Payroll is a necessary evil for every company. For years payroll has been complicated, expensive, and time-consuming to manage, so it’s no wonder that HR Tech is exploding these days.
You know the old saying, “Time is money.” Well, when it comes to managing payroll for your business, time really does equal money. A great (and Future of Work approved) payroll service provider can save you a ton of time and make things much more efficient for you by automating tasks like compliance and document collection.
Whether you’re looking for a new provider or evaluating what your current one offers, in this article we will discuss the five key elements of a great payroll service provider.
1. Compliance and Risk Mitigation
A great payroll service provider can help with compliance and risk mitigation. It’s important to hire through a workforce management system that knows the rules of employment law in your state or country, because you have a lot on your plate already.
Federal and state wage and hour laws change frequently, especially in our rapidly changing world. The best payroll service provider keeps your business up to date with the latest laws and regulations. They have access to legal teams that make sure the latest information from litigations and rulings are applied to your workers.
Employment laws get especially complicated when crossing international borders. Some countries have certain laws about employee benefits, others about how much vacation time you can take or how many breaks you get during a day.
A truly exceptional payroll service provider gives you peace of mind that, no matter where your talent resides, you can rest assured that you’ll have the access, support, and ease of use that you should expect when it comes to remaining compliant while managing a global workforce.
Check out our article, 5 Risk Management Strategies for Your Global Workforce, to find out more information about hiring a global workforce.
A great payroll service provider helps you automate many of the countless administrative tasks that come with paying your workforce. In this day and age, there is no need to worry about manual calculations and filing paperwork anymore.
Some of the tasks a great payroll service provider can help you automate are:
- Document collection
- Onboarding and offboarding
- Payment processing
- Generation of customizable contracts
- Verifying identities
- Background checks
A Future of Work approved payroll service provider will eliminate tedious, repetitive work, allowing you and your talent to focus on the work that really matters. Quality automation paired with workforce analytics allows you to onboard workers in minutes and make informed improvements to your processes as needed.
3. Flexible Billing Cycles
A great payroll service provider offers flexible billing cycles so you can choose what works best for your business. Flexibility is essential for mental and physical health, as well as for the health of your business. Every business has a cash flow unique to it’s organization, so customizable invoice arrangements are a must.
Stop wasting time processing timesheets and invoices one at a time. A great provider makes it easy for workers to track and submit time or invoices. Then, the provider sends you one consolidated bill while they process payments and take care of taxes.
A great provider’s goal is making sure your workers are paid seamlessly, on time, and in full.
4. Ease of Use
The majority of people you hire will not have HR experience, so a great payroll service provider needs to be easy for them to use. If you’ve ever used one, it can be extremely frustrating when everything isn’t laid out clearly and doesn’t make sense.
Simplicity and a user-friendly interface are some of the components that make a platform easy to use. It should be easy for them to access, set up their account, choose their payment method, input bank or check information, etc.
A great payroll service provider should also be easy for you and your team to use. Look for a platform with exposable API connections and webhooks that can easily pass data throughout your stack. It’s important that the platform can integrate directly into your existing workflow and give you 360-degree analytics of your workforce.
5. Artificial Intelligence
A great payroll service provider in the 21st century utilizes artificial intelligence. Utilizing AI in the HR world makes the same work more efficient and accurate.
In a recent MultiBrief article, Grace Ferguson writes that, “Payroll processing involves managing huge data sets, which are always shifting due to ever-changing regulations. By automatically applying payroll laws as they change, AI drastically reduces the risks of manual payroll errors while enhancing compliance.”
GreenLight is the world’s first AI-powered classification engine. Our system uses all of the data and industry knowledge at our disposal in order to classify workers with an exceptionally high confidence interval.
If you are looking for a great payroll service provider, then your search starts and ends with GreenLight. GreenLight was built by HR, for HR. We have the best features in the industry because we know that HR managers need more than just Google Calendars to get their jobs done. They need flexible billing cycles, easy to use technology, an incredible and user-friendly experience, and much more.
Schedule a demo today so you can experience all of these key elements in one place.