Small businesses are more susceptible to internal payroll fraud because they don't have access to bank accounts, checks, signature stamps, and social security numbers. This gives you an obvious reason to hire a payroll company, which is to be able to rest assured that your employees are paid on time and that taxes are filed correctly.
How do we pick the right company to manage your payroll in Singapore?
There are things you should know when choosing a payroll provider.
1. Financial Protection
Request your payroll company to show proof of their insurance and bonding. It is important to find out if your payroll company has made a mistake and if they are responsible for correcting it.
2. Disaster Recovery and Backup Strategy
Ask your payroll company about their backup strategy in case of any type of disaster. Where is your information backed up and stored? How quickly can they be up and running again if there was a disaster?
3. Customer Service
The person who handles your payroll is more important than the person selling it to you. Ask the person who will be handling your payroll. It is a salesperson's job to sell you. They are well trained to do this! Ask to speak to the specialist you are going to be working with. This will allow you to get to know them better and their industry expertise.
4. Pricing
Over the years, the pricing structure in the payroll industry has changed dramatically from al carte to bundled pricing. Many payroll companies offer bundled services that charge a flat fee per month based on how many employees you have and the frequency of your pay. Additional charges may apply for delivery, year-end processing, and W2s. The payroll industry has become very competitive. Make sure to ask your sales representative if there are any discounts and when they run out.