What You Need to Look for in Payroll Software

Enrique Estagle

22 September 2017    |   

Payroll software takes away the hassle of manual calculation of each employee’s pay. It drastically cuts down processing time and errors, which means that your staff always get paid for the right amount at the right time. A quick Google search for “payroll software” shows that there are tons to choose from. But what exactly should you look for when choosing a payroll system for your business? Here are some of the items you need to consider before buying: Easy to Use The reason why you’re buying payroll software is to make things easier for you. That’s why, first and foremost, it has to be easy to setup and use. It should have a convenient method of adding information to the software and it shouldn’t be confusing to use. For added convenience, consider purchasing cloud-based payroll solutions over traditional, desktop-based software. They allow you to access your account via the internet anytime, anywhere, on any device — including mobile. Some cloud-based payroll software also offers an employee portal, which lets your staff see how much they are earning, as well as other important info. Secure Payroll software handles a lot of sensitive information. Needless to say, it has to be secure. If considering a desktop-based solution, make sure that it encrypts the data inside the computer — although you might have to take additional steps to further secure the computer itself. Also, make sure that it has password protection and permission levels. While cloud-based payroll software takes away most of the stress of securing the data on your end, make sure to ask how they are properly safeguarding your data on their servers. Make sure that they connect to you on a secure layer (ex. the address starts with https instead of http.) In addition, find a cloud-based payroll software that uses a secure password and two-factor authentication. Scalable Every business wants to grow. And your payroll software has to be ready to handle a growing number of employees. It has to handle multiple sites at the same time, accounting for each site’s different requirements. Handles Taxes and Benefits Payroll isn’t just about calculating employees’ paychecks, it also handles their taxes and other benefits. Whatever payroll software you choose, it must be able to accurately calculate deductions for tax, social security, healthcare, and other benefits such as 401(k). In addition, it must be able to update itself whenever new rates are released. Reporting and Cost Tracking Whatever payroll software you select, make sure that it automatically generates reports for you. It should show you important information such as individual paycheck history, deposit detail, deduction history, and more. In addition, it should help you track overall costs to help you manage each cost center. Back Pay Support Calculating and settling former employees’ back pay is very tricky. Make sure that the payroll software you’re purchasing can handle back pay on your behalf, ensuring that it is settled quickly and accurately. Integration Being able to work seamlessly with other programs is a big plus for a payroll software. Check if it seamlessly integrates with your accounting software, your enterprise resource planning (ERP) platform, and other programs. This allows you to have a bigger picture insight on your business with data exchanged across these solutions.   Tanda works well with the world’s leading payroll software, whether they are cloud-based or desktop-based. Its payroll integration feature it exports approved timesheets with gross wage calculation straight to your payroll software with one click. This means that it can further cut down your payroll processing time from hours down to minutes. Click here to find out which payroll software works with Tanda.

Payroll software takes away the hassle of manual calculation of each employee’s pay. It drastically cuts down processing time and errors, which means that your staff always get paid for the right amount at the right time.

A quick Google search for “payroll software” shows that there are tons to choose from. But what exactly should you look for when choosing a payroll system for your business? Here are some of the items you need to consider before buying:

Easy to Use

The reason why you’re buying payroll software is to make things easier for you. That’s why, first and foremost, it has to be easy to setup and use. It should have a convenient method of adding information to the software and it shouldn’t be confusing to use.

For added convenience, consider purchasing cloud-based payroll solutions over traditional, desktop-based software. They allow you to access your account via the internet anytime, anywhere, on any device — including mobile. Some cloud-based payroll software also offers an employee portal, which lets your staff see how much they are earning, as well as other important info.

Secure

Payroll software handles a lot of sensitive information. Needless to say, it has to be secure. If considering a desktop-based solution, make sure that it encrypts the data inside the computer — although you might have to take additional steps to further secure the computer itself. Also, make sure that it has password protection and permission levels.

While cloud-based payroll software takes away most of the stress of securing the data on your end, make sure to ask how they are properly safeguarding your data on their servers. Make sure that they connect to you on a secure layer (ex. the address starts with https instead of http.) In addition, find a cloud-based payroll software that uses a secure password and two-factor authentication.

Scalable

Every business wants to grow. And your payroll software has to be ready to handle a growing number of employees. It has to handle multiple sites at the same time, accounting for each site’s different requirements.

Handles Taxes and Benefits

Payroll isn’t just about calculating employees’ paychecks, it also handles their taxes and other benefits. Whatever payroll software you choose, it must be able to accurately calculate deductions for tax, social security, healthcare, and other benefits such as 401(k). In addition, it must be able to update itself whenever new rates are released.

Reporting and Cost Tracking

Whatever payroll software you select, make sure that it automatically generates reports for you. It should show you important information such as individual paycheck history, deposit detail, deduction history, and more. In addition, it should help you track overall costs to help you manage each cost center.

