Payroll Software Features and Benefits
Before choosing the right payroll software, first you need to know what features are important to your business. There are many options to consider, ranging from standard features across the board to advanced features that might be necessary to streamline your HR processes.
Now that you have a good understanding of what payroll software does and how it helps, it’s time to decide which payroll system is right for you.
Research and examine payroll software features.
Whether they’re must-haves or beneficial add-ons, you should evaluate the various features each payroll software has to offer. This step helps determine the best-suited software for your business, as your list of features will affect the ease of use and the accuracy of your payroll.
At a high-level, some standard features you should expect are:
- Check printing
- Deductions
- Digital pay stubs
- Employee self-service portal
- Mobile access
- Paperless employee onboarding
- Phone support
When looking at tools, you want to make sure you get the basics with the payroll platform, but you also want to make sure it gives you a robust set of features that make payroll an automated process for your HR team. Here are some things you should consider when looking for a tool:
Compliance
Compliance is a necessary headache, but selecting a software that does the compliance homework for you, everything from IRS to EEOC to Sarbanes-Oxley, and keeps up with the constant changes in those regulations can be the cure for that headache. A good payroll system can ease stress during tax season, sending tax forms to employees accurately and on-time.
Built-In Payroll Reporting
Reporting is available on many payroll systems, but the key to good reporting is not making it complicated. Choose a software with reports that have been proven to fit most customer needs or reporting dashboards that give crucial numbers at-a-glance. Ad-hoc reports make life easier, creating custom reports that are simple to build and save – and automating the generation of those saved reports – is an important time-saver. Options like this alleviate end-of-week/month/year headaches.
Automation
A good payroll platform is all about automation and streamlining processes. From sending you reports that you need to automating transfers to verification of hours. Along with automation, a smart payroll system should be able to catch errors to help reduce and avoid mistakes in the future.
Security
Payroll systems often come with additional features over and above the periodic needs of payroll processing. The retention of those records is also important (compliance). Payroll systems that offer secure cloud storage can bring the peace-of-mind to not only compliance but also disaster recovery by having financial information stored off-site.
What Payroll Software Features Do I Need?
Now that you know the variety of features a good payroll platform can offer, how do you know what features you need, and which system is the right one for your company? Here are some questions to ask when deciding on a product.
- Do I need direct deposit?
- Do I need automated tax filing?
- Do I need to integrate with other software?
- Do I need mobile capabilities?
- Do I need customer service?
Are you ready to find a payroll solution for your company?
isolved can help. Built from the ground up in the cloud — isolved People Cloud includes cutting-edge payroll processing software that is designed to simplify the way you pay your employees. Efficient, accurate, secure and easy payroll processing, every time.