What comes to your mind when you hear the word payroll? For business owners, this term equates to plenty of paperwork and a long list of processes. Eventually, every company has to decide whether they will benefit from using an automated payroll system. Indeed, a growing organization can’t rely on manually processing payroll-related functions for all employees. Using a payroll software increases efficiency and minimizes administrative issues.
There are many options available if your business is looking for enterprise payroll solutions. Each platform includes a variety of features with distinct pros and cons. At its core, payroll solutions, like an HR automation system, typically have standard features that cover basic and advanced tasks. So, how do you choose software that best fits the needs of your business?
Features related to calculation and processing
Calculating is a basic function of payroll software. When looking for a solution, it’s essential to analyse how well the system handles these complex tasks. Is the system easy to handle? Will it require extensive training to manage? How efficient is it to export data and share with managers? Is the platform user-friendly? How about accuracy? These are only some of the questions you need to ask the provider before choosing a payroll system for your company.
Flexible payment options
Employees have diverse needs and requirements when it comes to receiving payment. A payroll system should be flexible and capable of handling these needs. There should be options available when it comes to the method of payment. For example, the system should allow for direct deposits to bank accounts or debit cards. Also, it should be enabled to payout at different frequencies depending on the company’s preference. A flexible payroll system makes it easier for the business to adjust and meet the expectations of their employees without sacrificing critical requirements such as security.
Regulatory and tax compliance
Payroll management involves regulatory compliance such as tax payment. Choosing software means you also need to look into whether it meets these requirements. Keeping up with changes in regulations can be quite taxing for payroll employees. So, the right payroll software should be enabled to update seamlessly when there are changes. Also, the software you choose should give you confidence in knowing that your company isn’t missing out on any mandatory tax payments.
Reporting and data-sharing features
Generating reports should be a built-in feature of any good payroll software. But, it shouldn’t be complex. The payroll system should allow you to generate comprehensive reports that contain all crucial data necessary for monitoring and tracking. There should also be a dashboard so that you can get an overview of the important numbers you need to make decisions.
Sharing data is another feature to consider, especially since payroll information is also necessary when other teams need to make admin decisions.
HR Systems and Payroll Security
Similar to HR systems, security is an issue when it comes to online-based payroll systems. Usually, cloud-enabled software is preferable because you get a back-up feature built into the system. Since payroll deals with proprietary business and financial data, it’s also critical to ensure that the provider meets all the security requirements.