7 Payroll Software Must-Haves For Your Small Business
If you’re reading this article, it’s clear that you are a small business owner and that you have decided to upgrade your business by investing in payroll software. There are many payroll software available in the market that offers complete payroll solutions for all business needs. Some software has a standard configuration preset for all businesses while some software offers customizations according to the business needs.
Buying payroll software at an early stage helps in easy acclimatization to the business requirement. That’s why it is advisable for business owners to select a payroll software early on in the lifecycle so that moving ahead it becomes seamless in the organization.
With a vast sea of payroll software choices available, fishing out the one for your small business may seem daunting at first. To make it easy for you, here’s a breakdown of the must-haves your payroll software should house. Anything above these is a bonus but this needs to be the absolute check-list for standard payroll software for your small business. The one that ticks all the boxes of prerequisites is the one for you!
1. Customer Support
A sale does not end when the invoice is paid, it ends when a service is provided in the time of need. While selecting a payroll software from any company, do ensure that their after-sales service is on par.
There should always be technical service personnel available to help you out with the software if you get stuck. The stronger customer support, the more reliable the service provider is.
2. Integration with Existing Apps
Never choose a payroll software just because it offers complete payroll solutions. Most of the time those payroll features are not even required. Also, it is important to check that the payroll software communicates effortlessly with existing HR and accounts modules. Payroll software should ideally mingle with the database. Some payroll providers offer complicated payroll software that in the future leads to major back-end overhaul to accommodate the needs of payroll software. This should be avoided at all costs.
3. Free Trials
To ensure that the above-mentioned criterion is met, a free trial is highly suggested. Look for a payroll software provider that offers free trials of the software. This enables you to check if the payroll software you are planning to buy works well within your organization. A free trial also helps in assessing needs you did not know about beforehand so you can include those features in the final version of the payroll software that you ultimately buy.
4. Automatic Features
In this era of automation, why should your payroll software be manual? While few features need to be handled manually, most of the payroll software now comes equipped with automatic functionalities like tax filing, direct deposits, updating tax rates, and many more. More the automation, the lesser the human interference in the payroll process.
5. Security and Backup
When payroll software takes care of the finances, it becomes crucial to safeguard it from prying eyes. Payroll software must have authentication features so that it is accessible only by a handful of selected employees. In the case of a security breach, the payroll software should warn the owner by throwing some alerts. There should also be a facility for an automatic backup of data so that nothing is lost if a breach happens. Securing the payroll software is a dominant factor to consider.
6. Report Generation
Effective payroll software is the one that churns out timely reports and statements. Some of the payroll reports that are required from every business are W2, W3, SUTA, FUTA, wage summaries, employee earnings, Forms 940, 943, and 944. Payroll software that processes these reports without any complications is the one you should aim for.
While these features and functionalities are important to have in your payroll software, they should not increase your budget. Always make sure that the payroll software you end up buying is within your budget and does not have any unnecessary features that you need to pay to access. There should be no hidden costs attached to the final version of the payroll software. You get what you pay for.
A small business will flourish in leaps and bounds with the right payroll software by your side. With this helpful list of must-haves, you can now pick out the one that provides complete payroll solutions without making matters complicated. UZIO is one such provider that purveys accurate and hassle-free payroll software to suit all your small business needs.