Back Pay Support

Calculating and settling former employees’ back pay is very tricky. Make sure that the payroll software you’re purchasing can handle back pay on your behalf, ensuring that it is settled quickly and accurately.

Integration

Being able to work seamlessly with other programs is a big plus for a payroll software. Check if it seamlessly integrates with your accounting software, your enterprise resource planning (ERP) platform, and other programs. This allows you to have a bigger picture insight on your business with data exchanged across these solutions.

 

Tanda works well with the world’s leading payroll software, whether they are cloud-based or desktop-based. Its payroll integration feature it exports approved timesheets with gross wage calculation straight to your payroll software with one click. This means that it can further cut down your payroll processing time from hours down to minutes.

Click here to find out which payroll software works with Tanda.

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The next stage in retail evolution?

The advances in credit card technology and the creation of the of the electronic payment terminal in 1982 revolutionized payment processing for businesses around the world. It leads to better cash flow management, and an increase in sales processing efficiencies, ultimately influencing customer spending behavior. Over the years the technology has developed, and advancements like contact-less payments, NFC, and card-free payments have emerged. However the next technological wave of retail evolution is upon us, and it’s time for businesses to dive in head first. Cloud software has been the latest revelation in technical advancements. POS, Payroll and Workforce Management, the list could go on. While each of these individually represents a leap in innovation in their own right, the true value lies in their interconnectedness. On one level integrating Workforce Management software and Payroll software makes sense. It’s practical, efficient and creates order in what can potentially be a frustrating and time-consuming process. However, integrating POS and Workforce Management software goes further as it enables the user with the ability to make smarter decisions, such as: 1. Create schedules with the right amount of staff every time Ever look at the store to see staff twiddling their thumbs or a huge line at the checkout? Welcome to the complex world of accurate shift management, where you’re either increasing your staffing expenses or losing potential revenue. But, it doesn’t have to be this way. By integrating your scheduling system and sales data, you can make smart decisions to have the right amount of staff every time. 2. Make decisions in real time Thought you were going to be run off your feet this week, only to find that sales are slowing and business is quieter than expected? Once you’ve integrated your sales data into your scheduling system, you can make real time decisions on staffing levels, rather than reviewing at the end of each month. Track your revenue and wage percentage costs in real time, so you can alter and adjust the roster as the day or week changes. Of course, all your staff is immediately notified of changes, so everyone’s kept in the loop. 3. Be future oriented, move your business forward Stop looking backwards at last week’s schedules, timesheets and payslips to make next week’s decisions. Workforce Management software has come along way from the paper schedules and timesheets. It’s now possible to not only forecast future costs, schedules and staff requirements but also automate the entire scheduling process with cognitive scheduling software. The rise of internet shopping and retail giants like H&M and Zara means that traditional ‘brick and mortar retailers’ need to be using every edge possible to stay competitive, relevant and front of mind for customers. Businesses that fail to embrace technology as a tool for success, are likely to struggle under the weight of the world that is rapidly embracing a more digital and connected world. How many times have you walked into a store, only to find that you can’t be served because the company is understaffed? While the economic benefits that come from an optimized roster are apparent, the value that comes from roster optimization is expressed tangibly on a daily basis through customer service and customer retention. According to customer experience research conducted by thinkJar’s Esteban Kolsky, 66% of consumers who switch brands do so because of poor customer service and 85% of this customer churn could be prevented. Kolsky also notes that attracting customers is an expensive exercise costing businesses approximately six to seven times more to attract new customers, rather than retain existing customers. Building on this, further research shows that you’re 14 times more likely to sell to an existing happy customer than a new customer. It is therefore essential that retailers are providing the best customer service experience, to ensure customer retention. Businesses that optimize staffing rates for peak sales periods, will have the correct staff to customer ratios, creating efficient and favorable customer service experiences, resulting in higher customer retention rates. For traditional retailers, customer retention is paramount, as it not only ensures business continuity but also becomes a significant channel for acquiring future customers. Differentiating your business through excellent customer service and optimized staff efficiency, not only provides the competitive edge but also allows for financial stability and security as you can confidently make future oriented decisions to grow your business both financially and professionally. POS software integration is the next step in retail evolution. Like the payment terminal revelation before it, POS data integration will change the way businesses operate and what it means to be a traditional business in a digital world.

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About the author

Enrique Estagle

Enrique was the former editor-in-chief of Tanda's Blog.

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You Can Now Copy Schedule Templates with Tanda

We created Tanda with the goal of simplifying the way you make your business’ weekly schedules. From pen-and-paper or Excel spreadsheets, Tanda’s scheduling software lets you build schedules quickly and accurately. It lets you drag and drop shifts to your pre-set templated schedules. It also lets you see how much your schedule is going to cost […]

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The next stage in retail evolution?

The advances in credit card technology and the creation of the of the electronic payment terminal in 1982 revolutionized payment processing for businesses around the world. It leads to better cash flow management, and an increase in sales processing efficiencies, ultimately influencing customer spending behavior. Over the years the technology has developed, and advancements like contact-less […]

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