To truly lead their industries, businesses need their operations to fire on all cylinders. Payroll is no exception, though the process has been historically defined by tedious manual tasks and frequent errors. Automated payroll software, however, gives employers an avenue to:
- strengthen compliance
- boost process efficiency
- simplify work for HR
- ensure precise paychecks for employees
Don’t think finding all those advantages in a single software is possible? It is, but it requires understanding the unique differences between providers and identifying the tools you and your people actually need.
What are the pricing structures of payroll software?
Given each payroll software works differently, their pricing varies, too, based on:
- the size of your organization
- how many payrolls you process
- enhancements and supplemental features
- a locked-in contract you must adhere to
Be sure to understand the exact pricing structure of your payroll software provider before making a decision.
For instance, if you anticipate a high amount of growth, you may look into a provider that offers a discount for higher head count. On the other hand, you may find it easier to work with a provider that allows you to only purchase the tools you need, though that could lead to some unintended manual tasks if that same provider doesn’t offer truly holistic tech.
What are some must-have traits of payroll software?
While your business will have unique needs for payroll software, certain universal functionality should never be compromised. Look for tech that:
- automatically tracks and accumulates time off, including PTO, vacation, sick time and more
- self-starts payroll each period while seamlessly pulling in live data
- identifies errors and guides employees to fix them before payroll runs
- offers mobile app capability to let employees easily access and manage their data
- creates a visual dashboard with a big-picture view of payroll to simplify monitoring
- generates a clear audit trail of all changes and processes, including who made them
Remember, payroll is a promise you make to your people. Look for a provider that’s as committed to that principle as you are.