Payroll software can provide a wealth of benefits to your company. It can speed up and simplify the process of payroll and reduce the risk of errors. Whether you are taking care of payroll on your own or you have a team to do it, adding quality software has the potential to make a positive difference.
However, there are many options when it comes to payroll software for small businesses. You need to be sure you are choosing the right option with all of the needed features. If you are starting your search for new payroll software, keep the following things in mind.
Ease of Implementation
One of the first things to consider will be how the software will be implemented. What is involved in the process and how long will it take you to get everything added to the software? Ideally, you will want to choose a system that can be added with relative ease. Of course, you will need to add all of the employee information, bank information, etc. The process should be relatively straightforward, though.
Size of Your Company
When choosing payroll software, you must also think about the size of your company. If you have a small to medium-sized business, will the payroll software work well for the number of employees you have? You may want to check to see if the software will scale with the number of employees you have. How much will it cost to add more employees to the system?
User Interface and Experience
To ensure the software is being used properly and to its full extent, you need a system that is easy to use. The interface should be simple to understand, but the software should be robust. The best way to get a sense of how easy or difficult it will be to add the payroll software to your company is to request a free trial. Those who will be using the software can get hands-on experience to determine if it will be the right fit.
Integrations
Does the software integrate with other accounting software or HR software that you might already be using? For example, will it integrate with Discovery COBRA? Check to see if the software will work well with other programs that you have in use and that you feel should work together.
Tax Administration
One of the parts of payroll that can be tricky even for larger companies is tax administration. There is a lot to consider with taxes and what needs to be withheld from the employees. You need to have a piece of software that can automate the taxes to make the process much easier for your company. This will also help reduce errors.
Time-Off Tracking
Will the software be capable of tracking the time that the employee has taken off and then adjust the pay accordingly? This is an area where errors are often made when handling the payroll manually, so you need to have software that will take care of this for you. What other tracking features does the software provide?
Legal Compliance
Different rules and regulations could need to be followed depending on where your company is located. For example, some states do not allow a monthly payment schedule. You need to be sure that the software you are choosing is compliant with all of the tax laws, as well as laws regulated by other government bodies. Failure to comply could cause serious legal problems for your business.
Find What’s Right for Your Business
These are some of the most important things to consider when choosing a payroll software provider. Before making your choice, it is important to look at all of the features and benefits promised with the payroll software. Take your time. Consider what is most important for your small business.
Employers keep searching for suitable payroll software for small business to meet their exact business needs. Try out a demo or a trial of the software to get a feel for it to be sure it will work for your needs.