Reasons why changing payroll provider will make your finance team happy
We’re creatures of habit. Not so keen on change. It’s no surprise that changing payroll providers comes with a little work, and a lot of stakeholder management. So, if the purse string holders aren’t already convinced, here’s why they should give the green light.
This is the most obvious one. If you tell your finance department you’re in the market of saving them money, they’ll (almost always) be happy about it. However, it’s important to look beyond the bottom line. Maybe your new payroll provider can deliver ROI in the first year, rather than in five? Does your new provider align with financial KPIs? Does your new provider make payroll financials easy to understand? These are all things that will make that switch an easy one.
Reduced risk & liabilities
Smart financial teams will have strong internal policies that help them avoid financial risks, drive transparency, and regularly audit data to reduce risks. Frequently the requirement to audit payroll and processes will fall onto the desk of finance teams.
Opting for a new provider that does this without your finance team having to touch it could result in some happy campers. Opting for a fully managed payroll service could see your finance team taking a step back from this altogether and get back to what they do best: crunching numbers on the quiet seventh floor.
Integrated cloud-based technology will see your teams, including finance, collaborate across the wider business. So how do you sell this to your finance department? Well, real-time reporting, quick access to financial reports that don’t require an email to payroll, HR, or the MD. Happy days!
Clever finance departments want to invest in technology that is going to stand the test of time. Our research suggests that almost a third of the market have been with their current payroll provider for ten years are more. Which begs the question, how many of these people are settling for below par payroll technology, and how is that impacting their efficiency? Making a timely and correct change means that investments are protected, with a supplier that can support business growth rather than hinder it.