Businesses are a big deal when it comes to growing them, binding them to loyal customers, and rising to a height where you have grown enough to cater to your team’s needs and issue payrolls for their service. Most businesses strive hard to get here. But here’s where the real struggle begins: paying your employees on time, every time.
Not just that easy as just cutting a check. The real struggle is about properly withholding taxes and reporting to the IRS to track PTO hours earned and much in between, which increases your need for efficient payroll software.
Choosing a payroll software can be tough, seemingly as the market has expanded and there is new software appearing each day, with features better than the rest.
How do you pick the perfect payroll software for you?
There are many new features out in the market, and sometimes you might be swept into thinking one less feature to be more important than what really matters, and sometimes most of the fancy features that brag may go unused. So, the best thing you can do for your business is to first get a solid understanding of your business’s needs. After which, you can go about investing in the payroll software meant for you.
Here are 5 important tips for you to find your perfect payroll software. An emphasis on the following features will drive you a long way in finding the right payroll software to suit your needs.
The pivotal element of any business is the investments that it can afford. You will have to evaluate how much the software costs if it really is worth you affording and probably might want to compare it with other software prices as well. Ask questions like Is it a flat fee every month, or is it based on the number of employees you add to the system? You need to understand how the cost of your payroll software will change as your business does.
The reason you need software is the most important feature you must consider before investing in it. Not every payroll platform is the same. Most payroll software does digitize payroll, but their fundamental features may differ from benefit deductions to overtime pay and much in between — that will impact how your payroll is calculated.
The question also arises if these changes shall be toggled in automatically or if these are changes that require managers’ or employee’s manual operation.
Sort out your payment methods:
This is more of a criterion you must confirm before you set out looking for payroll software. The mode of payment that satisfies your customers- if they are comfortable with checks or direct deposits or any other form- needs to be confirmed, as there are various features to payroll software that ply in the market.
Tax withholding and reporting:
One of the major grey areas for payroll software is deciding how to meet tax withholding and reporting, as some can file quarterly taxes to the proper local, state, and federal agencies while some can send out IRS paperwork like W9s and 1099s for independent contractors and W2s for former employees. Some payroll services also guarantee error-free tax services, which means they take responsibility for any mix-ups and deliver hassle-free taxation.
This is again a business choice that determines the payroll software you choose. If you plan to have other systems in place for HR, scheduling, and payroll, then you need to look for payroll software that efficiently integrates all without a loss of data.
Apart from the above, you must also rely on the payroll software that gives the best customer service, either as an individual or as a team, so as to keep your accounts in line. In case of travel, you must ensure you have a user-friendly payroll software setup for the mobility of access.
Aurion Payroll Software is just the right find for you. With their end-to-end HR & Payroll solution to manage the entire employee lifecycle, you have their entire team working on your payroll while you focus on the business. Thus, it is an efficient way of handling pay, people, and profits.
Interesting Related Article: “Do’s and Don’ts for Small Business Payroll Processing in the UAE“