Investing in process automation solutions is a huge and difficult decision. It requires thorough analysis and consideration of the product, business requirements, suitability, and other factors. However, if you know what exactly it is that you need, shortlisting the best one becomes easy. Similar is the case with getting payroll management software. Certain features are must in this type of HR management software. Now, every business, be it small, medium or large, needs a top-notch system to streamline the procedures involved in the payroll process. To make the experience with online or automated solutions worthwhile, it is important to always make a checklist of the functions that can optimize its use.
Mentioned below are some of the factors that can bring the best out of your automated payroll system, thereby proving the purchase to be a wise decision:
Time & Attendance Integration
The first thing about a good online payroll software is its synchronization with the time & attendance system. Since, the final calculation of the payout and other details are based on the record of employees’ time, attendance, and leaves, it must be properly coordinated. One wrong input or data mistake and the entire purpose of the system will be invalidated. So, to get the best out of an automated payroll system, make sure that it seamlessly integrates with the T&A management software.
Compensation Administration
The standard payroll and wage management involves attendance, and salary but you need to go beyond that to include compensation in the process. Another factor that helps in streamlining the payroll process is proper inclusion of bonuses, benefits & compensation in the salary calculation. This feature can help you get over the traditional payroll management practices and help the users add an extra layer to the payroll strategy.
Expense Management
Just like the benefits and compensation administration, managing expenses is a part and parcel of payroll. It is a financial module in the payroll system that lets the user submit, track, process, and reimburse employee expenses. Managers can directly review and approve/reject the expense requests raised by the employees. In this way, one more problem is resolved in a few clicks using this avant-garde payroll technology.
Tax Compliances
Some people don’t know that payroll is more than just calculating and releasing the salaries of employees. One major part of payroll management is the tax filing and compliance services. Online payroll software ensures that the taxes are filed, receipts and invoices generated and other tax-related formalities are done on time. Using this feature, the users can avoid calculation errors and manual intervention to check and maintain statutory compliances.
Cloud-Based Technology
The online mode of payroll management offers the cloud-based technology as one of its biggest plus points. This is a masterstroke in going paperless and managing the vast payroll information easily. The unlimited storage, centralized data, and security/privacy options that one can avail after investing in a cloud-enabled payroll software is phenomenal.
Insightful Payroll Reports
As a businessman, or an employer, you need the company data for interpretation and forecasting. The payroll software gives valuable and actionable insights to analyze for business decision-making. In-depth payroll reports that the software generates can save a huge amount of money, time, and resources, thereby increasing the overall business efficiency.
Employee Self-Service
Lastly, user-friendliness is one of the most important features of any software. The online payroll software has the function of self-service which gives the user an authoritative power. The employees using this solution can perform tasks and ask queries on their own. It enables the ‘on-the-go’ feature using which processes can be carried out anywhere at any time. This characteristic not only improves the payroll process efficiency but also increases the happiness quotient.
The bottom line is that if you want to make the best out of your payroll software, make sure that it possesses the aforementioned features. Once you learn to use the features effectively, your process will be optimized like never before!
