Choosing the best payroll software for your business is never easy. This is so because payroll services have strategic implications for the success of any organization. A simple web search for payroll software will fetch you an overwhelmingly high number of results with an array of fancy features. Each result is sure to promise you a whole lot of possibilities of solving your payroll woes.
The benefits of a Complete payroll solution are varied. While some are attractive in terms of pricing, others are good if you consider different technical features. There are many advantages and disadvantages which could confuse the small businesses and lead to procrastination when it comes to the final buying decision.
This blog intends to help small businesses make up their mind and go ahead with an option that suits their requirements perfectly. The best and relatively easiest approach is to help the buyers evaluate the technical features of payroll software. To help you zero down on an option, here are 5 essential technical features that presumably best payroll software should have:
Payroll software security and data protection
Your HR and payroll services’ data is a gold mine for hackers. It includes employees’ personal and payroll information, and in many cases medical information. Information leakages and data security breaches of the Human Resources Information System can cost the workforce, as well as your business as a whole, dearly.
When choosing payroll software for small businesses, pay heed to the views and reviews of people about the security of the software. Going with a provider that is known for offering the best payroll software which is secure can help you protect the sanctity of your data. This would also limit the expenses you would otherwise have to put into additional security measures.
Seamless Integration of HRIS and Payroll Services
The seamless integration of HRIS and payroll services as provided by good software leads to an automated system that is accurate, efficient, secure, and user friendly. This enables payroll services to easily access salary input data via the automated file transfer protocols (SFTP) from HRIS and vice versa.
This is important, as the information collected by the HR team is usually the same information consumed by the payroll department. Good payroll software allows both HR and payroll teams to access information by using the same database – saving you lots of time and avoiding duplication of work.
Paystub automation and payslips
Once the salary input data is accessed accurately, efficiently, and securely via automated file transfer protocols (SFTP) from HRIS, pay computations happen in the system where employees’ gross earnings, deductions on those earnings, and net payables are generated.
Now, the payroll software should be able to generate an automated file transfer protocol to communicate with the bank’s systems and transfer the payment data. On the basis of this data, salary is credited to employees’ bank accounts directly sans any manual intervention. Post the salary credits, employees receive their payslips securely in their registered email accounts.
Taking care of statutory deductions and remittances
Finally, the salaries of the employees have been credited to their bank accounts and they have received payslips via emails. Is this all there to payroll? Well, not actually! Now you need to take care of statutory deductions and remittances. You need to file returns on time and as per the formats provided by government departments.
Your payroll software should be linked with concerned systems of statutory bodies to transfer data and funds to be able to file timely returns, ensuring for you a spotless tax compliance record.
Reporting in Payroll Software
Your payroll software must be conducive to generating various types of standard and on-demand management reports. These reports are very critical for all businesses as they help them plan their business strategies, which are precise and relevant.
Before going ahead with your purchase, you need to ensure that the required reporting functions are available in your software. It should also have the capability to set authorization layers so that the reports are shared with the intended people.
For many years, payroll solutions have been around empowering organizations by seamlessly automating their Payroll and HR processes. These systems have stood the test of time and simplified the complex payroll process by providing an end-to-end solution to not just big corporations, but too small businesses and start-ups also. Once you have zeroed down on one of the best payroll software for your business, it is sure to spare you strenuous manual calculations and help focus on growth.