Outsourcing the payroll function is a critical decision for many businesses in Thailand and can be a beneficial strategy, especially for small businesses. Still, like many services, there is no one-size-fits-all when it comes to the payroll services provider.
To find the right services provider, business owners have to determine their needs and expectations. Afterward, they have to research and ask the right questions to the provider. Here are five essential questions business owners should ask before opting for a payroll services agency in Thailand.
Question #1: What payroll solutions and technologies do the agency provide and use?
One must-asked question when picking a payroll outsourcing services agency is about their services. Business owners should choose a provider that offers all of the services their company needs. Here are some common payroll services business owners should consider:
- Tax calculation and payment: Payroll tax management is a taxing, time-consuming, and complex task. Hence, getting help from an agency that could provide this service would greatly help business owners.
- Ease of use: The agency should offer a platform that is easy to operate even for non-accountants. Also, take a look if the agency provides tutorial videos and an easy-to-follow instruction manual.
- Mobile-friendliness: Business owners who want the flexibility to manage and perform payroll on the go and across all kinds of devices should consider this feature.
- Integrated time tracking: Although integrated time tracking is typically not an important feature for small businesses that do not offer overtime pay, it is a critical feature for those who pay employees hourly.
- Payroll automation: Manual payroll causes a considerable time drain for businesses with many contractors and staff. So owners with should pick a payroll agency that can automate payroll processes after the initial setup.
- Same-day direct deposit: Same-day direct deposit helps decrease or remove the gap between payroll deposit and withdrawal. It also allows companies to give their employees speedy payment, making them happier and motivated.
- Add-on services: Some payroll agencies can integrate with an array of add-on services, including accounts, and time and attendance. Other payroll providers also include various in-house employment management assistance, including human resources and recruitment.
Question #2: Does the agency understand the needs of your industry?
Payroll providers working within the company’s industry are more likely to offer accurate advice and services regarding law and compliance relevant to the company’s business. Nevertheless, business owners should practice due diligence to ensure the provider’s experience is relevant and proven.
Question #3: How secure are the agency’s services?
When it comes to payroll, business owners inherently are dealing with personally identified and highly sensitive information. A security breach can put their business at risk. Hence, they should ensure the provider they have chosen understands the implications of data incursion vigilantly safeguards the data.
The provider should be capable of protecting the data’s integrity, confidentiality, and availability using firewalls, sophisticated data encryption techniques, multi-factor authentication, and backup practices. The safety of physical equipment in the provider’s data center is also critical. So be sure to let them demonstrate the specific practices and precautions they use to guard the data.
Question #4: Can the agency scale as your business grows?
Small businesses will not stay small. They may become successful over the years and grow their business, hiring more personnel. Hence, business owners should look for a provider that can grow as they do. Choosing a scalable provider helps business owners to avoid wasting time and effort shopping for another provider as their team outgrows the available system.
Question #5: What is the pricing structure of the provider?
The cost of payroll services is critical, especially for small businesses with a limited budget. Business owners should look for a payroll outsourcing Thailand that offers a transparent and clear pricing model on the services they need. Flat-rate value is the most economical means to outsource. However, some providers utilize a sliding scale for payroll management.
Also, be sure not to get deceived by hidden expenses or upcharges. Many payroll providers seem to be cost-effective but have a pile of extra costs for ongoing payroll activities. These hidden expenses can considerably increase the payroll management overall cost. Hence, business owners should ask the provider on every potential cost before signing a contract with the agency.
Payroll services provider offers a time-saving and efficient payroll solution to businesses in Thailand. However, choosing the right one amongst the many available providers can be quite challenging. So be sure to ask the right questions to pick the best ones for the company.