Managing payroll is not an easy task, and each year regulations are added or changed, making it increasingly difficult to manage payroll without a technology solution. But with so many options in the marketplace, how do you select the payroll software that is right for your business?
Here are some features to look for when selecting a payroll solution for your organisation:
Your payroll teams should be using a cloud-based system for payroll processing. Company data is more secure and accessible from any device when using a cloud-based system. Each business is different and has unique payroll needs, so look for payroll solutions that offer customised technology to meet your requirements.
Companies are fined every day for erroneous HMRC filings. Your payroll solution should calculate, pay, and file taxes directly with HMRC to avoid errors and ensure compliance with HMRC requirements. As regulations change each year, your payroll software should automatically update to incorporate new HMRC requirements.
Employee Self-Service Portals:
Your employees should have access to a web-based portal to add personal details, bank account information, and changes to address, etc. If employee changes are manual, there is room for error. Employee self-service ensures accuracy and removes redundancy from the process.
Customised Payroll Reporting:
One size fits all does not work with payroll reporting. Each business has specific reporting needs based on their employees, company structure, and industry. Your payroll solution should provide you with real-time, customised reporting so you can view trends, spot inconsistencies, and make changes quickly when necessary.
Everyone dreads the word “audit”, but if your payroll solution provides historical data and customised reporting, you don’t have to fear an audit. You should have access to payroll history for each employee, and be able to provide historical reporting when needed.
If you pay your employees weekly, monthly, or somewhere in between, your payroll software should be agile and provide flexible payroll scheduling. Just as each business is different, your payroll solution should offer alternative options for paying your employees.
Human Resources Integration:
One component of payroll that is often overlooked is the overlap with Human Resources. Much of the employee data used in payroll is also used for HR purposes. If your payroll and HR solutions cannot communicate with each other, this results in manual entry for both teams. Manual data entry is a leading cause of payroll errors, and costs organisations thousands each year. Look for a payroll solution that seamlessly integrates with your HR technology so you can avoid manual processes, ensure employee data is accurate, and maintain data security and compliance.
Payroll technology should make your processing payroll simple and compliant. Stop using manual spreadsheets and processes to manage payroll – let technology ease the burden. If you are having trouble maintaining payroll compliance, we can help. Find out why Payescape was named the Best All-Around Payroll Provider in 2018 for our technology and CIPP-certified staff. Click here to learn more or see a demo
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.