Payroll Software Buying Guide – Tips for Choosing Effectively
There are few tasks as mundane and time consuming – but also as vital – to your company as payroll. Today's business that lacks good payroll software is seriously doing itself a disservice, since recent studies estimate that utilizing payroll software can reduce the time your HR department devotes to managing payroll by as much as sixty percent. That's a huge number, and more than enough reason to invest in payroll software. When you add in the fact that payroll errors account for over twenty five percent of IRS fines levied on businesses, the need for payroll software becomes even clearer. There are a few key features and basic steps that you should keep in mind when buying payroll software that will ensure you get the program you need.
Price is the most obvious thing you'll look at when shopping for payroll software, but there are some key points to remember in this area. Very cheap payroll software solutions often provide few features beyond the most basic functions, proving the old 'you get what you pay for' saying. Take the time to look beyond just the basic price and find out exactly what you're getting for your money when you buy payroll software. Also be aware of any hidden fees that could come with payroll software, such as monthly maintenance fees or similar costs.
The features of payroll software, mentioned briefly above, are another important aspect of buying the right payroll software for your company. Basic features include check printing, employee data management, and tax management. More advanced payroll software will facilitate direct deposit, automatic deductions such as child support payments, and even 401k management options. While your company may not need all of these features, each special feature of payroll software will help to boost your company's bottom line in a variety of ways.
Integration into HR software is a vital part of good payroll software. By adding payroll software to HRMS, you can create a companywide database that you can access whenever you need to in order to gain insight into your company's expenses. Many HRMS include good payroll software, while others will allow you to integrate software into them. A final aspect of payroll software you should be aware of is customer service. When errors occur, dealing with them should be as simple and straightforward as possible. This means no thirty minute waits on hold to speak with a representative who knows nothing about your payroll software. Keep customer service in mind when you look for payroll software.
Today there are countless options for payroll software. Keeping the above points in mind will help you find the software that fits your company's needs the best. Unicorn HRO features payroll solutions for your company regardless of its size. From outsourcing options to fully featured and affordable payroll software, Unicorn HRO can give you all the tools that you need to streamline your payroll system and boost profits, reduce errors, and take some of the workload off the shoulders of your already overburdened human resources department.