The world of payroll systems can be a bewildering one, but there is no doubt that once you’ve selected a good one, it can be extremely beneficial for your business. They can simplify payroll, offer you flexible administration and even help you save money.
There are several factors to look at when trying to find the right payroll system for your business; listed below are 5 tips to help you make an informed choice:
- Cloud hosted programs:
The payroll software environment is a fast moving one, and the latest technology trend is for locally stored software on company computers, to be hosted in a virtual cloud. Cloud hosted programs allow for mobile integration, and mean that your managers or supervisors can access payroll from anywhere, not just the office. This also means that employees can access their payroll information online, further minimising the need for them to contact HR.
Not only this, but advanced software technology makes accessing information possible from a single dashboard, and can even enhance the capabilities of reporting and analysing data.
- Consider hiring a payroll professional to help manage the system:
Employing a payroll specialist to work with any new payroll system that you decide to use, could really work in your favour. Not only will they help you to set up the new payroll system, but they will be able to address the specific needs of your business and account for its specific tax considerations, too. Their knowledge and skills will also help you when it comes to taking on new employees, and they should help you to feel confident that your new system will work well.
- Integrating new payroll software with existing software:
It’s important to think about whether the new payroll software that you’re considering using, can integrate easily and adequately with the other software packages that you are already using, particularly if you wish to continue using them. This may include accounting programs, recruiting and background check services or employee benefit programs. The more successful the levels of integration are, the less time you will find yourself having to spend on administration, and your data will be far more accurate.
- Can your new payroll system be customized?
A payroll software solution that cannot be adapted to suit the needs of your business, will probably not be effective. Your business may have a variety of differing payroll schedules, or have specialised tax reporting requirements, and these can only be accommodated by a software package that is flexible and can be customized.
- A payroll system needs to be simple and effective to use:
One of the many reasons behind using a payroll software package, is to save you and your company time and effort. If your new system doesn’t allow payroll to be processed swiftly and efficiently, and preferably allow for your employees to use it themselves, too, then it may not be the right package for you.
Talking the options through with a payroll service professional will also help you to make a careful and informed choice about what type of payroll system is best for you.