Crunching down the numbers for payroll is no easy feat. The whole process means dealing with timesheets, attendance reports, taxes, compensation and more. Such tasks can be daunting, not to mention time consuming and liable to conflicting results.
Fortunately, there are now software solutions designed specifically to assist you in managing payrolls. In fact, a Deloitte survey says that 89% of global businesses use online payroll services to help them. This type of software can help you manage your payroll and encourage transparency between you and your employees and many more.
With so many products and services to choose from, you may find yourself at a loss with which one would best suit your business. So, before you dive right into it, there are a few things you must take into consideration first to find the right payroll system for your company.
1. Determine your business needs
First thing’s first, defining what your company has is essential. This will serve as your guide when searching for the software that will best suit your business. No solution is a one-size fits all, so you need to determine if a specific software will be able to cater to your needs.
Some payroll services can cater to large enterprises, while others can only accommodate small businesses. If you have mixed types of employees, such as part-timers, full-time workers, freelancers, etc., it is important that your software can differentiate the methods, frequencies and ways you pay them. This is also true when it comes to having different shifts and schedules within the company. You should also keep in mind the people who administer payroll and the software’s ability to conform with your company’s policies such as tax computation, compensations, overtime pays, employee benefits and others.
2. Read reviews from other companies
To narrow down your options, you can research reviews on the top payroll software online. Doing so will let you have an idea what to expect with the software and how it has (or hasn’t) helped other businesses.
Feedbacks from first-hand experiences are the best way to determine if a software is right for you. Most of the time, these are honest impressions from other business owners such as yourself. However, take care to avoid reading reviews from the software’s website itself to get unbiased opinions of its effectiveness. You can also check out lists of the best payroll software to help you with your search and decide from there.
3. Evaluate tools and features
Each payroll software has their own unique set of features and tools to cater their clients’ needs. While more tools may seem better at first glance, it doesn’t necessarily mean you will be using all of them.
There are software programs that merely organize the workflow for payroll management. Others that can do all the necessary work without manual assistance from qualified people. Some that can easily be integrated on top of other business software. Others don’t just provide services for payroll management but can streamline it with HR and accounting processes. There are those that let employees access their payroll via a local server, while others use their own mobile phones, tablets or laptops to see their salary computations.
With the diversity of functions among payroll software, it is important that their features and tools align with your company’s needs and goals.
4. Consider ease of use
The whole point of searching for payroll software is to make the whole process of managing and computing salaries and wages quicker and easier for your company. It defeats its purpose if such software requires too much resources and training just for you and your employees to figure out how to use it.
By making it navigable for beginners, anyone can jump right into the task without needing prior knowledge of the software. This can also save you from the extra cost of hiring experts for the job. Likewise, an easy to use software can lessen chances of encountering hitches along the way and thus preventing delays and waste of resources.
5. Gauge pricing
Payroll services pricing varies depending on the features, functions, and capabilities a software has. With the wide range of options to choose from, price is one of the most crucial parts in your decision-making. After all, everyone wants to have the most cost-effective product for their company.
Weigh out the features and services the software offers in comparison to its prices. Some may be on the pricey side, but it offers an extensive array of services that may go beyond simple payroll management. Others may be cheaper but only provide the basic tools.
Nonetheless, you don’t have to spend more to get the best results. Again, it is best that you look into the internal processes of your business to determine if a basic software is enough to suit your needs or if you will need a more complex one to help you run your business.
Pay and roll
Payroll management means dealing with a bulk load of data that needs a suitable amount of time and effort to handle. You can choose to out-source this task to a third-party service provider, or you can do it internally with the help of an online payroll software.
Using one does not only benefit you but can also be advantageous to your employees. It improves internal processes of the company while also keeping your employees satisfied and engaged. It fosters transparency and trust between both sides while also lessening chances of discrepancies and errors.
By choosing the right payroll software for your company, you can reap such benefits and enjoy the rewards.