Just by hearing the word payroll, what comes to your mind? A lot of paperwork and complex processes? Or the headache it gives to you every month? The payroll process is indeed a complex process that every business needs to deal with every month. If your business has grown to the point where a payroll system seems very needed to your business or you have grown to feel that you can’t do manual processes anymore, you’ve arrived at a critical decision.
There are a lot of different factors to consider when choosing the right payroll software for your business. Such as what features it provides, ease to use, integrations with 3rd party apps, customer support, and accessibility.
Before you choose the right payroll software for your business, there are some considerations that you should take.
What does your business payroll needs?
Before searching and comparing different payroll software, you should clearly know what problem does your current payroll system has. Also, write down how much is the maximum cost to buy the software. You can consider the following questions too:
– How many employees do your company has?
– What is your payroll budget?
– How large is your business?
– Will employees have benefits?
– How often will you conduct payroll?
– Who will administer payroll and how much experience do they have?
– Will you be printing out payslips for employees?
– Do you need a standalone payroll software?
The reporting feature is almost available in many payroll systems. But, reporting feature shouldn’t make reporting more complicated. Make sure that the software that you want to buy has a built-in reporting feature that is easy to use. HR staff shouldn’t be confused about how to generate payroll reports using the software.
Not only report by already made template, but the custom report also is an essential one for the company. Because every company has a different policy so the report can’t be the same as other companies.
Integration With 3rd Party App
Check with the software team whether their product can be integrated with 3rd party app or not. Either built-in or via API. This can be useful if you already use software such as accounting software. Also, integrations will help the HR department to streamline processes, improve analytics, reduce time and cost, and resources.
Comply With Government Regulations
Comply with government regulations can be such a tiring and long process. You have to make sure that the payroll system is following any government regulations regarding payroll in Singapore. These may include tax and CPF contributions. This to make sure that your company is complying with government rules and to avoid penalties that the company needs to pay if it doesn’t comply with government regulations.
A great payroll system can help your company when it’s come to compliance. It will help you generate tax for the employees accurately and on time.
Because payroll is such a sensitive and private issue, payroll software must have strong security features. Such as password protection, secure storage, and limited access control so only HR manager and staff that can manage and see employees’ payroll information.
Also, a payroll system that offers secure cloud storage can bring peace to the company. It will help companies during disaster recovery by having financial information stored off-site.