For every business, payroll is one of most critical functions. Payroll and compliance errors cost money and
also damage employee perceptions of the organization. Inaccurate payments and payroll irregularities take a toll on the morale of the employees which ultimately affects the business productivity. That’s why companies need to use payroll software which streamlines the process of payroll management, saves time and ensures there is no error on the pay slips. Steps to choose the best payroll software for your company: Number of Employees The most important factors to consider while selecting payroll software is to calculate the number of employees you will be processing payroll for. You need to include resulting staffs and seasonality while working out this figure. Starters and leavers should also be included as their details need to be stored for year-end reports. Payroll software is mostly priced on the basis of employee number bands. Thus, this is an important factor while selecting potential suppliers. Payroll Frequencies and Type Other factors to consider are how often your company pays the employees. In which manner the employees are paid, daily, weekly, or monthly? Your employees are paid by the hour or paid an annual salary? How employee holidays are calculated? How many leaves they have? These are the important points to consider that will help you select payroll software that can cater these payroll frequencies and the type of payroll you need. Integration with other software Do you want to link your payroll software with an accounts package? Do you need to import some information from spreadsheets or other software to your payroll software? Do you want your payroll software to be integrated with a biometric system? Keep these pointers in mind while choosing a payroll software and see if these integration features are available or not. Type of pay slips to use Do you need to print pay slips for employees? If yes, then what type of paper you need? How much will it cost per week, month or year? Other points to consider include–will you need security pay slips or just the regular ones? Will you be posting your pay slips to employees? Or you prefer emailing? Check if the potential payroll software allows you to email your employees securely. Do you need to be mobile? Do you need to process payroll from different locations or would you like to have cloud software that will help you process payroll from your mobile devices. If yes, then make sure to check if the payroll solutions you are considering can offer you the following features.