The payroll system of every business should be precise because you cannot afford to make mistakes with regards to paying your staff. It can be a bit challenging and can occupy a lot of your time if you don’t have the right tools. Fortunately, with the right payroll software, you can save a lot of time and be efficient with your tasks at the same time. Here are some features that you should look out for when searching for good payroll software for your business.
- Attendance Tracker and Leaves Management
The basis of payment for every employee will be the attendance and leaves record. Doing this manually will make your records very susceptible to human error.
That’s why, if you are looking for good payroll software, one of the features that you should have is an attendance tracker and absence/vacation/leaves management integrated in the payroll system. This will prevent you from making errors. At the same time, since the attendance is integrated with the payroll system, you will not need to use two kinds of software to compute pay and to track attendance.
For the attendance tracker, you should check if the payroll software has the ability to handle both day-based and hour-based payments. In an institution, there will be some employees who are paid depending on the day or hour. So, to prevent you from using two different systems, just look for a single system that can accommodate both.
- Self-Service Portal
Another feature that you need for good payroll software is a self-service portal for your employees. This is a place where your employees can access and update their profiles, check their attendance, and tax details. On top of that, employees can also view their leave balances and payslips on this portal.
It is also a good bonus feature to allow employees to submit requests to the HR department. This way, your employees will not need to call HR every single time that they need to get information or make a request from HR. Another thing to make sure is that the self-service portal should be mobile-friendly because a lot of employees working remotely will most-likely only be able to access it on their phones.
- Tax Computations
As they say, if there is anything certain in life, it is taxes and death. Keeping track of taxes can be pretty challenging. On top of that, if you make a mistake on your taxes, you will break some laws and end up having to pay a lot of fees.
That is why one of the features that you need in a payroll software is a tax computation feature. The program should be able to compute the taxes to be paid by your employees and the company as well. At the same time, it should also be able to generate the right forms you need for filing taxes. A template should be ready for you on the payroll software to generate the forms.
- Support Team
With every kind of software, there will be some problems or glitches at times. A good payroll software should also have a good support system and customer service. If something goes wrong, you need to make sure the payroll system provider has a good technical support system.
Make sure that they are available 24/7 via phone, email, and chat. In addition to that, if you are thinking long term, you need to find out if there is support from them when you do a data migration to another payroll system in the future.
- Real-Time Reports
The productivity and attendance of your employees as well as the payments are all data that you will need when you start analyzing your operations. For that reason, you need to be on the lookout for a payroll system with real-time reports. These real-time reports will come in handy once you start analyzing your operations as well as your financial health.
- Security and Privacy
One of the most dangerous threats are cybersecurity attacks. Because of this, one of the features on a payroll system you need is an extra layer of security and privacy. Remember that all the data on your employees and payments will be there. Therefore, you need all the help you can get to protect that data.
Having a good payroll software will eliminate lots of problems for you and help you focus on running your business instead of troubleshooting payroll issues. Just be on the lookout for the features listed above for a good payroll software, then scout for a payroll software provider.