Before the technological advancements in the IT industry, most paychecks were prepared and calculated manually by accountants. Nowadays, thankfully, companies tend to use payroll software regardless of their size or workforce. This tool is an essential factor in ensuring that no error occurs in payroll, all paychecks are free of errors and properly accounted for. With a big goodbye to paperwork, it helps in automating the time-consuming processes and free up valuable time for your HR team.
How does a payroll software help the company?
Finding a trusted and experienced payroll provider will eliminate the confusion and stress that often accompanies paying employees correctly, filing forms, and meeting all your tax requirements. Ensuring correct accounting, applying appropriate formulae at various stages in the software play an important role in the calculation of the final amount to be transferred to the employees’ bank account. In order to achieve this the payroll processing needs to be streamlined to ease the payroll burden in a single click of a button. Selecting a correct payroll software is an utmost task of an HR to assist the accounting department. Look for the below features while selecting a payroll software.
Must be malleable for customization:
The payroll solution should easily integrate with your existing systems. Every industry has different set up and their own ways of work procedures. The payroll software should be easily customisable according to our needs.
Must be scalable:
The software should be amenable to the changes in your expansion as business grows. It should be one that you can continue to use effectively even if your workforce increases. Ideally, your chosen software will allow you to scalable both ways – up and down.
Must be tax compliant:
The payroll software must be amenable to ever-changing state and local taxes, wage rates etc. else the very purpose of the payroll software would fail.
Must be cloud based:
A cloud-based solution can be incredibly suitable – especially if the organisation is spread across cities and countries. Cloud technology gives you and your employees easy access to the solution no matter where you are.
Must have proper training modules and support features:
The payroll software should have built in training modules that can be easily run for self-training. Organization have staff turnover and it would be easy for new comers to learn the software with minimal help.
Must have links to relevant modules:
The payroll software automates payroll process by synchronizing the data from other modules like time and attendance module and leave module for the total payable days in a month, generates pay sheet. A careful study is needed before one decides on the software.
Must generate reports:
A payroll software will not serve the purpose if appropriate reports including a financial report cannot be generated. Individual reports and combination reports should be feasible from a good payroll software.
No matter what your industry is, it’s perfectly clear that implementing a good payroll solution can be beneficial to the organization. Selecting the best software in the industry is vital for your business.