If you don’t get payroll right, your company can face crippling difficulties. The point of outsourcing payroll is to save time and money, and reduce your stress. But what if your payroll provider no longer ticks all the boxes?
You switch.
However, that means endless research to find a new partner, transfer information, history, the tax impact, getting used to new software, glitches in the roll out. In your mind’s eye you see the pressure building until you explode, while trying to focus on the end of the tax year and growing your business.
Relax! Pour a cup of something, sit down and breathe. Then read on to discover that you’ve got this. Because it’s easier than you think.
When?
Payroll outsourcing is a competitive market. Nowadays you can switch whenever you want, with providers going out of their way to help you transfer all your information to get your valuable business. However, the best time to switch is at the start of a new tax year. As it happens, we’ve just started a new tax year. So, now is an ideal time for you to take stock and spin into action if you feel you can do better with someone else.
What you need
Research payroll providers that would be a close match to your internal needs. Perhaps you just want a straight payroll-only service. Or you wish to outsource more of your HR functions, and you need software capability that can manage more HR functions than just paying salaries.
These are some of the questions to consider:
- Cost of the service.
- What features are included?
- What kind of customer support do they offer?
- How simple or complicated is the process?
- Does the new provider assist with compliance, keep you updated on tax and payroll laws, and liaise with the government’s labour department?
Select a new payroll partner
You have specific payroll needs and a set budget. Ask for a product demo or free trial to test-drive the software and accompanying services.
Prepare for the switch
- Request payroll reports from your current provider that you will need for your record. In the UAE, companies are required to have payroll records of at least the past four years. These include: time sheets; wages; pension payments; tax deposits; benefits; and bonuses.
- Give notice on your current contract.
- Provide all the information necessary for the new company to set up your payroll. Complete all necessary banking, legal and other requirements so that the new provider can issue payroll checks, complete online forms and pay your staff on time.
Rock ‘n Roll
You’re set to go! The first payroll run is likely to show up some hand-over glitches that the payroll provider would fix for the future. Now you can put payroll in auto-drive and attend to your business.
OPS is payroll partner to a diverse range of small, medium and large companies that operate within the UAE and beyond.
Want to know more about how OPS can help you with your HR & Payroll?