How to Evaluate Payroll Provider Vendors and Minimize Implementation Nightmares!
12:00 PM EDT | 09:00 AM PDT | 11:00 AM CDT Duration 90 Minute
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All companies with 50 or more employees must ensure compliance with federal, state and local regulations. It is difficult to navigate the employment law reporting and regulations and stay in compliance. Identifying an efficient process will provide companies with the strategies they need to navigate and manage and implementation and transition system.
For companies upgrading their payroll system, this training will provide the tips necessary to ensure the payroll vendor can do the services they offer. Many times, overzealous sales people over promise and under deliver when they meet with companies. This can create havoc in a company. It impacts time, productivity, team morale and the ability to meet the regulations timeline. Since a company will eventually have the need to consider upgrading from a manual process or upgrade a system, why not be a hero to your company and team and be prepared for success?
Many small and large business must decide to select payroll providers for many reasons. From upgrading from a manual payroll system to ensuring they follow many current and new reporting regulations. I experienced several payroll transitions in my career and each of them tested my sanity and the company’s stress level.
There are consistent processes, implementation concerns, technology glitches and integration pitfalls that if you are not prepared, you can regret the decision to consider upgrading your technology for payroll. Unfortunately, not upgrading is more problematic than keeping a manual or archaic system.
Here are key reasons to have a payroll system:
- Ensuring reporting guidelines and regulations for the Department of Labor (DOL), Federal Labor Standards Act (FLSA) regulations, new Paid leave guidelines and other pay regulations;
- Tracking exempt and non-exempt employees to ensure they are classified appropriately based on the DOL guidelines;
- Ensuring employees are classified appropriately as either employee or independent contractors for Internal Revenue Service (IRS) and DOL;
- Ensuring time reporting data is accurate and submitted timely for ongoing payrolls;
- Federal contractors are required to have a payroll system that meets Federal Acquisition Regulations and the Defense Contract Audit Agency requirements including regular internal auditing reports;
- Tracking employees for Affirmative Action Plans reporting;
- Tracking employees for Equal Employee Opportunities (EEO) reporting;
- Reporting on employees participating in benefit programs (401K, Medical, Dental, Vision, Flexible Spending Accounts and voluntary benefits);
- Reporting on company headcount, new hire, termination, Family Medical Leave Act (FMLA), short term disability (STD) and other employee data;
- Compensation data to track employee pay, bonuses, merit increases and potential pay equity regulations; and
- To pay employees accurately and timely.
As you can see, there are many compelling reasons to have a robust payroll system. If not for federal, state and local compliance, certainly to track employee data and activities to ensure accurate data collection. I have created an overview for best practices that will provide leverage for companies to navigate the payroll provider evaluation process and maximize the actual process to their benefit.
Yes, there is an alternative to payroll provider evaluation stress. These proven tips can be used for the evaluation of different system vendors. Be in the driver’s seat and survive the vendor evaluation nightmares!
- Learn how to identify the best payroll vendors to include in your evaluation;
- Identify the best evaluation process for your company;
- Identify the key points that will determine if the payroll vendor can meet your expectations;
- Select at least three vendors to ensure an apple to apple comparison;
- Identify the best companies who can meet the needs of your company;
- Invite the vendors selected to provide a presentation and demo for the company Leadership Team;
- Identify the vendor selected and have them provide an actual contract of services and review the contract to ensure it meets the company’s needs;
- Have the selected vendor provide an overview of the payroll system for employees in the launching of the selected system;
- Ensure training for managers on the system to provide management and employee support;
- Upload all pertinent documents, processes, manual and guides to the company Intranet;
- Tips and resources to assist in the transition and implementation process
Who will Benefit
- Business owners
- Public and Private Employers
- HR Professionals
- Compliance professionals
- Small and Large Business Owners
- Payroll Professionals
- Office Managers with HR and/or payroll responsibilities
- Anyone interested in learning about the vendor management
Industries who can attend
- Small and large State wide private and public companies
- Federal contractors
- International organizations
- Multi-national organizations
- Companies currently involved in mergers, acquisitions, buyouts and transition
- All industries