3 September 2024

As a business owner, maintaining efficient and effective payroll management is crucial. Payroll software is constantly evolving, offering new features and improvements to enhance business efficiencies. It’s essential to evaluate whether your current payroll provider meets your requirements and to consider the capabilities offered by other providers, to ensure you are leveraging the latest advancements in payroll technology.

Here are some reasons why you might look to switch payroll providers, along with our top tips to make the transition as smooth as possible.

Reasons to change payroll providers

  • Rising costs can have a significant impact on your business, particularly for SMEs, prompting many to seek more cost-effective alternatives.
  • Reliable support is crucial for promptly resolving payroll issues; however, common customer service issues we often see include slow response times and unhelpful support staff.
  • Ensuring compliance with regulations, such as the Holidays Act, is critical to avoid fines and maintain employee satisfaction.
  • Modern, user-friendly software that integrates seamlessly with other systems, such as accounting software, is essential for efficient payroll management. Automation and digital solutions play a key role in streamlining payroll processes and reducing errors.
  • Additionally, as your business grows, you may find it necessary to adopt more advanced features and ensure scalability to meet increasing demands.

How to choose a new payroll provider

  • To choose a new payroll software provider, start by conducting a thorough assessment of your current payroll processes to identify any pain points. Make a list of the features and services that are most important for your business.
  • Establish clear expectations for the payroll software and services you are purchasing, documenting your specific requirements, including compliance needs, reporting capabilities, and desired features.
  • There are a number of options in the market, but more recently we are seeing our clients choosing :IPayroll, PaySauce, Smartly, PayHero & Xero.
  • Request a demo of the software and, if possible, a trial period before committing to a long-term contract. This will help you evaluate whether the software meets your needs and expectations.
  • Ensure that the provider offers comprehensive training for your staff, as adequate training and ongoing support are essential to minimise errors and ensure smooth operation.
  • The importance of remote accessibility has been highlighted by COVID-19, making cloud-based systems a valuable consideration. These systems ensure your business remains operational from anywhere and are updated to comply with new regulations.

Talk to our experts

Switching payroll software can be a daunting task, but with careful planning and consideration, it can lead to significant benefits for your business. Regularly reviewing your payroll services ensures you are getting the best value and service.

If you want a personalised review of your current payroll system, please fill in this form and we’ll be in touch.

If you need personalised advice or assistance with payroll management, please reach out to one of our trusted Nexia Advisors. We can provide unbiased recommendations and support throughout the transition process.

Nexia is one of New Zealand’s best accounting and business advisory consultancy firms, offering a full range of accounting, advisory, audit, tax, and insolvency services. Nexia New Zealand has offices on Victoria Street in the Christchurch CBD, Albany and Newmarket in Auckland, and Hastings in Hawke’s Bay.

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