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December 16, 2023
Consider these crucial attributes before deciding on payroll automation.
Embracing payroll automation can help you save significant time and money. According to a study by the American Payroll Association, automation can lower payroll processing costs by 80%. It can also reduce time-consuming and repetitive tasks in the payroll departments.
Besides, payroll tech can help you unlock myriad other benefits, from boosting efficiency to minimizing errors in financial undertakings.
However, choosing a platform that works for you is crucial to harness the transformative powers of payroll automation.
But with plenty of options available, how can you determine which payroll automation system is right for your business? Of course, the unique needs of your business will inform your choice. Still, some features should be non-negotiable when you choose an automation system.
Opt for a payroll automation platform that is user-friendly and easy to navigate. When using the software, your team members and accountant should be able to move effortlessly from one task to another without feeling confused or frustrated.
Additionally, ensure that the platform has a dedicated app or a mobile-friendly interface that gives the managers and employees instant access to payroll information.
The payroll system should have excellent customer service with 24/7 availability. When there’s a glitch in the system or the payroll run goes sideways, you should be able to connect with an empathetic, knowledgeable representative immediately.
Cost is always a primary consideration when choosing any payroll processing solution, and many formats exist in the market — by scope of services, pay period, etc. Carefully evaluate the pricing structures of various payroll systems to choose the one that gives you the most value for your investment.
A payroll solution that works with your current financial software can save you the hassle of manually consolidating records from multiple systems. Ensure your chosen platform seamlessly integrates with your existing bookkeeping or accounting software and facilitates data sharing among departments.
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If you intend to employ a remote workforce, be sure your payroll system is equipped to seamlessly onboard new hires. It’s better to have employee self-service features for benefits selections, downloading necessary tax forms, and more, as there is no office in which it can be coordinated.
Notably, the provider must be able to ensure that your business adheres to local regulations and tax compliance requirements in every state where your employees reside.
Choose a payroll platform that facilitates scalability and can handle the varying workloads as the needs of your business change.
An ideal payroll system offers a range of detailed reports, enabling businesses to track and analyze payroll expenses, tax deductions, and other critical data.
Select a payroll provider that provides a suite of reports and facilitates insights into payroll and workforce management.
A quick online search for payroll automation platforms gives you many options. Narrow down by looking for the must-have features for a payroll service enumerated above. Your business needs, budget, workforce strength, and employee types should guide your final choice.
Want to know more about accounting and HR? In addition to HR, benefits, recruiting and payroll through its PeopleOps, Escalon’s Essential Business Services include FinOps (CFO services, taxes, bookkeeping and accounting) and Risk (business insurance). Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.
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