As a small business owner you want a confident relationship with your payroll provider. In order to build a successful team, it is crucial that you trust your providers and partners. When evaluating a provider there is more than price to consider; after all, your company’s funds and private information is in their hands.
Here are some questions to ask to help ensure you make the correct choice:
How a business manages its inventory can have a tremendous impact on the financial health of the company. Managed properly, inventory can be a great source of increased margins, higher revenue, or a combination of the two.
- Ask to see their cyber insurance policy and professional liability policy.
- Inquire to what steps are taken to make sure information is secured? Ask to see their Security Plan.
- Do they use secure communication online with clients and is two-factor authentication enabled?
- How often do they reconcile the payroll bank accounts? Is there an outside audit?
- Will someone be dedicated to your account? Or will you be placed in a queue and then given open tickets when you have a question?
Once you have selected a provider and your payroll is set up, ask them to show you how to verify that taxes are being paid and that you are registered with the IRS and state tax agents.
Outsourcing payroll services is a good business decision; however, do perform your due diligence beforehand to find the best provider. Take the time to interview the company thoroughly, ask for opinions of fellow business owners and check online reputations.
Payroll Vault fosters a franchise-wide environment of protecting the information and finances of its clients and their employees. As always, don’t hesitate to reach out to any Payroll Vault office with questions.