Investing in the right tools for your business directly impacts your productivity and profitability. Systems are meant to help rather than hinder your efforts. With automation and machine learning becoming more accessible, putting the right tools in place can free up human resources for higher-value work.
Payroll is a tedious yet necessary business task that relies heavily on software. Here are six tips for choosing the right payroll software for your organization.
No two businesses are exactly alike. Every organization has nuances that create complexity in the payroll process. Outlining your business needs and employment model will help you determine whether the payroll software you’re evaluating is sufficient.
For example, you may require a program that streamlines payments for both full-time employees and remote contractors. If you have offices in different states, you might need payroll software that can differentiate the payroll vs income tax requirements in each satellite office.
It’s important to find a payroll program that fits your business rather than making adjustments to fit the software’s limitations. The more alignment you can find between your payroll software and business model, the more streamlined the process will become.
Cloud and mobile access are a necessity in our modern business ecosystem. With many employees working from home or outside a traditional office setting, accessing information from anywhere is integral.
A platform with cloud access ensures that all data is live and up-to-date, regardless of where the team is located. As you evaluate the accessibility of your payroll software, it’s also worth considering whether there’s a mobile app. A mobile app will make it easier to access and process information while on the go, rather than requiring desktop access at all times.
Payroll doesn’t operate in a silo, and neither should your software. Traditionally, many payroll systems were incompatible with other business programs, like HR and benefits management. Now, however, cloud-based systems allow for better integrations with other programs for centralized employee management.
Consider whether the software you’re considering integrates with other business tools you currently have in use, like time-tracking and employee onboarding programs. Centralized systems not only frees up valuable time in your business but also reduces the margin for error between operations.
There’s a misconception that cybersecurity pertains to preventing hackers from stealing information, but it’s so much more than that. One of the key concerns with cybersecurity is preventing a catastrophic data loss that could derail the business. 60% of small businesses go bankrupt within six months of a cyberattack or data loss. Failure to protect private information also puts the business at risk of legal repercussions and fines.
Take some time to research the security features of the payroll program you’re considering. It should offer access restrictions as well as automatic data back-up and protection protocols.
Budget and pricing are also important considerations when choosing a payroll system. Many programs offer pricing tiers based on the size of your organization. Generally, they get more affordable per person as you scale up.
Look for a pricing model that suits your business. If you have growth plans, look for a system that offers scaling over time.
Payroll processing isn’t always intuitive, and software can have a steep learning curve. In addition to looking at the software features, you should also consider the customer service. Read reviews online and follow your intuition when navigating the selection process. Look for a payroll software provider that offers proactive customer service and complimentary training opportunities.
With these six tips, you can choose payroll software that helps keep your employees satisfied while streamlining your business processes.
