Whatever type of business you have, if you’re employing people, you need to pay them. The size of your business determines who prepares the payroll. Payroll processing is not a simple task. It includes computing how much tax the employees need to pay the government. Your company has to deduct the payroll tax every time you pay your employees. The payroll tax is sent monthly to HMRC (Her Majesty’s Revenue and Customs).
But why would you want to do the tedious task each month, when you can have a faster and more accurate way to process your payroll? You can find payroll solutions that will perform all the tasks related to payroll processing, and even link them to your timesheet recording, generate reports to help analyse staff cost, and store personnel records.
Features to look for in a payroll solution
Each business has its own needs, thus an off-the-shelf payroll solution is not recommended. You must be able to configure the payroll software you will get so that it will fit your requirements. It is also vital for the payroll solution provider to provide you with support and technical expertise as you implement the program.
Here are the features you need.
- Easy implementation process. The payroll software provider must provide you with all the details you need to know to implement the program. They will take care of the technical part while you provide them will all the company data they need to build the payroll system. They need department names, employee information, job classifications, and deductions.
- Excellent user experience. You should expect the payroll solution easy to use and access 24/7. This aspect is very important to managers and employees. The solution to choose should be intuitive and easy to navigate, with features that will help everyone find the information they need. The program should be easy to integrate with your existing systems.
- Integration. The perfect payroll solution for you can integrate your company’s time, HR and payroll systems. This will eliminate duplicate entries because you can now have a single source of employee data.
- Employee access. A payroll solution should think of the aptitudes and needs of your employees. They should be able to check their pay stubs, schedules, and balances of their paid time off easily, and do it even on weekends.
- Filing payroll taxes. Compliance with government regulations is vital. With a robust payroll solution, you can quickly calculate payroll and deductions, create pay slips, and send payroll taxes to HMRC. The software should be able to print P60, P11D and P45 for your employees when needed.
- Generating reports. One of the best features of a modern payroll solution is the capacity to generate various reports. You might want to assess the total labour costs of your company by location. You can make reporting faster and easier if you choose a payroll solution provider that stores your data in the cloud. The data you generate will not overload your servers and access to your company’s information will be quicker.
You are thinking of using a payroll solution to ensure that your payroll system will speed up the process while eliminating errors. Choosing the right solution from the right provider will give you that and several other features that will benefit your business.