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Choosing the best payroll software for your business

 

Choosing the best payroll software for your business...

If you have employees, then chances are you'll be looking to use some kind of payroll software. It can help streamline the payment process of their wages each month and can help you keep track of who has been paid and how much. Payroll software can enable you to manage earnings and deductions, enter the amount of hours worked by staff, pay taxes, add bonuses or commission, and so forth. Given how important it can be for your business to pay your staff and keep them happy when it arrives in their account on time, it's important you choose the right software. So what key considerations do you need to make?

Evaluating your needs

There are a lot of payroll software vendors available on the market, but it's crucial to consider what it is that your business actually needs. No two businesses are the same, and therefore you will potentially benefit from different features to other companies. This may include how it helps you depending on the size of your company, what budget you have, how familiar you already are around regulatory and payroll considerations, and so forth.

Key features

Some of the key features you need to look out for include being able to file tax. This can be one of the most complex parts of payroll and is constantly changing, so it's crucial to find software that helps to simplify managing these deductions. Ensuring you've paid the necessary tax is crucial to avoiding costly penalties.

Other important elements to choosing the software include the ability to make direct deposits. This helps to streamline payments, and means you can make immediate payments to staff or contractors without any delays. It also means you don't need to spend time writing out paper cheques, which can easily be lost or mishandled.

If the software has an employee self-service portal, this can be a particular benefit to your staff. They will be able to manage their own payroll data and stay on track with their salary, taxes, and bonuses. It helps to eliminate the need to keep constantly updating staff, and takes some burden off your HR staff's time and resources. It also means your staff can find all their information and pay slips in one place. It could also include any necessary forms needed.

If the software has some kind of human resources integration, this can have universal benefits. It helps to streamline communications amongst your staff, reduce time and resources, decrease costs and help to improve organisation levels. It also means less paperwork, all reports are consolidated, and information gets updated automatically. You may also want to find payroll software that links together with your accounting software. The more seamless they all are, the better.

Budget

When choosing which payroll software to go for, cost can be a big factor. However, opting for the cheapest option isn't always the right choice as this can require more manual work which then costs more in the long-run. It also means your staff's time is focussed on payroll when it could be more beneficial for them to be working on something else.

Typically, payroll software that is slightly more expensive can save you money in other ways and can often be more accurate too, which can help save you time needing to check everything or getting fines from any compliance errors or penalties. The more expensive payroll software also typically comes with more support, which can be hugely beneficial.

Who will be managing it?

It's important to consider who will be using the payroll software and how capable they are with using complex software. It will need to be possible for them to be trained on it if they aren't already competent. It's also important to check with them when making the final decision to check that they're happy with how it all operates and the features it offers.

The easier it is to implement the software into your existing systems and processes, the better - especially if you have data that will need to be imported or manually entered. To help the individual managing the software, it's also advisable for you to run your old and new payroll system side by side for a period of time to identify any errors and correct them before they become a bigger problem.

 

If you are still undecided then read through our Payroll Software buyers guide.This will provide you with all the relevant information you need.Then once you feel you have a better understanding book onto a free trial with one our marketing leading providers