Does Your Payroll Provider Really Understand Your Business?
For many large payroll providers, the businesses they service can simply become numbers or tasks to complete by the specified deadline. Choosing a smaller or local payroll provider means that your business and employees are more than boxes to check off on a workflow chart.
It also means that the payroll company will get to know you and your business, which means you’ll get better customer service. Let’s take a look at what makes a local payroll company a great fit for many different types of businesses. In recent years, payroll providers are being asked to offer a variety of services. It is common for these services to be grouped under the term Human Capital Services (HCM). In the rest of this article, the terms HCM and Payroll Provider are used with identical contexts.
Outsourcing HCM Doesn’t Have to Mean You Lose the Personal Touch
When you move from doing payroll yourself to using a payroll service provider, you may be concerned that you’ll lose the personal touch. After all, your employees may not be able to walk into the human resources department to ask questions or change withholding options in person once you make the switch.
A good payroll service provider offers many ways to contact them, including by phone and email. Not to mention, many of them have online portals where employees can log into their benefits accounts and change their withholdings and benefits options themselves, including being able to request time off and FLMA.
Your Employees Will Get Paid Accurately
One of the biggest mistakes that many employers make is withholding too much or not enough from employee checks. After all, tax laws are always changing. Your outsourced payroll specialist has the time to stay on top of the latest changes to the laws and your employees' preferences. This means your employees will get paid accurately for each paycheck.
Your Employees Will Get Paid On Time
A smaller payroll company has the time to get to know your business and when you normally submit your time and attendance sheets. This means that if you accidentally forget, due to an increase in your workload, or a long meeting, your payroll service provider will make an effort to contact you to remind you.
They Can Make Recommendations as Your Business Grows
When you first start with a payroll provider, you probably chose the smallest package, which might be their ability to process payroll according to your pay schedule. As your business grows, you may not realize that you need additional services, like automated time and attendance, benefits management, asset tracking, risk assessments, and workflow automation.
Once your payroll provider has a good understanding of the needs and operations of your business, they can employ their technology solutions to help streamline many manual processes. This can be especially beneficial for companies with a mobile workforce, such as those in the transportation or hospitality industries, as they can take advantage of mobile timekeeping and GPS fencing solutions.
These tools allow for accurate tracking of employee hours and locations, allowing for easier and more efficient payroll management. Other solutions that can help automate HCM include direct deposit, paperless pay stubs, employee self-service portals, paperless mobile onboarding, recruiting not to mention full service tax filing. All of these technologies can make payroll processing easier and more efficient, saving time and money for businesses.
They Can Help You Find New Talent
As your business grows and expands to new areas, you may need additional employees; whether entry-level positions, like customer service, computer operators, or data entry personnel, or a new research and development team and software engineers, your payroll provider can help.
This is because many payroll companies also offer HR support, including recruiting and new hire onboarding. They can work with you to create job ads, perform the initial vetting and recommend the best candidates for interviews. Once you find the right candidate, they can send the offer letter and get their new hire paperwork completed. This means that all you have to do is set a start date and train the new employee.
An HCM Company Can Help You Maintain Compliance
How well-versed are you on all the latest employment and labor compliance rules, regulations and laws? Are all your policies outlined in your company handbook? Payroll providers often employ HR specialists that stay up to date on all the rules, regulations and laws that affect businesses, and they can help you develop policies and procedures that your employees must follow so that you remain compliant.
Payroll and HCM Solutions with Exact Payroll
Get the payroll and HR services you need with our payroll specialists at Exact Payroll. We understand that the HR services that your business needs will change over time. For that reason, our specialists take the time to get to know you and your business. This allows us to provide you with timely payroll and recommend products and services that you may need in the future to help keep you compliant so that you can focus on increasing your business.
To learn more about our payroll and human resources services, give us a call at 866-987-9898 or reach out to us online.