Things To Analyze Before Buying A Payroll Processing Solution
For decades, HR pros have been handling payroll manually. Everything was maintained in registers and calculations were done on calculators. But, with the increase in number of employees, tax mandates, employee benefits and like, made this process extremely difficult to handle. Since then payroll management system has become a magic wand for HR and administration professionals. Presently, there are numerous payroll solutions available in the market based on different requirements. It is the responsibility of an organization to choose the best suiting their specific needs.
What Features Should An Ideal Payroll System Possess?
A payroll system is basically utilized to keep a track of employees’ wages, paychecks processing and record every detail for tax purposes. However, having a system that can perform much more than that, will definitely add up to the organizational assets.
Before you dive into the sea of payroll solutions market to search for a system suiting your requirements, you better analyze whether the solution you are going to choose fulfills your specific needs and possess the following essential features.
Complying With The Tax Mandates
With the help of an online payroll service, small and medium business owners don’t have to worry about filing complicated tax forms. The system will take the sole responsibility of dealing with the processing of forms like W-2 and 1099, and reduce the risk of making any mistakes.
Administering Employee Benefits
A payroll system offering ways to manage and enhance employee benefits will definitely top any employer’s list. With the web-based services, employers can easily manage employees’ health insurance plans, change reimbursement plans, whereas employees can access/edit their information without taking any help from the HR pros.
Managing Retirement Plans
Some payroll systems also offer options for organizations to set up and manage retirement plans like 401(k) and IRA. It also allows employees to control their individual contributions in the same.
Tracking Paid Time & Day Offs
Keeping track of employee working hours, monitoring in-out timings, sick leaves and paid time offs becomes hassle-free with an online payroll solution. The system also offers options to generate paid time-off requests and give managers authority to approve or deny it.
Centralized HR Forms & Documents
By using a payroll management solution, all the important forms and documents related to HR can be kept centralized and well-organized. This ensures safety and easy accessibility of all the data from any location.
Apart from the above mentioned features, the following criteria must also be met, no matter which payroll solution you opt for:
- Should Be Secure
- Compatible with other systems
- Easily accessible from any platform
- Should be cost-effective
- Provide 100% error free results
- Must possess Credibility
- Should be Flexible in nature
- How much Control it gives to the user?
By properly analyzing each aspect, employers are sure to have complete peace of mind and payroll processing will not be a headache anymore. The time that is saved through a payroll system can be utilized in other productive tasks, ensuring an ever-growing organization.