“It’s not the load that breaks you down, it’s the way you carry it.” – Lou Holtz
Payrolls can be difficult especially when you own a large company where you’ve to keep an account of every employee. “Keeping the book” can be burdensome and you might end screwing up as well. It’s hard to keep an account of all of your employees and also consumes a lot of time and effort. All it takes is one error that can set off a chain of problems, resulting in late nights and endless headaches for you. So now the question is what can you do to make payroll easier for you and avoid making errors? Well, choosing the best payroll service according to your need can not only help you to reduce the load of keeping books but also avoid errors. The time and effort you give on figuring out how much money you’ve to give away could be spent on getting more ideas and exploring how to earn more money by utilizing that time. Organizations can’t afford to make mistakes when paying staff, tracking hours, handling leave requests, and ensuring government and regulatory obligations are met.
“Focus on being productive instead of being busy.” – Tim Ferris.
For large companies, using payroll software is a necessity for keeping all aspects of payroll streamlined and consistent and avoiding mistakes. However, different companies have different payroll software and it is important to consider certain things when choosing payroll software for the company. Certain decisions have to be made to grow in this competitive world and choosing the best payroll software for your company is one of them.
What is payroll software?
In simple words, payroll software is used to manage and streamline the process of making payments to employees. It makes the process of payroll easier and less time-consuming. It relieves accounting personnel of a lot of the administrative tasks associated with making payments to employees, that would otherwise be very time-consuming. It also reduces the instance of mistakes caused by human error.
Payroll software is a point solution that focuses on calculating and processing employee pay, generating tax forms, and benefits administration. However, it can also be rolled into larger HRMS, ERP software, accounting, or budgeting software.
“If you move or get married, that has to be changed with HR, payroll, medical insurance, life insurance, etc. It is a huge administrative headache that requires full-time staff.” – Parker Conrad
Why do companies need payroll software?
So far, you’ve known what is a payroll and what can it do for you. But the question that now arises is that why do you need payroll software? There are reasons that I’ll list in brief and make it clear.
- It can be customized according to the need of your company.
- It can save your time and efforts which can be utilized in getting more money into your company.
- It reduces the operational cost as it reduces the resources needed to process a payroll.
- It gives the employees access to view their payroll anytime anywhere and keeps the employee’s data safe.
- It has an easy integration and can be accessed by all.
- It provides technical support and customer service.
- It keeps getting better by the time.
“Everyone has a budget; I don’t care who you are. But they said if we are in a pennant race in the middle of the summer they are going to get some help with added payroll.” – Dusty Baker
How to choose the best payroll software for your company?
Choosing the best payroll is one of the trickiest but yet the most important parts of the company so you’ve to be 100% sure that Yes!! This is the right one for my company. You don’t need fancy or attractive payroll software providing you a bunch of features. A simple and easy to use payroll system providing you all the basic needs is the best for you.
Before researching the best payroll for your business, you need to establish a clear idea about the business, the number of employees, payroll budget, ease of use, benefits, service, durability, consistency, and cost.
One of the most important factors is cost. There are several companies available who’re providing you the payroll software at a different cost but you’ve to make sure that you chose the one that provides you the best features and service at low cost. Why spend more on payrolls when you can get the job done at less cost?
Ease of use
Payroll software should be user friendly. Easing the integration of payroll software can have a huge impact on the functionality of the business during the transitionary period. So it’s better to look for a payroll system that is intuitive and can be implemented into your business with little fuss and minimum training.
Security and Privacy
Just like you keep your valuables safe, secured, and locked in the same manner the employee’s details must be safe as well because they are the valuables of your company. Make sure your product offers multiple layers of security and has a back-up system in place and the vendor monitors, reviews, and improves their security systems regularly. The security of your data would be completely dependent on the kind of payroll software you select to choose for your company.
Best payroll software is the one that can support you anytime you require it. As you move to a fancy new digital payroll providing service, you’ll be requiring help to navigate it properly. 24/7 support via a website and unlimited telephone support can be very helpful for management and help minimize headaches. Local support can also be considered as it reduces the possibility of companies being seriously impacted by problems with the system.
The number of integrations will ultimately help streamline processes, improve analytics, and reduce time, cost, and resources and merges with HR systems and across departments. This allows for any data changes to be automatically reflected across recruitment, training, performance management, and other relevant aspects of your HR management.
Cloud payroll software services also make it easy for the employees to know their present work status and make changes to it if required. Consult a cloud payroll services provider to know which software can provide the best payroll benefit to you. Authorized users only need a stable internet signal to connect. Apart from the monthly subscription fee, there are no ongoing costs, so it’s cheaper to run in the long-term.
Not every employer of the company is physically available to access the payroll and there might be times when you travel for work and require remote access to keep the payrolls running. This can be a convenient option.
This is the point on which not many people pay attention to. Your payroll software must be easy to learn, understand, and use. If your employees are not comfortable in understanding the software and are not able to use it or get the most out of it, then most likely your purpose of buying the software will not be fulfilled. So, it is necessary to choose a user-friendly payroll software.
You must take a free trial just to test whether the payroll software meets your payroll need or not. Consider signing up for a free trial if you’re confused amongst different payroll software. While the features and usability of free trials are often limited, they provide you with the basic tools to help you decide if the software can keep up with your business’s payroll demands.
To determine the quality of the payroll software, the most reliable way is to read customer reviews. This will help you to get advice from the existing customer of the software and their experience regarding the same. This is the easiest way to find the pros and cons of the software.
Hiring the best payroll for your company is tricky but it is as important as any other company process so it is necessary that you take your time and chose it wisely as it’ll directly or indirectly affect the growth of your company. The best payroll software is the one that keeps the interest of your employees and is easily understandable.