It’s the beginning of the year and so is the beginning of your financial year. While everyone is still struggling to get out of the festival season hangover, your accounts department has pulled up the sleeves to manage your annual accounts and payroll.
Since, every organization uses a payroll provider, many plan to switch the same at this time of the year. January is marked as the best time of the year to switch your payroll provider as this time doesn’t has any taxes or filings from the previous year. You have fresh account files and thus it becomes easier to get on-boarded over a new system.
But the question arises, why you need to switch your payroll provider?
Before making any decisions, you need to frame out your needs and requirements from your payroll provider.
This list of a few vendor aspects may help you determine your needs:
- Vendor Support
- System Complexity: A complex system increases need for training
- System Availability: If it is available as desktop software, web-based application or administered by service provider
- Customer Support & Service
- On-boarding Experience: If the previous on-boarding was tedious and slow
- Payroll processing nature
- Employee Self-Service
- Compliance with latest government tax laws and other provisions
- Report Type
You may evaluate your current system on these parameters and then make up your mind whether you want to switch or not.
If you really need to, the most important question that may come to your mind is it the right time to switch?
As discussed, beginning of the year is unthinkably the perfect time to do so. Thus, all you need to do now is to look for new payroll provider! However, the technical features you can look for, other concerns revolve around costs, efficiency and how well the system can integrate with your in-built systems.
TeemWurk Payroll can be your perfect payroll solution as the system is specifically built to automate all your payroll processing making it easier for you to pay your employees on time. The system takes care of tax laws and employer mandates and can calculate taxes for all states as per latest updates.