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As most of the businesses are switching to cloud based payroll software from the traditionally manual or outsourced payroll, the question remains – What are the fundamental attributes to look for in a payroll software?
Cloud Payroll software has proved to be an impressive handout for companies looking to simplify this most crucial, but also a time-consuming and labour-intensive process termed Payroll. As with the innumerable organizations still looking towards chucking the manual payroll calculation methods for a simpler and automated experience, there are numerous payroll software across the internet providing copious features, making the selection process outright demanding.
A payroll management software basically systematizes payroll calculations. It calculates employee wages, tax deductions, and compliances; and generates automated Payslips. Using a payroll software, any miscalculations or anomalies can be avoided that are usually risked through manual payroll calculation, inviting inadvertent trouble to organizations. So, selecting the right payroll software remains of consequence to companies.
Here is a list of significant concerns to consider before putting money into a payroll software:
1. Do the groundwork
Study about the purpose of having a payroll software and the different payroll software available. Make a list of features provided by these software vendors and read the user reviews. Reviews can prove very beneficial before zeroing in on any potential software. Find out what users have to say and how good was their experience with using the particular software. Check out any websites that compare payroll systems by listing out and characterizing. This should provide the general idea of what payroll features might be considerable for your business.
2. Decide what you need
After adequate research, list out the payroll features that are potentially vital for your business. Figure out what features will be valuable and imperative for the company. Also consider the number of employees in your organization. Create a checklist of all the features that you think will be important to have for your company. The basic features include:
Introduction To HRM
Employee Wages: The software should adequately calculate employee wages and keep track of performance review dates and bonuses.
Tax deductions and compliances: Tax filing and deductions should be effectively taken care of and state and central regulations should be followed.
Consolidated reports: The software should generate meaningful reports that will aid in the process of decision making.
Producing automated Payslips: Payslips should be automatically produces and sent to the employees.
Employee Self-service: Employees should be allowed to access and view their payroll information and fill in tax information.
Ease of access and use: The software should not require excessive training and understanding. It should have a simple interface and be easy to use.
Support: The vendor should provide all round support for any issues that are come across.
Integration with other systems: A payroll software should be able to be integrated with other systems such as time and attendance software or leave management so that it can conveniently use input from these systems for its calculations.
Security: Since it is concerned with employee information, a payroll management software must incorporate maximum security.
3. Compare cost
Now that you have an outline of the features that you desire in a payroll software, gather the list of vendors who provide these features. There is going to be a number of vendors who can provide with what you are looking for, but another serious consideration here is the pricing.
Compare the list of selected software vendors to figure out which payroll software best fits your financial plan and budget. Ideally, select a software that allows to initially go with a basic pay plan and you can then flexibly go up with the plan as the business needs increase.
4. Schedule a demo
After selecting a potential vendor, schedule a demo so you can go through and understand how exactly the software works. Involve the people who will be working with this software in the future and analyze the features during demo.
Try to comprehend the software as much as possible and ask questions. If the vendor can provide proper and satisfactory answers to your queries, it means they are willing enough to support you throughout your use of the software too. After this, schedule a meeting with the management and take inputs from everyone to decide if the software is worth investing into.
Author Name: Nagarjuna Ageer
Author Bio: Nagarjuna is an Entrepreneur and a product marketer at www.keka.com He mostly writes about the topics related to entrepreneurship, Technology, and Marketing. Twitter Handle: @AgeerArjun
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