Payroll is a basic task of Human Resource management but it doesn’t have to be a burden. If you are looking for ways to save time and be in control of your payroll, using software might be for you.
Your current payroll system may not be adequate. Your business may be expanding or you just want to make a change. You may think that changing how you run your payroll will be stressful. So why don’t you get some help with it? Some software companies make setup extra easy by providing setup services. A good software company will help you through the process and will save you time and limit the stress involved.
Making Payroll Easier
In the end, switching to payroll software will make running payroll easier for you. Your ultimate goal should be to find solutions that work best for your business. You may consider outsourcing payroll. This may seem a good option as it should provide you with up-to-date knowledge on tax and compliance issues and also save on costs. It may also mean that you could lose control of the process, miss deadlines and find it more difficult to resolve errors and other issues.
Choosing the right payroll software
Start with an assessment of your current needs. You might not understand all the parts of the payroll. You probably don’t need to. Find out what information is needed. Then make sure the software you choose meets those needs. Payroll software can include: [restrict]
- Payroll calculator
- Payroll tax filing and deposits
- Pay slip printing
- Employee access
- Mobile compatibility
- Time and attendance tracking
When you figure out your needs, then you can refine your search to the most suitable software. When you are doing your research consider the following:
Mobile – mobile access is more convenient. Some providers offer an app that enables the owner to run payroll remotely from a mobile device. For SME owners who travel a lot then this kind of flexibility is very useful.
Self-service – choosing software with self-service functionality gives your employees direct access to their own payroll information. This should cut down unnecessary inquiries about deductions, and contributions. Self-service puts responsibility for the accuracy of details on to individual employees.
Prompts and Notifications – automated prompts and notifications help make payroll efficient. This keeps you alert to the current situation, in case anything goes wrong, so the right actions can be taken quickly.
Integration – whether you outsource your payroll or not, payroll software is dependent on the data in your time, attendance and bookkeeping systems. Your payroll system should be seamlessly integrated.
Security – a key aspect of payroll. In an era of increasing cyber attacks, protecting data effectively can be very challenging. Payroll involves a lot of sensitive business information; social security numbers, bank account details and salaries. Losing control of your payroll may incur huge liabilities.
Getting your staff paid, precisely and efficiently, is your main objective. Payroll is where the money is, and the information is too. Protecting your payroll from sabotage should be an increasing priority for your business. Being aware of bad ethics in your company may lead you to pay closer attention to your payroll. Looking at the details in your payroll may give you warning signs that something is not right. You may find over payments or double or even triple payments. When a disgruntled member of staff leaves, or is asked to leave, they may look for the weaknesses in your payroll security for revenge. Don’t let them get away with it. Ideally, outsourcing payroll achieves three main goals:
- It frees up time and resources to focus more on your core business
- It gives you access to more technology and expertise to perform payroll well
- It reduces costs and risks
Making the switch to payroll software should save you time and energy. Do your research and try out various options to find the right solutions for your business at the current time. There is a lot of free help and free accounting software available from software companies. Use it to help your business.
This article was contributed by SME business solutions provider Asian Business Software Solutions (ABSS). Find out more about ABSS branded accounting software and their wide range of products and services here.