Payroll outsourcing vs. in-house payroll

Are you considering a Payroll Accounting service? Then you’ll need the following tips to avoid making the wrong choice. When you work with a Payroll Accounting service, you won’t have to worry about trying to keep up with constantly changing regulations, or staying up all night when payday rolls around. Sounds great, right? But before you can do that, you’ll have to go through a careful search to find the right partner. With so many criteria to choose from, this process can be time-consuming and exhausting. Few things to look for when choosing Payroll outsourcing vs. in-house payroll:

1. Have a checklist

Don’t start without a checklist. It helps you visually review and compare service partners, and easily identify the one that meets all your requirements. So, be clear about the functions you want to outsource, and what level of help you need. Some partners may offer additional services. Also, think about the features that the best agency should have. Then, draft a questionnaire that includes essential questions for the negotiation, about their support department, pricing and fees, payroll software, and more. Here are some questions you can ask:

• How my payroll managing employee salaries and benefits?
• What is your cost structure?
• What is the initial setup process like?
• How secure are your processes?
• Will there be any additional costs?

Payroll outsourcing vs. in-house payroll

2. Does a new payroll service company with discounts sound appealing to you?

Well, saving costs is a concern for almost every HR professional post-COVID-19. But paying your employees on time and accurately should be a top priority when it comes to payroll. That’s why it’s always better to go with a service provider with years of experience, a track record, a solid reputation, and valuable reviews from their clients.

These providers are familiar with the requirements of your business. They know how to adapt and adjust to suit your needs. They stay up to date with relevant legal changes. They understand the government and how to work with them. They can address payroll issues and advise you when needed. And they can ensure greater accuracy in all processes. In other words, their experience gives you peace of mind.

3. Cutting-edge Technology

Do you want to pay for outdated technology to handle your payroll? – Obviously, no one wants that.

Cutting-edge technology ensures the security and efficiency of all payroll processes. Vendors understand this, so they always try to equip themselves with the latest software and technology. But since every company will have a different level of investment in technology, shop around to find a company that meets all your requirements.

Be upfront about privacy, data storage and protection, monthly Payroll Accounting volume, different pay periods, and any specific needs you have. And if possible, ask for a software demo to make sure it is up to date, easy to use, and meets your expectations.

4. Transparent Fee Structure

Hidden fees are unpleasant surprises. For example, some payroll service companies will charge extra fees for new employees or whenever you request a payroll summary report for a specific period. They can cost you a fortune and blow your savings plan.

So always be wary of hidden fees, especially when the price seems too good to be true. To prevent problems from hidden fees, ask providers to clearly explain their pricing structure, especially about the terms that may incur additional fees in the future. Then specify the specific terms in the relevant service agreements.

Tax deductions and compliance in payroll

5. Additional Services

As mentioned above, some companies do more than just payroll services.

These 360o service providers can cover all of your HR functions. So instead of working with several companies with different HR services, you now only need one. And then, you will have more time and energy to run and grow your business, especially in these uncertain times with COVID-19.

From work permit registration to reference checks, HR outsourcing services to executive recruitment services, the options are diverse. And a top Payroll Accounting service provider will always be ready to work with you to understand your workforce and recommend a combination of services that best suits your business.

6. Create a transparent payroll policy

Common managing employee salaries and benefits issues – such as employee misclassification, overpayments, or underpayments – are greatly reduced if you have an accurate and transparent payroll policy. It is important to provide your employees with the essential guidelines regarding timekeeping, resignations, expense reimbursements, employee classification, salary/bonus determination, and the company’s payroll system for resolving payroll issues. Make your policy easy to understand and accessible to all employees, both current and prospective. Also, make sure your employees know who to turn to when problems arise.

Payroll services can impact how satisfied your employees feel at work. So, you should choose carefully with a lot of research, comparison and discussion to make the final choice. With these tips, you will save your efforts from the beginning. Need to read more about payroll services, Tax deductions and compliance in payroll and other HR outsourcing solutions, please access our website.

S4B Vietnam

• Address: Unit 701B – 701C, Tower A, Handi Resco 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam.
• Tel: + 84 24 3974 4181
• Email: service@s4b.com.vn

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