Specialist
Dealing with your payroll can be a tricky, time-consuming task. Making the decision to use software can help you automate the process, saving you both time and money.
However, finding the right software means considering several factors that can affect your success. Taking each of these elements into account helps you choose a great payroll service.
Cost
As a small business owner, you need to be careful with costs. The pricing of payroll software can vary depending on the number of employees you have and extras you might want to buy. Make sure you know exactly what you’re going to pay before you invest in a solution, as you’ll have to pay extra if you need any features in future.
Many payroll software options tie you into a contract, which is important to keep in mind. There might be additional charges for software support, but these might be mitigated by the benefits, such as guidance through legalisation chances and help around key dates such as end of payroll year.
Ease of use
To maximise productivity, you need software that’s simple to set-up and use so you’re not slowed down through having to learn the ins and outs of the solution.
Lots of payroll software offer customer service at different levels, from online support to 24/7 telephone access. You’ll need to find a payroll solution that offers effective support at the level you need it.
Free trial
If there’s an option to take a free trial, you should take advantage of this opportunity as it’s a completely obligation-free way to test drive your payroll solution. Get a feel for how it works and manage your payroll over the course of the trial, completely free.
Security
When you’re dealing with finance, security is a must. Your payroll solution needs to have guaranteed security, as well as the ability to back up and restore data if it becomes corrupted. Software should be encrypted and insured so you can trust that your information is in safe hands.
Online vs Desktop
Some payroll solutions are cloud-based, which usually carry subscription costs, but can be used anywhere and automatically back up your data, so they’re ideal if you run a business remotely or you’re always on the go.
Others are desktop-based and can be used without an internet connection. You may pay an initial flat rate and pay for future upgrades, or via monthly subscription. They generally offer extended functionality and powerful features, making them ideal for growing international businesses.
Features
Any payroll solution needs features that cater for your business’s needs. Some features to look out for include:
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Automated Payslips: A system that automatically sends online payslips cuts down on manual work, saves on printing costs and keeps employees happy.
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Pay Period: Select different pay periods, weekly, bi-weekly, monthly etc.
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Revenue Online Services: Make online, legislation-compliant submissions to Revenue Online Services to avoid manual work arounds.
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Data analysis: Get a detailed look at your payroll data so you can make better business decisions.
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Time and attendance: Track hours worked and get better visibility with attendance tracking functionality available with some payroll software.
Article supplied by Sage Ireland