Choosing which payroll company to go with is not always an easy decision. Like anyone, when making an important decision, business owners may shop around and compare a few different types of payroll companies and what they have to offer before they make a final decision. But, even then the decision isn't always final because things can go wrong and the choice will be made to change payroll companies. At this point, the business will once again have to decide which payroll service to choose, but now knowing how things may not always go as planned, the process could go a bit differently because they have to figure out when is the best time to make this change, as well as how they should go about it.
Here are things business owners should know if they want to change payroll companies.
When is a good time to change?
Ideally, business owners will want to change their payroll company as soon as they realize there is a problem that has no solution, but this isn't always the best time. To make the process a bit easier, beginning this process in December would be wise. At the end of a quarter is also a more favorable time for business owners to switch payroll companies. This is because there may be federal and state filing requirements by quarter. Should someone switch in the middle of a quarter, they will have to submit this info for two different vendors.
What is needed to make this change?
Before making the switch to a payroll services, certain information and documents need to be gathered, including the following:
- Employee List
- Employees' social security numbers
- Employee's addresses
- Employees' direct deposit information
- Company federal, state and local tax id numbers
- Company bank account information
- Copies of current year payroll filings
What payroll company would be the best fit?
When a business owner chose a specific payroll company for their business, they may have felt it was the perfect fit. Now that they are looking to switch, it is likely that they realized that they were wrong to think this. With them being let down by the service they have received, they will have to find a new company that is more of a fit for the business's needs. The thing is, they may not know where to begin.
There are three options that business owners can choose from when they are looking for a new payroll service: Big Boys, Startups and Locals. Each have a different set of professionals that offer different levels of customer service and are able to do different things. The one a person chooses is dependent upon how much customer service they may need, how complex their payroll is and if they feel as though the company can meet all of their payroll needs.
It is not every day that business owners switch their payroll service, but for those who have, the process may not have gone as smoothly as they hoped. Although some people have found it difficult making the change, that doesn't mean everyone who decides to switch to a different payroll service will have the same experience. With proper planning, the process can be completed with ease in a timely manner.