Every business, whether large or small knows the importance of payroll processing. Issues such as delayed payment and inaccurate calculations will put the business in jeopardy. Thankfully, most payroll systems today make use of technology. One of the latest and most modern is a cloud-based payroll system. This solution is more efficient and ensures that a company can complete the processes accurately.
Typically, cloud-based payroll solutions are integrated with HR systems to further improve admin tasks. By combining information and critical data in one area, a business can avoid these payroll concerns:
- Missed deadlines
- Penalty fees for incorrect tax deductions
Moreover, implementing the right cloud-based payroll platform will address common integration concerns.
What to consider when choosing a cloud-based payroll solution?
When comparing and choosing a cloud-based payroll platform, there are several things to consider. The solution being cloud-based, there should be no need for your company to pay for expensive licences. Onboarding and implementation should be easy and simple. The provider needs to guarantee that switching to the new solution won’t consume much time or cause stress to the users.
The next feature to look into is the self-service option. A web-based platform means that employees will have secure access to the portal where they can perform essential tasks. These tasks include checking on their payslips, filing disputes, and the like.
A majority of payroll services today also have built-in analytics. This means there is a dashboard to view real-time data essential for making decisions. This feature is helpful so that managers will know right away what’s happening and take immediate action.
Lastly, convenient payroll platforms should ease auto-enrolment. This is necessary for fulfilling regulatory requirements and other legal obligations. It’s also critical for a cloud-based payroll platform to offer the highest level of security and encryption.
Payroll solution HR system integration capabilities
On the more technical side of things, the payroll system should allow for integration. Examples of related processes include accounting, attendance, and employee performance. Will you be able to streamline it with other admin processes, especially HR?
Vendor support offered
In general, you need to choose a payroll system that will need minimal support from the vendor. But, the needs of a business vary. What’s essential in this aspect is to determine what level of support your business requires. As such, you can decide which vendor is the best match.
What other services can the vendor provide?
Implementing a cloud-based payroll system is an investment. Of course, you’ll want the best value for what you pay. Some providers offer a variety of modules that will ensure you get to integrate the payroll solution into other critical admin processes.
When implementing a cloud-based payroll solution, making sure that it meets the immediate and long-term needs of your business is a must. It’s also vital to consider how the new system streamlines or connects with other vital processes, especially HR. You may want to avoid duplicating functions, not only for increased efficiency but also to reduce costs.