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Did You Take Your Payroll Partner to the Vet?

Did You Take Your Payroll Partner to the Vet?

By Michele Honomichl

Many people have pets that they probably like better than their co-workers and maybe even some family members. Pets make you feel happy, foster trust (at least the ones that don’t bite), and perpetuate a mutually beneficial partnership. But any good pet owner knows that when adopting the adorable puppy, or meowing kitten, the first stop is to the vet to ensure you understand your new companion’s current health situation and potential future needs.

There is no difference when selecting a payroll partner. There are critical health and service indicators that you should feel comfortable with prior to embarking on a long term relationship. These should include a review of the following areas; scope service offering, legal and compliance review, financial strength, IT infrastructure, and business continuity planning.

The Scope of Service Offering: During any good sales process, your company’s needs should have been analyzed and aligned them with the scope of services offered by your selected partner. It is good to ask about the depth of each service offering and for references of clients using those services. Often companies that provide payroll processing also offer accounting, entity set-up, employment services, etc. Therefore, it is good to ask what percentage of the partner’s business is payroll processing? How many people on the team are payroll professionals? How many international clients do they have? How many of people on staff speak English? The goal is to ensure the provider has enough bench strength to support your needs if there is a turnover of their employees.

Legal and Compliance: As part of your due diligence, you should review the partner to determine if […]