Outsourcing your payroll to an external company can be extremely beneficial. They can save you time, resources and peace of mind. However, it is crucial to choose the right provider. Partnering up with the wrong firm can cost you dearly. Starting from money and reputation, to serious legal charges. So, what does your ideal payroll partner look like?
We have created a quick checklist of what to look for in the right payroll provider.
1. Experience and expertise in payroll and tax compliance.
Before choosing a payroll partner, you need to make sure that they understand your unique circumstances and country-specific legal nuances. Since countries amend laws all the time, it is hard to stay on top of all the changes. Nevertheless, it is your company’s responsibility to comply with local legislation. Failure to do so, may result in audits and penalties. Payroll firms know tax law. Or at least they should. It is their job to keep up with employment regulations. Consequently, if your payroll provider cannot guarantee accuracy, it’s time to look for a new one.
The whole point of signing up with a payroll firm is so that they provide you with assistance you need. Does your partner ensure sufficient customer support? Do you get enough representation? Do they offer troubleshooting? Do they keep their promises? If the answer to any of those questions is ‘no’ and you often feel like you are left on your own, again, it’s a sign to re-consider your options.
3. Net retention and ROI.
The number one reason you outsource payroll, is to make the most out of your business. Different payroll providers execute their solutions differently. Therefore, net retention will vary from a firm to firm, depending on how versatile their pro services are. The right partner will always have your best interest at heart. Ensuring that you get the best return on investment.
Does your potential payroll partner offer you out-of-the-box take-it-or-leave services? Or do they strive to bespeak their solutions to meet your individual needs? Smart partners go the extra mile to create lasting business relationships. Payroll companies are there to make your life easier. However, accommodating to whatever is given, rather than going for what your business really requires, is unlikely to pay off in long-term.
5. Access to variety of services
As much as companies try to plan ahead, they can never be 100% sure what business will demand in the future. Hence, it is worth investing in a partner that has a multitude of products to offer. Apart from standard payroll and tax calculation companies like Bradford Jacobs also offer work permits, talent acquisition and 360 degrees corporate services. Working with one core supplier will significantly streamline the process.
The right international payroll partner can be a valuable asset to your business. Contact Bradford Jacobs today to discover how your business can profit from our international payroll services. We offer payroll in over 24 countries across Europe enabling you to succeed anywhere anytime.