WHITE PAPER 5 QUESTIONS YOU SHOULD ASK YOUR PAYROLL PROVIDER

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1 5 QUESTIONS YOU SHOULD ASK YOUR PAYROLL PROVIDER Smart strategies to ensure you get the services you need for your business to grow

2 Managing payroll in-house is not uncommon for a business start-up, where resources are stretched thin and employees wear many hats. Often, the business owner or a trusted employee will take on the cumbersome task of processing payroll by hand, in an effort to save money. But in reality, the same time and energy instead could be spent focusing on core competencies that will help the business to grow. What s more, the repetitive nature of payroll administration combined with increasingly complex tax and health care regulations easily can result in costly mistakes. The IRS penalizes about one in three business owners for payroll errors annually, leading more and Nearly a third of small businesses incur IRS fines and penalties for payroll filing errors. COVERING THE BASICS more small and mid-size firms to outsource their payroll administration. The key to reducing errors and maximizing cost efficiencies is to find a service provider who not only has the experience and expertise to manage payroll efficiently, but also the ability to customize its services to meet the changing needs of a small business. At the very least, an outsourced payroll service provider should deliver checks to employees on schedule, make payroll tax payments, and file payroll tax forms on time. Other fundamentals include the ability to manage direct deposits for hourly, salaried and contract employees; handle employee time tracking and paid time off requests; and process W-2 and 1099 forms. Choosing a vendor that offers a cloud-based service can further simplify administrative tasks in-house by providing a user-friendly Web platform for entering employee data. This way, employee information goes straight into the system rather than being sent to the payroll service provider to then enter manually a process that creates a greater risk of human error. Addressing these fundamental concerns can quickly narrow the field of prospective outsourced service providers. Once you have determined the short list, asking five specific questions can help inform the decision-making process to choose the right payroll service for your company s needs. 1.) WHAT HAPPENS AFTER I BUY? Using an outside service can reduce payroll administration costs, because the vendor bears the expense of software development, data storage, and data security system updates. All too often, business owners see the best service during the sales process. The vendor s representative will diligently answer questions and offer assurances, and may make recommendations for additional services that can further reduce the burden of handling payroll tasks in-house. Asking what kind of service you can expect after the sale raises a flag that the outsourced payroll administrator needs to provide the same level of attentiveness and support 2

3 to manage your business, rather than give you a set of tools and put you on autopilot. Look for a company that will partner with your company to provide ongoing direction and help you make the tough decisions that business owners face, when it comes to payroll processing. WHAT SUPPORT DOES BENEFITMALL PROVIDE? We guide each client through a detailed onboarding process, to ensure that your business is set up for success. In addition to integrating your prior payroll data into our platform and setting up all needed documents for your business, we configure the system based on your company s profile and provide hands-on client training. In addition, we partner you with a dedicated specialist, who will take the time to learn about your company s operations and be your primary point of contact for any questions or concerns. 2.) WHAT QUALIFIES THE PROVIDER AS A PAYROLL EXPERT? We ve all heard horror stories of being routed to a call center when you re trying to get answers about your payroll processing. As you are vetting prospective service providers, find out whether you will have a specific person handling your account. If not, you may find yourself listening to an automated voic system and punching in digits ad nauseam while you try and get a live person on the line for support. Ultimately you want a vendor that not only will dedicate the time and resources to learn your business, but also demonstrate the experience and expertise your company needs for accurate and timely payrolls. Look for a company that is leading the industry in knowledge and support for your specific industry sector, and that has dedicated specialists to help you stay on track. WHAT ARE BENEFITMALL'S QUALIFICATIONS? We believe in pairing great technology with excellent support to serve as your trusted advisor for payroll processing and compliance. Anyone can set up your business on a Web portal and let you fend for yourself. We customize our system to meet the unique needs of your company, whether you have a large full-time staff, employ union workers, use independent contractors, or conduct business in multiple parts of the country. Our team also includes payroll specialists with in-depth knowledge of different industry needs, from restaurants to construction, and your dedicated payroll specialist is always just a phone call away. BenefitMall also provides full compliance support to ensure your business meets all state and federal regulatory requirements for the Affordable Care Act and other legislative mandates. The last thing you need is to be hit with unexpected fines for errors in reporting or a missed deadline. As your trusted advisors, we alleviate you from the burden of compliance management, so you can focus on growing your business. 3

4 3.) HOW DO YOU PROTECT MY EMPLOYEES SENSITIVE INFORMATION? News of major cyber-attacks makes the headlines almost daily, and the rate of identity theft continues to rise. A data breach can be very costly to your business, which is why you want to choose a payroll provider that takes data security seriously. Your payroll data includes employee bank accounts, home addresses and social security numbers, representing a veritable goldmine for hackers and cyber criminals. Don t be afraid to ask tough questions to learn what tools and systems are in place to ensure your vendor of choice will keep your data secure. Does the company have a proprietary data center? Are there physical safeguards in place, such as keycard or biometric scanning for controlled access? Is employee information encrypted during transmission and protected by firewalls to defend against login and password theft? You also want to confirm that information is backed up multiple times per day, should the servers ever go down. WHAT ARE BENEFITMALL'S SECURITY MEASURES? Keeping sensitive personal information secure has been a priority of ours since BenefitMall was first founded more than 35 years ago. Although technology has changed radically over the past three decades, our commitment to protecting our clients has remained constant. Today, we leverage the same security technology that online banking services use, employing state-of-the-art encryption techniques, rigorous protocols and multiple safeguards to ensure that client employee data is shielded from hackers or anyone without proper authorization. Both our SAS 70 and SSEA 16 reports are based on standards established by the American Institute of Certified Public Accountants (AICPA), which outlines the safeguards and controls over managed data, information security and related processes used to protect sensitive data. In addition, BenefitMall began a partnership in 2014 with IDT911 (Identity Theft 911 ), the nation s premiere consultative provider of identity and data risk management, resolution and education services, to extend optional identity theft protection to its more than 200,000 small and mid-size business clients as an additional offering for their employees. 4.) HOW DO YOU ENSURE MY BUSINESS MAINTAINS COMPLIANCE? With the ever-changing laws and regulations companies face when it comes to be compliant in any industry, business owners can find it difficult to navigate the costly, murky waters. Look for 4

