Payroll processing is one of the most important aspects of any organization. Owning a simple and transparent Best payroll software makes your business better. A wide range of software is available in the market that enables accurate payroll management systems. The manual payroll processing concept is obsolete as it is heavily tedious. The herculean effort needed to track attendance and leaves, incorporate various salary and tax laws, process salary at different slabs per employee role, etc, makes it a wrong choice for your business. Even with single employee collaboration, payroll processing is not an easy task.
By using good payroll management software, such hazards can be overcome. But there are some mandatory features you must consider while choosing the right payroll software for your organization. And the best payroll software will be easy to handle and saves your time with more accurate calculations. Let’s discuss the main factors to be considered for choosing the right software in this article.
Points to keep in mind while choosing the best payroll software for your organization
- Must adhere to all legal compilations across regions- Choosing Best payroll software Tip #1The legal factors to be considered include PF, professional tax, labor welfare fund, tax slab categorization and report generation for easy tax filing, the easy adaptation of updates to tax laws, and more. It would be cumbersome to handle all these in one place without an adequately defined payroll process.
- Attendance and leave-taking being the foundation stone – Choosing Best payroll software Tip #2An attendance management system is the backbone of any business. Integrating leave trackers across regions, updating leave policies, incorporating a biometric attendance registry, mandating the use of good timesheet software, and enabling a user-friendly platform for leave applications will reduce the burden of attendance tracking. Good payroll software can eliminate the requirement of separate time and attendance software.
- Handling multiple salary breakups – Choosing Best payroll software Tip #3An organization would have different job profiles depending on its hierarchical structures. Not everyone in the firm is awarded the same pay scales, and the best HR software can easily handle these variations. Various salary components may include salary exemptions, incentives/allowances, bonuses, salary revisions, etc.
- User-friendliness is very important- Choosing Best payroll software Tip #4The system must be user-friendly so that employees can manage the application with minimum or zero guidance. This feature demands easy collection and collation of documents and reports at both ends, the employer and employee side. Some examples are claimed document submissions and tax-related document downloads.
- Easy access to tax modules – Choosing Best payroll software Tip #5Tax calculations and filing is an important aspect, both at employer’s level and employee’s level. The payroll software used in the organization can be enabled to manage the tax-related documentation perfectly and keep the taxation process transparent.
- Flexible payment methods must be included- Choosing Best payroll software Tip #6The chosen payroll software must be able to incorporate an online payment method to minimize the errors and delays in processing the payments. Eliminating cash and cheque transactions will help to maintain a uniform payment method.
- Self-service portal to ensure employee friendliness – Choosing Best payroll software Tip #7A business may have employees in multiple departments and work from various locations. An employee self-service portal will help employees access the application at their convenience.
- Security of data should be your priority -Choosing Best payroll software Tip #8Employee data has to be fed to the payroll software for processing. But this information must be provided with high security as it includes personal details like employee’s contact information, bank details, social security or permanent account number, etc. The payroll software with role-based permissions to various modules will help to keep data confidential, even while letting the service open for authorized employees from each department.
- An integrated platform for all your payroll management solutions Tip#9Choose a single platform that has integrated modules for all the payroll-related functionalities. This affordable platform includes solutions for every aspect that contributes to payroll processing like timesheet handling, leave management, employee self-service portal, and claim processing under a single window.
Choosing the appropriate payroll management solution for your business is a high-priority task. You can consider features of your company along with those of the payroll software, cost and size of your business, and ease of use of the software before finalizing your choice. The scalability of the software is another factor to be taken into account. To conclude, make sure your payroll software can all handle salary and tax components in a single place.