Whether you’re a small business of 30 or a large business of over 300, an effective payroll software system will save time and effort when executing the day to day functions of payroll management. Unfortunately, there is not a ‘best fit for all’ software system – so it’s better to look internally at what is most appropriate within your organisation. Here are some things that can help you choose the perfect payroll software for your company.
Easy to handle software
How Tech savvy are you? No matter whether you’re an IT wiz or a total novice, learning a new payroll system can be time-consuming. That’s why you need to make sure that the program you choose is in your view – relatively easy to use.
You don’t want to be spending as much time learning how to use the software as you would completing your payroll responsibilities themselves! One thing to note would be whether you have any previous experience with payroll systems before. Using an interface you are already familiar with can speed up the learning process.
Are you likely to need a technical support service for the payroll software system you choose? If so, it’s worth looking into how you can reach their support team, whether it’s over email, phone or live chat. You need to know if their customer service is helpful and easy to get in contact with. Even with the simplest software available, it’s always important to be sure that you can get in contact with customer service in case anything goes wrong.
Can you trial?
To check whether you find the interface usable or that customer services are helpful you should see if you can grab a free trial. Investing in a contract with a software that you may find impossible to use or a nuisance to reach can be a very frustrating mistake.
Updated/ complying with the current legislation
Aside for standard payroll laws, depending on the type of workers you have and the kind of business you run, you will need to look around for software that complies with the latest legislation that your company conforms to.
In addition to core functionality some payroll software services charge for assistance with taxes and other types of compliance. So shop around knowing what legislation you may need to keep up with and how well each payroll system individually assists you.
Accessible in multiple devices – the cloud
Using the cloud is simply using the internet run payroll, store data and run applications. As data is stored remotely rather than on your computer’s hard drive, you can access your payroll service from any device via the internet.
As it is all externally based, you do not need to worry about storage space, upgrades or backups, as it is all saved within the system through the provider, continuous tax bands and legislation updates are also made without a necessary prompting.
Additionally, the cloud eliminates the need for paper payslips and manual transfers, as all transaction can be made electronically. Meaning that companies using the cloud can issue digital advisories and pay employees faster as it is done immediately online.
When looking for a new payroll service it would be to bear in mind the pros and cons of using the cloud as public storage clouds also room for vulnerability to attacks. It would be advised to assess whether the benefits outweigh the risks in your eyes.
Level of analysis and Integration required
What kind of reports do you usually make, or would like to make? If you have to deliver reports across different departments or integrate your software with other systems such as HR then you should make sure the service you choose offers the analytical features you require.
Safe and private
Payroll information is confidential, it needs to protect both business and employee details. Make sure you get a system with all the up to date technologies and good reviews to keep your data safe.
Another point to check is that the service is compliant with new GDPR requirements, as a miss hap in this can land your company in trouble.
If you offer your employees benefits, flexible packages or bonuses it might be worth looking into the features that the payroll service provides. Having an idea of what features you may need to add on can help you when choosing which payroll offers the most within the base price.
How often you pay employees and how every employee gets paid is worth taking into consideration. If you are paying staff in a mix of hourly pay, salaried staff or commission then it would be advised to look into a payroll service that allows you to process wages in multiple formats.
Size of your business / Number of employees
Many payroll solutions will base their pricing on employee number bands, so it’s important to have a figure in mind when looking around for prospective suppliers.
It’s also relevant to keep in mind how your company will grow, how the wage structure is amongst the number of employees and also many starters and leavers who will need to be included in year-end reports.
Cost – Monthly Fee/Yearly Subscription
How much are you willing to fork out for a new payroll system? The cost of payroll software depends on both the service you choose and the needs of the business. Prices can start below £50 and go into the hundreds. Usually, services have a base cost and then increase depending on different features you take advantage of, so be sure to know what you really want from your provider beforehand to get the best deal.
These things to consider are not an exhaustive list, but a stepping stone to point you into the direction feeling prepared before researching in-depth the technicalities amongst the current payroll software systems available today. Payroll no longer has to be a stressful, time-consuming task, today it can be a much simpler organised process when you choose the perfect technology to suit your business