Managing the payroll of employees is one of the most critical as well as tedious jobs in the human resources department. Especially if you're in the business of providing HR services, you should commit no mistakes in the payroll of your client’s employees as you may lose clients due to recurring errors.
Nowadays, you can decrease your chances of committing mistakes thanks to technological innovations. One way to manage your client's payroll is to use payroll software. With this software, you can manage your client's employees' salaries, leave benefits, and other salary compensations.
This is why you need top-notch payroll software to handle your HR business efficiently. So before acquiring this tool, here's
how to choose the best payroll software:
1. Security
One of the essential features you should look for in a payroll software is the security it offers. This is because payroll data includes confidential information like a person’s social security number, bank account number, name, and address. If ever this information goes public, you'll likely be breaching laws against keeping your client's employees' details confidential.
If the payroll software also doesn't have tight security features, it'll be prone to attacks by cybercriminals. Not only can hackers steal critical information in the system, but they might even take the employees' salaries as well.
Thus, you must conduct thorough research on the payroll software you plan to use. Check on its website reviews or the ratings it has received. Carefully examine reviews related to it to find out whether its security has been breached or not. This way, you won't compromise other people's personal data, or your business.
2. Accurate And Automatic
The next thing to look for in a payroll software is its accuracy and automatic functions. It's only natural that the software should have automatic features, especially for computing employees' salaries and benefits. However, you must try its functions first to check whether they’re convenient and easy to use.
Although automatic functions only let you encode or input numerical data, these should also generate payslips quickly. Thus, your software should have a template you can readily use.
Moreover, the payroll software should create accurate data. Since you don't need to make formulas when computing the employees' payroll, the software should give exact results. This feature is vital since you're calculating finances, thus every cent will matter.
If the payroll software is accurate and automatic, you can save yourself time in manually computing people's salaries. Moreover, with accuracy, your clients will trust you as you're not wasting any cent of their money.
3. Flexible
While the payroll software includes automatic functions and features, it should also be flexible. This means that it should allow you to configure or set your template, formulas, and other removable features. Especially since businesses change or develop over time, what might be applicable before may be outdated in the future.
So for you to keep up with business trends, the payroll software you choose should allow you to add or remove features that may or may not be usable.
Also, since you may handle payrolls from different clients, it must be flexible enough that you can edit and save various data. Not only that, but it should allow you to input your signature or logo, or that of your client's.
Most importantly, the software should also be flexible in keeping up with the
changes in the software development industry.
4. Record Keeping
Not only should the payroll software focus on salaries, but it should also be able to record other pertinent data. By having this feature, you can have an organized system to keep relevant records all in one software. This lets you avoid confusion about where you've saved data.
A good payroll software should keep records of the following:
Time And Attendance - If your clients' basis for paying their employees is through the latter's time and attendance, choose payroll software with time-keeping features. That way, it'll automatically give you the employees' salary based on the recorded time and attendance.
Taxes - Another feature that most payroll software have is to store and generate year-end reporting. Thus, you won't have to go through numerous files to find the data required in preparing your taxes or that of your client's.
HR Documents - Moreover, you can easily send out details that are essential for HR representatives such as unemployment wage reports, balancing audit reports, and other pertinent records of an employee. This way, all you have to do is click and download the forms with relevant information and help your HR
handle the influx of data.
Conclusion
Don't compromise your HR business by using payroll software. It lessens the risk of committing mistakes compared to when you do manual computations. Not only that, but the right payroll software saves you time and effort as everything you do is automated and recorded. Aside from that, you won't end up cramming when preparing your taxes as you use the software to simplify such.
