Change is always difficult to manage but don’t let this stop you from making innovative strides that can help you run your business more effectively. Below are some key questions to ask when implementing a new payroll system for both yourself and your new provider.
1. What Are My Requirements?
How many employees do you have? Do you need to gather additional data? What’s your budget? By answering these questions you can determine which advanced system you should choose to get optimal efficiency.
2. How Safe Is My Data?
The crucial function of the payroll system coupled with sensitive employee information means that security is a key concern. When outsourcing your payroll data protection can be a concern so make sure you choose a company that you trust and that follow current, up to date legislation.
3. Is There HR Functionality?
What other functions does your new payroll system offer? There are options to purchase systems that give you additional HR functions meaning your investment could give you even more for your money and stretch further than payroll support.
4. How Easy Is It To Extract Data?
No matter how computer savvy you are, you need a system that’s user friendly. Finding out how easy it is to extract useful data that’s also easy to analyse is important. You don’t want to be wasting your time crunching the numbers when you have more significant business to attend to.
5. Is Dashboard Reporting Standard?
Having a visual dashboard that instantly gives you profitable information can save you so much time. It’s also convenient for when you need to present key facts and figures and make your data have an impact. Not all payroll systems so have this feature as standard so make sure you’re asking the question.
6. Is The System STP Compliant?
Since 1st July 2019, it is now mandatory that all businesses, large and small, adopt single touch payroll. So make sure your system of choice is compliant. STP allows the ATO to have easy access to information relating to tax and superannuation.
7. Are They Australian Owned and Operated?
Australian payroll can be complex and data privacy issues can arise from time to time so establishing whether they’re Australian owned and operated is handy. If the company isn’t Australian that’s OK, just make sure they have experience dealing with Australian clients and know their stuff.
8. How Many Years Experience Do They Have?
Like any service you pay for you want to know that the supplier has experience and outstanding knowledge in their field and it’s no different when outsourcing your payroll. Asking about experience and looking for impartial reviews are great ways to ensure you’re making the right decision.
9. Is The Provider A Registered Tax Agent For Payroll?
Registered tax agents are ahead of the game when it comes to legislation and law relating to tax. If your payroll company is offering advice and consultation for a fee then they’ll need to be registered with the Tax Practitioners Board (TPB).
10. How Complex Are Your Client’s Payroll?
The complexity of your clients’ payroll will determine which system will work best for you. If you are unsure about which system will suit your requirements then always ask for a consultation so you can get all the information you need.
Summary of Critical Questions To Ask When Implementing A New Payroll System Within Your Organisation.
Taking the plunge to implement any new process can be daunting but advanced systems are there to make our lives easier and to increase profitability. By asking the above questions you can find the perfect system for you and your company.