4 Must Have Features for Easier Payroll Processing
Managing payroll can be tedious and time-consuming, but it’s a necessary task if you have employees. Finding ways to streamline the process can make it a less onerous chore, and rethinking your current payroll software provider may be the answer.
If you’re looking for ways to make payroll a less stressful part of your business operations, here are four features to look for.
1. Employee self-service
If you ask your employees whether they’d like to take a DIY approach to managing payroll, the answer might be a resounding yes. According to a Paychex survey, 73 percent of workers would prefer to use self-service tools for things like downloading or viewing payroll information and checking their hours, versus contacting human resources.
Adding a self-service component to your payroll system can also make it easier for employees to handle more mundane tasks, such as changing their address, notifying your business of a life status change (like a marriage or birth of a child), submitting time off requests for holidays or sick leave and filing expense reports – taking those administrative burdens off your shoulders.
2. Mobile functionality
There’s an app for just about everything these days, including payroll processing. Payroll mobile apps are designed to coordinate with your payroll software so you can review hours and approve payroll payments from anywhere, at any time with just a few taps on your phone or tablet.
Some apps do even more than that. You may have the added benefit of being able to set up direct deposit for your employees and/or calculate and schedule your payroll tax payments from your mobile device for even more convenient payroll management.
3. Notifications and alerts
You may already use notifications and alerts to manage your business banking activities and they can be equally helpful for managing payroll. If you struggle to keep up with payroll or tax filing deadlines, for example, you can simply set up an alert to notify you when those due dates are approaching.
Alerts can also be helpful in detecting payroll errors. Your payroll software may automatically send out a notification when the information on an employee’s record doesn’t match up with what’s listed on their pay stub. That can help ensure that employees aren’t being over or underpaid.
4. Diverse payment options
Printing paper checks may not be cost-efficient if you’re shelling out big bucks on ink and paper. Writing out checks by hand can be a huge drain on your time. Adding electronic payment options — such as direct deposit or pay cards — into the mix makes paying employees less of a hassle. Using direct deposit or pay cards can reduce the potential for payroll reporting errors and your employees may appreciate being able to access their money faster.
Switching up your payroll software may require an initial investment but think about the potential return. Upgrading your payroll system could save you time and money, both of which are invaluable for growing your business over the long term.