5 a payroll provider who makes staying compliant easy, whether your business is large or small. Compliance tools and solutions cannot be cookie cutter each business is different and subject to different state and federal regulations. Choose a service provider who can assist you as your business grows, with dedicated staff that stay current on legislative changes, from the Affordable Care Act to the Family Medical Leave Act, and other employer mandates. You also want a vendor that guarantees your IRS forms will be filed on time and provide quick access to reports to back up your IRS filings. HOW DOES BENEFITMALL ENSURE WE STAY COMPLIANT? With a rich history in payroll and benefits administration, we understand the pressures that small business owners face to stay compliant, and we provide individualized guidance and support to ensure our clients meet these requirements. In addition to reliable payroll processing services, we provide direct access to knowledgeable compliance experts, who are available to answer questions and provide guidance for your business. BenefitMall also offers allcompliance, the industry s first self-guided ACA educational reporting tool. Specifically designed for small and mid-size companies, allcompliance includes robust tools for decision support, reporting, tracking and data management, to ensure your company meets all legislative requirements and avoids any penalties and fees. BenefitMall payroll clients also have access to customized informational reports on Health Care Reform updates that can impact their business, as well as topic-specific webcasts and legislative alerts. 5.) WHY SHOULD I CHOOSE YOUR COMPANY? Everyone says their payroll product is simple, easy to use, and can be bundled with other products to improve efficiency. Some payroll companies are also expanding their offerings by adding complementary services that can further lighten the load of paperwork and compliance concerns for employers. Although your small business currently may only need payroll administration, look for a service provider that demonstrates expertise across several areas to provide comprehensive support as your needs change over time. The vendor should have a demonstrated track record of success, with the manpower and in-house expertise to handle not just payroll, but other tasks that can support your business, such as HR administration, compliance, and employee benefits. Ultimately, the decision comes down to whether the service provider does more than just talk the talk, and can actually deliver hands-on guidance and customized solutions that can save you time and money, to help your business thrive. 5

6 WHY SHOULD I CHOOSE BENEFITMALL? We understand that each part of your business operations can have an impact on the bottom line, and we take a holistic approach to supporting your needs. More than just expert payroll processors, we can help with HR tasks, benefits and more, for a comprehensive, convenient solution to streamline administration. Before we make any recommendations, we take the time to learn about your company, your goals, current challenges, and your industry. Then, we conduct a detailed needs analysis and present the solutions that we believe will best help your business grow. After all, your success fosters our success. Our goal is to become an extension of your organization, helping you to save time and money, and allowing you to focus on your core business while we deliver ours. From accurate and reliable payroll processing, tax filing and compliance support to workforce management, insurance services, 401(k) plans and more, we do the heavy lifting for you and provide the best solutions for your employees. Our experienced and knowledgeable team of trusted advisors are committed to helping you take your business to the next level. CHECKING ALL THE BOXES Finding an experienced and reputable payroll service provider may take some effort, but the exercise is well worth the long-term benefits to your small business. Once a trusted third-party service has taken over the administration, the time and resources previously assigned to the tedious task of managing payroll can be reallocated toward strategic initiatives designed to grow the business. Not only can an outside service provider like BenefitMall actually be more cost effective than having an owner or employee do the work in-house, it can also minimize the risk of data entry and filing errors, reducing the chance of incurring fines from state authorities or the IRS. The right service provider can also customize its support to meet your changing needs as the business grows, and offer complementary services, such as basic HR tasks and benefits administration, to streamline your operations and handle complex tax and compliance issues. At BenefitMall, we take a holistic approach to payroll administration with a personal touch, leveraging the latest technologies and delivering exceptional customer care to help you take your business to the next level. To learn more about our payroll and tax compliance services or request an instant quote, visit 6

7 ABOUT BENEFITMALL BenefitMall is a national provider of employee benefits, payroll, HR and employer services. Headquartered in Dallas and founded in 1979, BenefitMall works with a network of more than 20,000 brokers and CPAs to deliver payroll, HR and employee benefits to more than 200,000 small and medium-sized businesses. Combining efforts with our Trusted Advisors, we help employers identify and provide the best benefits solutions for their employees, ranging from medical and dental plans to accurate and timely payroll. We serve as a single source for your payroll and benefit data management and provide the additional security of easier health care compliance. Our knowledgeable and innovative employees are respected in their industries for providing legendary customer service and building extraordinary relationships. We partner, serve and deliver value to: Brokers by providing leading products, tools and knowledge enabling them to design comprehensive benefits packages for small to medium-sized employers. Accounting Professionals by delivering accurate and timely payroll to their clients. Carriers by providing the nation s largest General Agency distribution. Businesses Owners by delivering the nation s largest portfolio of benefit and payroll products and services, supported by a network of trusted advisors and designed to foster health care compliance. For more information about our products and services, visit 7

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