The right software can make life so much easier for small businesses owners who typically have their hands in all different aspects of the company. Payroll is one of those areas that is incredibly important, but can also be a bit repetitive and tedious. However, by choosing a payroll system with flexibility and features to help streamline the process, you can save valuable time and money month after month. What business owner doesn’t want that? As you begin to evaluate which option is best for your company be sure to look for these key HR and payroll software features.
When it comes time to assess which system is best for your company, be sure to look for these key features of payroll software. Aside from making life easier and saving your team time, these features can also help save you money by minimizing costly mistakes. In the world of payroll, mistakes can lead to big (and expensive) headaches like payroll tax audits, reissuing checks, or worst of all, impacting an employee’s livelihood.
The first of our must-have payroll management software features is direct deposit. Employees love the option of having their checks deposited right into their bank account. It also keeps their checks safer because there’s no opportunity for the check to be lost or stolen. While direct deposit is a pretty standard feature in most payroll solutions, you do want to double check to make sure this key component is included in your software choice.
Another one of our key features of payroll software is the ability to manage payroll taxes. Tax compliance is a huge part of a successful payroll process, and you want your software to be able to easily track this for you. Then at the end of the year when you go to file, you can simply download a report instead of manually inputting numbers from each pay period. Talk about a massive time saver!
Compensation administration is a feature of HR systems that manages all the items that fall outside of the typical payroll process. For example, worker’s comp, bonuses, and benefits can all affect how you calculate wages. Including this extra layer of processing within your traditional payroll system allows you to use the system more comprehensively. After all, it’s impossible to imagine every single paycheck being simply wages and deductions each time. A compensation administration feature can help you be prepared when complexities come up.
An employee self service or ESS feature takes your HR software to the next level by giving employees access to their own information. Instead of going to the human resources office to put in a vacation request, your employees can simply log in online, input their dates, and a notification is sent to their supervisor immediately. An ESS also allows employees to see their pay stubs, monitor benefits, update administrative information and even track time. Essentially, it streamlines all things related to human resources in one easy-to-use online platform.
Our final must-have when it comes to hr and payroll software features is reporting. Being able to aggregate important payroll data with a couple clicks can save your team so much time and potential headaches.
Many software systems offer a wide variety of reports. Figure out which ones are important to your team and set them up to run every time you process payroll so you always have an eye on what’s happening. This also allows you to catch and correct any mistakes or payroll fraud early on.
Now that you know what to look for in a payroll software offering, you can pick the best solution for your company’s needs. However, if you still need help managing your small business payroll, partner with our experts at Paytech.
We offer multiple payroll packages for all different types of businesses. Whether you need assistance with setting up the basics or are looking for a more complete HR solution, we are more than happy to help. Partnering with an expert can relieve any stress and ensure that your employees are paid correctly on time, every time.