There are a lot of high stakes in play when it comes to payroll: tax regulation, employee loyalty and provider credibility.
The question many people have in mind is this: how can I tell if I can trust my payroll company? Today, when evaluating a new payroll company for your small business, we will outline the key questions you must ask–as well as the markets, processes, and security behind the scenes to look for.
Do you know with whom you get into business?
By choosing a payroll service provider for your company, you choose to trust the provider with a lot of money as well as critical business details— including private, personally identifiable information for yourself and your staff, banking and payroll tax reporting and compliance information.
In short, payroll is a big deal, and it’s a big decision that you make. How can you determine if this trust is worthy of the firm you entrust with these responsibilities?
First of all, question who are they? Look into the specifics of the business when assessing future payroll services.
How long have they been doing business?
How many of the customers do they have?
In order to protect my small business, are they set up?
How long and how many customers have they been in business?
Past performance is one of the biggest indicators of future performance. That’s why looking for a well-established payroll service provider with a reputation for excellence and integrity is so important. Nuage Digital, for example, was founded 5 years ago and since then has been running over million payrolls. Nuage Digital is among most trusted payroll and HR services provider. Choosing a company with proven experience and a history of quality service and ethical business relationships will reduce the risk to you, your workforce and your business.
Were they designed to protect my small business?
While the quality, scope and structure of the company are all important indicators to look for when selecting a payroll service provider you can trust, additional security measures are put in place by businesses to protect their clients. Providing guarantees is another step that Nuage Digital takes to protect customers. Depending on the level of service selected, our customers can expect a tax calculation or full-service tax payable and filed guarantee that will cover them if they receive a notification from the IRS or other tax agency based on a filing or calculation we made on their behalf.
When evaluating payroll providers, what to look for:
Congratulations! Today you know more about the payroll industry’s specifics behind the scenes than you ever thought you’d. But the payroll is a big deal, as we said at the start of this article You need to ask them some tough questions when you’re looking for a payroll service provider–and you need to know what the right answers are.
How long has the business been around here? And what is the structure of the company? If you are looking at a potential partner with extensive experience, rigorous controls, and the right kind of security framework, you want to know.
Is the Company SOC (1) compliant? This is a simple one–the answer is yes or no, and the answer you would like to hear is “Yes.” Is IRS Bulk Filer status granted to the company? If the answer is yes, you know that the company has a strong track record of high-volume, reliable reporting of payroll records. Does the company offer payroll coverage for small businesses in the form of a guarantee? The response should be yes–this is one of the greatest benefits of outsourcing payrolls.
Conclusion:
There’s another bonus to your new payroll partner’s rigorous vetting–you’re going to enjoy the peace of mind that comes with realizing you have a partner that’s built to last and you’re going to be able to rely on for years to come. We are Nuage Digital are striving to be trusted partners for our clients. Call us or message to setup payroll for your new small business.