Modern cloud-based HRMS tools can make business easy in many ways. It not only automates the entire tedious payroll process but also keeps account of taxes and compliances related issues and provides information related to employees in realtime. Simplifying your business with payroll software can help you in several ways.
Cloud-based payroll software usually comes as a part of HRMS(Human resource management system) or HRIS(Human resource integration system) and it helps in simplifying your business payroll system. It processes payroll automatically by integrating with other HR tools. Payroll software gathers data automatically from the employee database management system or by manual import. Online payroll offers many benefits such as your employees, management and leadership get access to their payroll, reduces chances of error in compliances and taxes, and saves the company from associated potential legal troubles.
How to choose a payroll software
A google search of payroll gives 10,000+ search results, choosing one among this huge set of options is a tiresome task. The first thing we try is to look for references from our network, this way we try our attempt not to rediscover the wheel. Sometimes HRMS vendors try to package your payroll with other services that you may not require or need such as performance management system, Application tracking system, timesheets, etc, and this premium set of services demands a premium price. To save yourself from getting overserved with other tools, make a list of problems you are facing and solutions you are expecting. After narrowing down your list of options, now you have to select the company which offers all of the required services. Recheck the list of services you have prepared that could include some other add-ons such as timesheets for online tracking of time spent by an employee on a particular task or project which then later can be used in payroll and client billing.
Checklist: questions to know before buying
Here is a list of questions you should ask before purchasing a payroll system:
Security of data
Security is one of the major concerns of every organization before implementing new technology. Being confident that your sensitive employee data is safe is not a great approach. Before buying a payroll or any other tool that has access to your company’s private information, make sure that your data is stored at secure cloud infrastructure with the highest encryption standards available. Encryption saves from password and login thefts by hackers. Modern HR software uses the same technology as used by banks and other financial institutions.
Clear your expectations with support before buying system, don’t forget to ask if the support provided by the company is a live chat, email, or sometimes 24*7 calling support. However, if you are calling for support frequently then it means the product isn’t that good. Customer support is a very important factor to be considered, especially when there is no distinguishable difference between the multiple vendors.
Will employees be able to access their information through their logins? This functionality is absolute and should be in payroll software. This not only reduces the HR workload by giving access to employees to fill their data themself but also reduces the chances of error in the system. Cloud-based payroll software usually accesses to the employees based on their roles. The employees are usually given a personal portal where they can add their personal information and see their data such as payslips, apply for leaves, and can raise a grievance and leave requests.
Integration with other systems
Though most payroll software easily integrates with office tools, still makes sure there isn’t an issue in integration with existing accounting software and tools.