subject: Payroll Services - What Are The Top 7 Habits Of Awesome Vendors [print this page] Studies show that in excess of 30 percent of U.S. businesses that take care of payroll in-house find themselves go through IRS audits and pay fines for payroll miscalculations? Do you want to free yourself from the hassles of payroll processing while simultaneously enhancing its efficiency? Are you aware that top notch service providers can significantly lower the costs of payroll processing? Are you ready to know what characteristics separate effective payroll providers from the crowd? If yes, then read on to discover the seven habits of highly effective payroll providers.
Habit 1: Understand accountability
Reputed firms are responsible for any errors in payroll and are quick to recognize and fix them. Effective service providers use an in-built error identification system to catch errors before delivering checks or direct transfers.
Habit 2: Compliance
Effective providers comply with all local, state and federal employment and tax laws. By means of stringent checks and balances, they radically cut down or get rid of the likelihood of IRS audits and penalties for transgressions that manifest during payroll processing or payroll tax processing.
Habit 3: Online data transfer
To ensure seamless payroll processing, on time delivery and means to conveniently deliver payroll data to the provider is desirable. Effective service providers allow you to transfer data, needed for payroll processing, online. They also provide online systems that can be accessed through a web browser to avoid any need for installation and maintenance of expensive computer software.
Habit 4: Allow flexible billing
All good payroll providers offer a choice of fee structures. Almost all bill an initial setup fees and a flat fee for each employee per payroll cycle. Some firms offer different levels of fee that charge you extra, in addition to the yearly flat fee per employee, for additional services.
Habit 5: Multiple online tools
Payroll services should offer a range of online tools for your staff such as software to view and print payroll stubs and tax forms and to make changes to deductions. They also offer different online tools for business owners. These include tools to enter time card information for hourly staff and tools for monitoring payroll expenditures and deductions to help you to evaluate and manage your finances.
Habit 6: Great customer service
An effective payroll processing company will offer superb customer service with quick responsiveness to your concerns. It is important that they offer a short turnaround time for rectifying errors in paychecks, creating accounts for new employees and addressing other payroll related issues.
Habit 7: Advanced services
Good payroll providers extend a number of advanced services to further reduce your payroll troubles while enhancing its efficiency. For retirement plans, they work with financial planners to assist your staff in making the appropriate investment decisions. Other services include distribution of key communications to staff members when required, conducting background checks, and enrollment and monitoring of life insurance, health care and other employee benefits programs.
Assess multiple payroll providers, services offered and fees charged before hiring a vendor. Get references and find out about the performance and market reputation of your preferred providers to assure quality and reliable service. Lastly, talk to your accountant and attorney before finalizing the contract.
