An efficient business is one that is always reviewing processes and adopting the best providers who can facilitate the best results. A company’s payroll provider has an important responsibility in ensuring that every employee is paid on time and to the correct award and managing employee benefits. A payroll provider is also tasked with keeping companies compliant with the most up to date legislation and reporting criteria and always looking ahead to see what changes and improvements can be made in the future.
If you are not happy with your payroll provider or they are no longer a good fit for your purpose, then changing payroll providers needs to be prioritised. Whether your payroll function is entirely or partially managed by that provider, follow our switching payroll companies checklist.
Switching payroll providers to i3Group
Our payroll professionals at i3Group have assisted a number of companies in making the switch to a more reliable payroll plan. If your team does not know how to change payroll providers or do not have time to manage this task, our payroll consultants can take this on for you. That means communication, transition and necessary training will be managed by our i3Group team so that no disruptions are encountered. Now let’s understand what makes up a payroll transition checklist.
Select your new payroll provider
Great care should be given to the selection of your new payroll provider. Ideally, your selection will encompass all the benefits of your existing provider, while also addressing the shortfalls you encountered through that contract. If communication and on-time reporting were not to the standard you expected, insist on finding out your new providers policy on these issues and make sure you are satisfied with that arrangement. You also want to read any testimonials or reviews from their current clients.
Choose a payroll model that will best serve your needs
Your ideal payroll provider should have a number of payroll models that serve the unique nature of your business. i3Group provide payroll consulting, corporate payroll services, small business payroll and a number of other services tailored to a specific client requirement. You do not want to be paying for a payroll service that only partially meets your needs, just as you don’t want to be paying extra for features that are not relevant to your company structure.
Notify all stakeholders
Now that you are changing payroll providers you will need to communicate that to your current provider and your bank. Based on the contract you signed there may be a notice period that needs to be honoured before the change is final. Similarly, the bank will require documentation that acknowledges the new payroll process and will need to liaise with your new provider to ensure that the transition is seamless. Don’t forget to also communicate this change to your employees, even if you don’t believe they will see the impact. Addressing your workforce to tell them who the new provider is will keep them wary if tax communications come from a new address or if their payslips delivery will vary in some way.
Timing is important
The timing of your payroll provider change will need to be considered, as there are times of the year that are busier for payroll, not to mention seasonal demand that might impact your specific niche. Ideally speaking, you will probably want to have your chief financial professionals in the office and not on annual leave during the transition or undergo the change with other structural changes in the business happening in tandem. i3Goup can provide great value in managing this transition for you, so reach out today to learn what the next steps are.
Compliance is the most important thing in payroll, and that needs to be a value shared by your new payroll provider. Understanding the processes, licenses and approach of your new payroll provider will keep you from selecting an option that seems too good to be true – only to find they haven’t made the switch to single touch payroll yet or some other system issue. Choosing a reputable provider that is payroll compliant will always serve your business further than a cheaper solution, as payroll accountability is a legal requirement and one that you will not want to cut corners with.
What worked years ago may no longer be the right fit for your business. i3Group is at the forefront of modern payroll solutions, with purpose-built technology and a team of dedicated and experienced payroll consultants. Discuss your future needs with our i3Group team today and find out what a switch in payroll providers could mean for your company.