Several companies provide HR payroll services. They specialize in helping employers manage their employee records and payroll, making online submissions to the governmental taxing agencies, and coordinating with different federal and state rules and regulations. These firms offer a wide variety of HR payroll solutions that help employers reduce administrative costs, save time, avoid errors, increase profitability, improve work efficiency and reduce wage theft risk.
What to consider when hiring HR payroll service providers
1. Who is going to manage my payroll?
Most HR payroll services are operated by a third party. Some companies have their own in-house HR payroll staff and others outsource their HR payroll needs to a third-party company. A few firms offer both options.
Hiring a third-party HR payroll service provider offers employers the benefit of complete control over their job sites while outsourcing to an expert decreases the liability associated with errors and provides them with more time to focus on other projects. A third party can also handle payroll processing based on the confidentiality of information, while the employer maintains control over data access and security policies.
2. Do they have HR experience?
An expert in HR payroll management has extensive experience with workplace organization, employee benefits, work performance, compensation requirements, taxes, government regulations, and other duties. The more they know about the ins and outs of human resources, the better they can meet the needs of their clients.
Today’s HR payroll service providers are experts in emerging technologies as these developments impact how employers manage their employees as well as how they communicate with various agencies regarding employee pay rates.
3. What services does it offer?
A good HR payroll service provider understands its customers’ needs as well as their goals. The goal is to provide quality HR payroll solutions that help employers improve productivity, reduce costs and increase profits. Some of the services available include:
• Installing and managing a new payroll system or updating an existing one.
• Managing employee compensation plans including salary increases, bonuses, commissions, etc.
4. What does it charge?
The cost for HR payroll service providers varies by company and location. The monthly fee can run anywhere between $400 and $5,000 per month. An organization may choose to pay a flat rate per month or an hourly fee for payroll services. Most companies find that the $400 to $600 per month range is sufficient for their needs at this time, but this depends on many factors such as the complexity of their payrolls, the average number of employees, and the types and numbers of benefits offered by the employers.
5. Does it have a proven track record?
Any service provider should be able to provide a list of clients that they have served as well as testimonials from existing clients. It should have an ongoing record of success, in terms of providing efficient and effective HR payroll services. In Singapore, a company with a solid track record must be partnered with an affiliate. The relationship is based on trust, which implies a double-check of client references and financial records.
In conclusion, to manage various payroll tasks online, an HR services provider or a payroll outsourcing company must have the right expertise which enables the service providers to understand the companies’ work culture and find out how best to meet client needs. Hiring an HR payroll service provider does not necessarily mean you need to give up control of your payroll procedures. The key is finding one that will allow you to retain control of your data and any customized systems you may want to put in place.