10 Tips to Finding the Perfect Payroll Soulmate for your Business
An increasing number of businesses rely on payroll software to pay their employees, all thanks to its user-friendliness, flexible administration and automation benefits. The reason being it is an absolute necessity for companies to pay their employees accurately and on time to nurture happy and content employees.
No businesses are same and thus, they might have varying requisites and preferences when it comes to managing payroll. Thus, a payroll software that fits one company’s requirements might not be the right fit for another, as every solution is different from the other. It all boils down to your company’s preferences and needs.
Nevertheless, whether you intend to streamline your payroll process without spending a fortune or are looking for a leave management software with excellent time and attendance tracking module, there are certain vital factors to consider when looking for software.
Amazingly, choosing a payroll solution these days is quite similar to choosing a soulmate, since you need to make sure that it is a perfect fit for your business.
With a myriad of software providers and vendors in the market, options are plentiful. However, as discussed above, every solution is different from the other, which is why it is important to ensure that you pick the most suitable one for your company.
Here’s a quick guide to help you choose the prefect payroll system for your business:
1. Set your needs, time and budget
Evaluation forms the key here. You ought to determine whether you possess the needed resources for its implementation. Identify the needs of your HR department. Research on a number of software providers. Most importantly, engage with tech consultants. You may also request RFP or request for proposal from multiple software providers.
2. Pay attention to vendor policies
What if the payroll software has technical or compatibility problems when integrating with other business process solutions? No one would want that to happen. This is why it is advisable to acknowledge all the policies and nitty-gritty of each vendor especially the technical support protocols.
3. Ask for suggestions and feedbacks from your HR folks and other staff
After all, your employees are the ones who would be using the software on daily basis, isn’t it? So it is always advisable to ask for preferences as what they would like the software to do and what not. Is your HR department struggling with managing leaves of your employees? If yes, then you might well look out for a leave management software.
4. Organize Q&A sessions
It is important for everyone in your organisation to have sound knowledge about the payroll software to be rolled out. This uproots the need for training your people. Thus, experts recommend holding a few Q&A sessions with your people prior to purchasing the software.
5. Go for cutting-edge functionalities
Major tech trends are sweeping the payroll software market. Solutions are moving from on-premise to cloud. Opting for a cloud based payroll software with excellent mobile integration will render your HR managers the liberty to execute key HR and payroll operations on the go. A cloud based leave management software would end all your woes pertaining to tracking leaves and attendance of remote employees.
6. Go for the “Customizable”
Today’s statutory compliances, tax regulations and employment laws are diverse and to make it worse, they keep on fluctuating on a periodic basis. This is the reason it is imperative to go for a payroll software that can be customized to ensure compliances all such regulations.
7. Talk, talk and talk with your vendor
Yes, communicating with your vendor is the key to choosing the best software. Thus, keep in touch with the provider even if everything sounds good to you. Ask questions!
8. Define your scope of work
After shortlisting the software, ensure to discuss about the scope of work with the vendor. This includes discussing about the processes that you intend the software to perform. Simply put, define all your payroll and HR operations that you want the solution to manage.
9. Evaluate the workflow
When selecting a payroll software, it is crucial to assess the workflow. For instance, check whether the software entails modules for automation to streamline your payroll process. Does it offer self service portal? Does it allow you to create and manage HR MIS reports on the go?
10. “Everything that sparkles is not gold”
This is quite true when it comes to finding the perfect payroll solution. Though a solution may appear as a perfect fit for your business at the first sight, it may not actually fit your organisation’s needs after implementation. So ask for software demos from the providers you shortlist.
To conclude, note that, a comprehensive payroll software serves as a solid foundation of an efficient, agile, and streamline payroll process.
Anwar Shaikh writes about automated payroll and human resource management solutions. A self-made and reared-up writer, Anwar writes for Pocket HCM, a leading provider of cloud based payroll software and HRMS solution to businesses all across India.