Managing the payroll of your employees can be quite a challenge if they are many. Most businesses are using automated systems, hiring employees to work on them, or outsourcing the services to third parties. There are a number of factors that you need to take into consideration when choosing what will work best for your company. In this article, we are going to take a look at factors to consider when choosing the right payroll software for your business.
Outsourced payroll vs in-house
Depending on the sort of business structure that your business has, you’ll have to choose between outsourcing your payroll system or having it in-house. Some of the advantages of outsourcing include:
- Up-to-date knowledge by specialists when it comes to things like tax and government compliance in the different states, territories, or countries.
- Cost – when you think about the costs in terms of time, training of staff, and hardware, among other things, it could actually be cheaper to outsource the services.
Some of the disadvantages of outsourcing include:
- Loss of control, leading to errors by the providers.
- Many service providers lack flexibility in their service agreements when it comes to things such as delays in submitting the necessary information as per agreements.
- When problems arise, it would be easier to handle them within your company. The problems could include payroll errors.
Gather requirements for a new payroll solution
The following issues should be considered when looking for a payroll solution:
- Self-service – does the payroll system give employees a self-service functionality? This will give them more control over their information, such as banking details, deductions, and contributions.
- Mobile – most people access information via their smartphones and having a system that is mobile friendly will be a great convenience to employees. There are even apps that enable managers or owners to remotely run the payroll, bringing about great flexibility.
- Notifications and prompts – the payroll system should offer the necessary prompts and notifications whenever actions are taken.
- Payroll cards – these are cards on which employee’s salaries are credited to, something that is becoming popular with many.
- Integration – your company or employee data should be integrated into the payroll software for a more efficient experience.
- Security – being that it has very sensitive information such as social security numbers, bank account details, and salary figures, the security of the payroll software has to be intact and possibly backed up in a secure cloud should something happen to the system.
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