team of technicians that are trained to answer your payroll questions?
Can you get help with any issues that may arise, in a timely manner? Is the cost of support reasonable for your company's size and workflow needs?
Are there any other reasons to change providers in addition to those listed above? When considering payroll solutions, you may want to look at other financial benefits you could get with a change. These include tax benefits, employee administration, compensation planning and more. Seeing how all of this can affect the bottom line is something that should be weighed before making any big decisions. These factors will also greatly influence how much time it takes to review all the potential options that are out there.
So, when it comes to deadlines and costs and benefits, like employee savings and security, you need to make sure that your payroll and HR provider can meet them all. And, while there are many potential reasons to change providers, some of the top contenders include:
eTreasury
About eTreasury: eTreasury helps you manage your administrative tasks: payroll scheduling, employee tax filing – all the way up to tax reporting. It's an easy-to-use web-based system with self-service functionality that puts you in control of paying employees just by logging into their online employee portal. eTreasury has been offering its online employee portal solution since 2006.
eTreasury's Free Payroll Solutions professional payroll service, eTreasury's Online Payroll, offers a set of payroll software solutions designed to help you get your employees paid on time, every time, with the necessary information about their gross wages and deductions. It integrates with QuickBooks and other accounting software for your convenience; provides tax withholding calculators to let you calculate the recommended level of taxes to be withheld from each employee; can handle both W-2 and 1099 reporting; manages employee benefits such as health insurance premiums, 401(k) investment matching contributions, and more.
Conclusion: eTreasury is an online payroll service that has been in operation for more than a decade. It's simple and straightforward, with a range of tools and features like QuickBooks integration, outstanding customer support, and multiple tax withholding options for each wage tier. It's also competitively priced based on your payroll needs.
Payroll Hero
About Payroll Hero: Payroll HERO is a full-service B2B payroll solution designed to handle small to medium-sized businesses and their payroll needs.