Finally, with all the talent and technology available, what are some things to pay attention to in order to get the right payroll services provider?
Exceptional track record
Look for evidence that your potential payroll services provider has a team of seasoned experts at its disposal, and confidence in answering questions of any particularity. Laws, standards, and regulations in the industries of finance and accounting are often subject to change, but the ideal services provider employs professionals who keep up with the times. Examine the website for proof of success from clients previously serviced, such as through testimonials published on the site or in the firm’s collaterals. It should already be a given to watch out for red flags, such as vague answers about core services, a high turnover of leadership, inconsistent communication, or at worst, blacklisting incidents or run-ins with the authorities.
High level of industry knowledge
Essentially, you will be paying not only for the payroll technology, but the skills and good judgment of trained professionals with your data. Don’t hesitate to ask your potential provider about what tools they have at their disposal, such as for generating pay slips and financial reports, and what their cash management systems are like. The right provider will show themselves to be knowledgeable, hands-on, and accommodating with their trade tools.
Comprehensive range of services
It is definitely cost-effective to seek out a provider that offers services as comprehensive as your company needs. Try to think ahead on this, and look for a provider whose pricing models are a good fit for the rate that your company (and its employees) are growing.
High sense of security and accountability
Two very important things come into play here: your company’s data and its reputation, especially with the regulatory bodies. It is costly, and even dangerous, for your company’s data to fall into the wrong hands via any breach of security, or for it to fall in contempt with the authorities because of tax penalties or non-payments. Look for a provider who can commit to round-the-clock security and data recovery protocols in the worst cases, and who can pledge accountability for any payroll errors on their part.
To end on a note of interest: is there promise in outsourcing from the Philippine BPO sector? Our answer here is a resounding yes. This 2018 alone, almost 3,000 newly-minted Filipino accountants passed the national Certified Public Accountant (CPA) exams. Many from this rich pool of talent have completed high levels of education, are well-versed in the English language, and are proficient in the fields of finance and IT. The Philippine economy is well on its way to stabilizing, and achieving a projected USD 40 billion in revenues from the information technology and business process management (IT-BPM) sector in 2022.
Consider the challenge of payroll services as a happy one to be met by Filipino accountants and human resources personnel. What distinguishes Filipino leadership over your payroll services is their brand of ingenuity, conscientiousness, growing talent, and commitment in caring for your employees’ welfare as if you are all equal partners, hand in hand.