One of the best ways to keep your employees motivated, dedicated, and loyal to the organisation is to pay them on time. But calculating all the minute details like extra working hours, leave, absenteeism, holidays, etc. is a time-consuming activity that can delay paying the salaries. Organisations working with freelancers or consultants also need to consider their reimbursement procedures and the regular payment-related work. It is time-consuming, but it can also lead to mistakes when done manually. But if you have efficient payroll software, you can automate the entire process, saving up precious time and effort while keeping the employees happy by paying them right on time every month.
Benefits of a payroll system
Having a pay stub generator in place provides multiple benefits. The most significant of them is that it improves the entire payroll system and eliminates inaccuracies and other discrepancies that might occur due to human error. It also frees up a substantial amount of time for the HR and payroll personnel, which can be utilised in doing more important tasks.
Using the right payroll software features will also ensure that organisations comply with the laws, especially regarding taxes. The tax system can be very complicated, and a slight error can cause a lot of pain to the company. Using a payroll will always follow all rules and regulations and remain compliant.
Top features to look for when choosing the right payroll software
There are several payroll software solutions available in the market. While it is good to have multiple options, it can also make choosing the right one that much more difficult. Here’s a list of essential payroll software features you must look for before choosing the right payroll software:
Easy integration with existing systems
Most companies have several other systems in place – accounting solutions, databases, HR systems, etc. So, your new payroll software should be compatible with them all to make your life easy. It should be capable of seamlessly integrating them all into one so that you can manage most of your functions, if not all, into one existing system.
Look for scalability
Our organisation is not going to remain the same. Most likely, your operations will get bigger, the size of your staff will increase, and so on. So, it is important to choose a payroll system that is easily scalable and can manage to do all your work even when your workforce increases. Ensure that your payroll system is scalable both ways – up and down.
Choose one that fulfils your requirements
Which payroll software you choose will depend on your business and the industry you cater to. Your payroll software must have specific functions that fulfil your business requirements. For example, your payroll software should integrate a tips and compensation system if you are in the hospitality or restaurant business. Similarly, if you are in the sales industry, it should have features that take incentives and bonuses into account.
Tax compliance and support
Tax compliance is complicated as the rules and regulations are constantly changing. So, choose a payroll software provider that has a tax compliance team. The tax experts can help you with the latest updates and tax regulations and ensure that your tax data is accurate and error-free.
Choose a cloud-based version
Cloud-based software makes functioning incredibly convenient, especially if you have offices in different parts of the world. Cloud technology lets employees access software solutions anywhere, making it a perfect fit for global organisations. It is equally helpful for organisations where the workforce is working remotely, which has been the case with a majority of companies across the world during and after the pandemic.
Easy to use and navigate
Technology is there to make your work easier and not further complicate matters. So, choose payroll software that is easy to understand and equally easy to use for all staff members, even those who are not tech-savvy. You can select a software provider that provides online and offline training for further convenience.
Support and after-sale services
All software requires ongoing support and maintenance services. Explore what after-sales support and services the vendor provide before finalising the product. Also, clarify any extra costs involved. Enquire if the payroll software provider will offer a dedicated support team or account manager to resolve your issues.
It must fit your budget
There are multiple options available in the market, but you must choose the one that perfectly fits into your budget while providing the necessary features. You can draw up a list of must-have features and then select from available options. Comparing 3-4 payroll software options will give you an idea about what kind of feature package is available at what price. You can also buy add-ons later if you have the budget.
Finally, you must choose HR payroll software that is easy to install and use, provides the required features, and fits your budget. It is not always wise to go for the most popular or widely used product as it might just drain your savings and not provide the right features.