Let’s be very clear, we aren’t going to name any Payroll software in this blog. You may raise a hair or two wondering as to why we aren’t? Well, that is because different businesses have different requirements and it just isn’t fair to manipulate any of you into buying one. So, consider the heading a click-bait to get you here but we promise you won’t regret it.
In this blog, we talk about things that make a payroll software the best according to your business needs. Let us begin.
- Automated inputs-
Is a software even of much use if the inputs cannot be automated? Automation should be the prime measure. If a payroll management software cannot fetch the arrears, overtime, paid leaves data it is almost of no use. Inputs, calculations, and running payroll, in short, should be a matter of a few clicks and nothing more than that.
- Free from errors-
F&F, leaves, arrears, overtime, incentives and everything else should be taken into account by the payroll software on its own. A tax calculator is also quintessential. Also, the salary structure should be easy to configure and editable according to the industry standards. You can easily remove and add basic allowance, PF, conveyance, bonuses, medical insurance etc.
- Compliance-
Don’t forget to check with the vendor if the software can keep up with the changing statutory laws. There are software in the Indian market that take compliance very very seriously and work on inculcating the change soonest possible, hunt for them. That is why it is advisable to choose a cloud-based payroll software for your business.
- ESS-
A payroll software that lets the employees access and apply for various things related to payroll is a bliss in disguise. The employees should be able to download their payslips, Form 16, and other documents. This boosts employee satisfaction and engagement indirectly. Basically, if a payroll software is able to make the life of employees including HR easier, it should be preferred.
- Email Intimations-
Apart from biometric integration, payroll requires the employees to apply for dates and for the managers to approve it. The leaves can be applied in advance or later. However, it takes time for them to get approved. Employee and employer, both don’t usually find time to check their accounts daily. So, it is in your best interest to make sure the employee and employer get notified whenever the salary is being processed, the leaves have been approved or a request has been created for the same.
- Calculator- There are many calculations that the calculator in the payroll software should be able to do. IT & TDS, PF, ESI and PT, the calculator should be able to calculate them all. These are something that every organisation that is looking for payroll automation would need. For instance, you may look over the ESS part for once but not the calculator.
- Reports-
Payroll is crucial for everyone in your organisation including you. So, look at the reports a payroll software is able to generate. There are many sorts of payroll reports like Salary YTD, reimbursement payslip, salary register, attrition rate and statutory report etc. All of these and many more come under one comprehensive payroll report.
Know in advance what the payroll report includes. Otherwise, any software vendor will be able to beguile you. That way, it will become easy for them to make you believe their software is the best with just a word “payroll report”.
The Way Ahead
Also, apart from the aforementioned points, you should check the pricing plans. You may find a bunch of payroll management software offering every feature mentioned above. However, there are still certain things that make a world of a difference. Few of such things are quick implementation, impeccable support, easy integration and a User interface like no other. Never ever compromise on these three.
We hope you are now in a better position to identify a payroll software that aligns with your immediate requirements and is prepared to serve your advancing payroll needs in the future. Remember, you may be a small business right now, eventually, all of it will grow.
All the best!
After all, making a payroll software choice ain’t no joke.
