Why Is Year-End The BEST Time To Switch Payroll Providers?
Face it, there’s a ton of reasons to change payroll providers – bad service, lack of integration, you may even be overpaying! But fear not – now is the perfect time of year to switch payroll providers. Let’s explore why.
It’s a Clean Slate
Changing payroll providers in the New Year lets you operate on a clean slate. There are (ideally) no carryovers from the previous year to file or rectify so your new payroll service can hit the ground running!
In contrast, switching mid-year can be a bit more complicated. A mid-year switch can bring up questions as to whether the former or current payroll provider is responsible for certain tasks. Your new service may also need information from your old provider in order to complete payroll or quarterly taxes.
Prepare For the Switch
Switching payroll providers end-of-year is a stress-free option. But don’t forget to take care of a few vital tasks before you do:
- Have copies of all your financial records from your old payroll company such as employee information and tax records.
- Have tax filings from your previous provider that include Q4 2018 quarterly, 2018 annual, and 2018 W-2s.
- Have basic business info about your company ready for your new provider, such as your Federal and State Employer Identification Numbers and bank account details.
Thanks for reading, and good luck on your switch! Remember: Fingercheck is an all-in-one payroll and HR service provider that can make your transition seamless.