How do you know if your payroll provider is doing right by your company? How do you know you are getting the service you deserve when there are so many payroll providers out there? It's true that the world of payroll is not as simple as it used to be. So any company using a third-party payroll processor has to look out for its own best interests.
We are constantly working to offer our customers the kind of service they both need and deserve, service that ensures their employees are paid promptly and in compliance with federal and state laws.
Assuming you are looking for a new payroll provider, we encourage you to be very careful about the company you eventually choose to work with. From our perspective, there are five hallmarks of a good payroll system. Find a provider who demonstrates these five hallmarks and you'll be in good shape.
1. Streamlined Efficiency
One of the things that makes in-house payroll so difficult is the lack of efficiency typical to legacy systems. The old ways of doing things may have worked well back in the day, but they are highly inefficient compared to modern systems. A good payroll system in the digital age is streamlined and efficient.
How many people does it take to do your company's payroll? If you have one person handling time cards, another two or three manually entering data into a computer, and still one more cutting checks and distributing them to employees, your system is operating very inefficiently. You need a system that combines automation with technology so that your payroll can be processed by a minimum number of employees – which leads right into the next hallmark:
2. Modern Technology
A good payroll system takes advantage of technology. Take automated time and attendance tracking, for example. A technology-based solution eliminates the need for paper timecards and manual calculation of hours worked. In its place is a digital clock and an ID card system that automatically tracks attendance, computes hours worked, and sends the data to payroll processing software – all with no human intervention.
3. Employee Interaction
Today's employees do not want to be kept out of the payroll loop. They want immediate access to their own records and their personal information. They want to be able to update withholding information on demand. All of it is made possible with an online payroll solution that affords individual employees their own accounts. Keeping employees in the loop keeps them happy.
4. Multiple Payment Platforms
Cash and checks were the preferred way to pay employees in the good old days. By the late 1980s and early 90s, direct deposit began replacing paper checks and cash. Today, there is another option: payroll cards. A good payroll system maximizes the number of payment platforms so as to give employees as many choices as possible. Multiple payment platforms make it easier to pay every employee every penny earned.
5. Benefits Administration
Finally, benefits administration is a big part of modern payroll. It shouldn't be separate. A good payroll system integrates benefit management in a complete package that handles everything from payroll processing to health insurance to contributions to 401(k) plans.
We invite you to take a good look at BenefitMall to see how we demonstrate the five hallmarks of a good payroll system. We are confident that we do it well and that we can meet your expectations for what a payroll provider should offer.