- Published on October 24, 2017
Payroll outsourcing is now the most preferred choice of many companies that's because of cost saving, accurate payroll calculations and more simplified process but managing the complexity of payroll and compensation packages in-house are the big factor. Companies which have decided to outsource payroll it is important for them to select the right vendor for their payroll function.
Following are the 10 steps to select right service provider for your Payroll Function -
- Understand the benefits of outsourcing Payroll Function for your organization.
- Know what type of Payroll services are required for your organization and accordingly develop selection criteria for the vendor.
- Request demo of the services that are offered by the Payroll service provider.
- Evaluate service providers and criteria fitment.
- Check vendor has dedicated account manager to handle Payroll Function.
- The payment data and employees personal information is shared with the vendor to make sure service provider is trustworthy check all security measurements are taken by the service provider to protect data.
- How accuracy of payment calculations, compliances achieved.
- Tax filing and investment declaration assistance.
- Parallel Payroll process to verify data accuracy and smooth implementation of the process.
- Online Platform and Mobile application to access Payment data of the employees as well as the employer from anywhere 24x7.