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Monday, November 15, 2021

How to Shortlist Payroll Software for SMBs

When you have finally embraced payroll software, or at least begun investigating what it has to offer, you’re just getting started. The benefit of having payroll solutions readily available means that you have a lot of different options from which to choose. You don’t have to sort it all out on your own, though. In this guide, we’ll cover all the tips and insight that you need to help you shortlist your options and get started with small business payroll software sooner. 

First up, start your search by looking exclusively for payroll software for small businesses. Enterprise-level products and systems made for larger corporations aren’t capable of handling the unique needs of SMBs, so you want to stick to solutions that can. Payroll systems come in all sizes and can be scaled to your exact needs, so that’s going to make it easier for you to get what you need. 

Five Must-Have Features

Next up on the list, you will want to check the features of each payroll software solution. Although everyone has slightly different needs, here are five features that will guarantee that your shortlist is on point. 

Payroll Tax Management:

Another hassle in the world of payroll, as in most places, is tax management. When you choose a professional payroll solution, you want to be sure that it includes tax document creation, filing tools, and management features. When you’re dealing with employees and small business tax services, you cannot afford to miss a single step. With the right small business payroll software, however, you can ensure that everything is handled with little oversight on your part.

Time Off Tracking:

Any good payroll system will include tracking tools for hours worked and things like paid time off, sick time, and other hours or time that people accumulate. Being able to track this automatically eliminates the risk of human error and holds everyone accountable to monitor and manage their own time off. Plus, when someone wants a day and they don’t have it available, you don’t have to be the bad guy. 

Employee Documentation and Communication:

Yes, the payroll solution that you choose will streamline things for your payroll department and business overall. However, it should also make things easier and more accessible for your employees. That includes offering tools for employee communication and document storage and access, including things like paystubs, W-2s, 1099 forms, and more. 

Compliance and Integration:

While it mostly goes without saying, payroll systems are held to a higher standard than other software. There are compliance requirements and regulations that need to be followed, including when it comes to integrating a payroll software system in your small business. You should never work with providers that don’t offer compliant solutions that integrate securely.

Again, there are countless features that will make up a solid payroll software system, but these are the elements that will be most helpful to your small business. That’s what makes them must-haves. 

What about Reporting?

Reporting tools are helpful, too. Although most of the platforms out there include reporting features with customizable options, there are some that might be limited in their offerings. Reporting allows you to keep an eye on your payroll, monitor how your new system is working, and make sure that you’re not spending too much on overtime, onboarding, and other expenses. Plus, the reports are generated in real-time or can be created for certain periods of time, so they’re an invaluable tool. 

The bottom line? When you’re shortlisting payroll software, you need to dig right into the features that you’re getting. Other factors, such as cost, are going to be involved in your decision but your shortlist should be more about what is going to help your business better manage payroll, regardless of the cost.

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Kiara Dawson
Kiara Dawson comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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