Innovation & Technology
Choosing a payroll system is as important as choosing the right partner for your business.
Choosing a suitable payroll software is no easy task. While it does not bring any immediate extrinsic value, your decision now will ultimately reap benefits to your business in the long run. Here is a checklist for your consideration.
Where to look for them?
When you are searching for payroll services, pay attention to where you get the sources from. If you Google “payroll Hong Kong”, you will see 810,000 organic responses and a couple of advertisements. In order to make a better decision, try to consult experts within your network to get a second opinion. Doing a research on who are the dominant players and who are the upcoming players also helps.
What are your priorities?
Very often you will encounter payroll service providers that include other unrelated services into the payroll package. Make sure you’re not paying extra for things that you don’t need. One trick is to list out what services are essential and important to you and use that as a reference.
What is their pricing model?
Make sure you understand their pay packages and how are you being invoiced. Are they charging by month or by each pay period? Do they have any extra charges for extra payroll run or penalties?
How to use/setup?
There are typically two kinds of setups that you will encounter. Some vendors would require you to install their payroll software into your system. Whilst retaining your sensitive information, installing a new software could lead to issues in system integration and data transfer. Also, you need to ask yourself whether the setup process is complicated, the time needed, and whether support from the vendor would be present.
On the other hand, online payroll solutions (like Gpayroll) provide a far less complicated solution. Since you don’t need to set up any programs, all you need is to enter an URL and you could access the system and start organising your payroll.
Taxes and MPF
These two aspects are probably the most important in terms of compliance. Can the payroll provider handle them well? Are they really familiar and up to date on the ever changing statutory rules as what they claim? Bear in mind that these are very Hong Kong-specific.
How likely would this system be prone to security or data breach? Does it have a history of being compromised? Doing some background research would give you some ideas.
Customer support and contact time
Can you contact them when you need to? How are they contactable, and at what hours are they available? It is vital that they are contactable when you need them.
Last but not least, is this payroll software compatible with the rest of your operating system? If so, how is the company going to assist you in the integration? Also, what role does the payroll software provider play in the integration project? In the event that here is any failure, who should bare what responsibility?
Bear in mind that an online payroll solution could minimise risks of encountering data integration issues while giving you higher freedom in terms of configuration.
Choosing a payroll system is as important as choosing the right partner for your business. Choose wisely, and you could free up your time and resources to focus on growing your business.
You can also visit Gpayroll to tackle these itemised pay slips woes. Gpayroll, an online payroll solutions provider, offers a very unique solution which no other online payroll provider does.
Published Date: 23 Jan 2018
Content provided by Gpayroll
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