ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Things To Analyze Before Buying A Payroll Processing Solution

Updated on November 20, 2015

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?

Source

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.

Source

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.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)