For any business, payroll is a challenging responsibility as it involves several employees, payments, deductions, and legislation, among other things. So, it’s no surprise that clients turn to accountants or accountancy practices for payroll support. However, we’re sure that you or your practice are aware of the complexities surrounding payroll and why it can be a burden to undertake, making payroll outsourcing services a must for your business.
Contrary to many accountants’ belief, payroll can be a profitable add-on service. If you’re considering offering payroll services, it may be a good idea to partner with a payroll outsourcing specialist to simplify the process for your practice. Outsourcing can bring a slew of benefits such as cost savings, time savings, enhanced efficiency, flexible scalability, and more robust data security for a practice.
However, finding the right payroll outsourcing services partner can be difficult. With dozens of providers fighting to grab eyeballs on the internet, it might be confusing to choose a single provider. To help you out, we’ve compiled a list of six tips to help you choose the right payroll services partner for your accounting practice.
TIPS TO CHOOSE THE RIGHT PAYROLL PROVIDER
Get a better understanding of their industry experience
Payroll is complex and requires extensive knowledge of PAYE and specialist software. It’s essential to examine how well the outsourcing provider understands the payroll function and how much experience they have in providing this service to clients.
Different outsourcing firms providing payroll services for accountants have diverse expertise and experience. Speak to the provider regarding the number of projects they’ve completed and the complexity of various projects and get to know the team members who will be working with you if hired.
Gauge their technical expertise
It’s crucial that an outsourcing provider can explain the methodology behind how they function and manage various projects, track results, and resolve issues.
Accreditation is an excellent marker of technical expertise, so look for project management and quality control accreditations while reviewing potential payroll outsourcing services providers. It’s also a good idea to check whether the provider has a business continuity plan in place.
Request client references and samples
A thorough background check on the outsourcing provider should be done before getting them on board. Request the provider for feedback from former and current clients.
Understand the scope and quality of services they provide and discuss any challenges that may come up during the partnership. This is an important step while outsourcing payroll services for accountants as it helps build trust and credibility.
Additionally, go through various case studies on the company website and seek work samples of complete projects to get an idea of what you can expect in terms of quality.
Review their communication and client management systems
Communication is a critical aspect of any business relationship. Therefore, discuss your expectations right at the start and understand how you’ll communicate with each other, whether via email, phone, or messaging applications/software. It’s also wise to have a designated time for regular meetings or catch-ups.
Fin-eX Outsourcing survey titled Payroll Outsourcing Trends 2021 listed open communication as one of the four most effective pillars of a successful payroll outsourcing partnership. This not only facilitates a better understanding of requirements and expectations but can also help fill important gaps so your work gets done more efficiently.
Furthermore, ensure you have a single point of contact to who you can always reach out to for queries, feedback, or concerns, as this can smoothen communication lines.
Go through their infrastructure and technology
Since payroll laws are consistently evolving and payroll needs are everchanging, you need to work with a payroll outsourcing provider with the right infrastructure and technological prowess to keep up with these changes.
A Trends Market Research report predicted that the global payroll software market will grow at a CAGR of more than 9% by 2025, thus implying the significance of technology in effective payroll management.
Choose a provider that is up to date with the latest payroll software and is capable of software integration.
Determine costs
The price of payroll outsourcing services can differ based on your individual needs. If you’re specifically looking for savings, we suggest opting for a fixed project cost, if available. Discuss the various packages your potential payroll provider has to offer, check for any hidden fees, and get a final quote on the services you require.
CONCLUSION
It can be challenging and complex to manage payroll in-house, especially since the chance of human error is higher. Payroll outsourcing is a simple solution to maintaining error-free payroll while staying on top of the latest laws and technology.
Be assured of cost savings, time savings, enhanced efficiency, and data security when you outsource your payroll to a top-tier service provider. Don’t forget, with outsourcing, you will gain access to payroll experts who are well-versed with the nuances of payroll management and are always up to date with everchanging legislation, thereby ensuring compliance.
ARE YOU LOOKING FOR A PAYROLL PROVIDER?
Fin-eX Outsourcing is a seasoned outsourcing provider in the UK with several years of expertise in payroll processing. We specialise in end-to-end payroll management executed by our team of dedicated offshore payroll specialists. With our payroll outsourcing services, your practice can save time, enable cost efficiencies, and improve compliance while ensuring enhanced data security.
To evaluate our services risk-free or explore our services in further detail, reach out to our payroll experts at askus@finexcoutsourcing.com, call us on +44 208 144 8995.
