A payroll software helps you to achieve digitization in the HR department in the most effective and efficient way. A recent statistic depicted that the global industry size for Payroll Software is expected to reach $ 8 billion, by 2023.
So, if you want to know more about the payroll software, this article is just for you.
What is Payroll Software?
When it comes to your employees one of the most important things that keep their motivation alive is the remuneration they receive at the end of every month. So, it is always important and beneficial for the company to maintain all the data, electronically.
This means, you will not only have a records maintenance application, but it will also be backed by a computation module. All you have to do is feed in your employees’ data, their base salary, allowances, perquisites, leave data, etc., and the software application will take care of all calculations, payroll slip creation, etc.
A Payroll Software also helps you to calculate the employees’ salary, and if you maintain your attendance electronically, it will also calculate the salary that needs to be deducted. This is the reason why many of the corporate houses use a payroll software, as its automation makes things quite easy for the HR team.
So, if you are planning to subscribe to a payroll software, you need to check the following factors.
1. It Must Be Easy To Use For The Employees
Whenever a business decides to invest in any software application, they need to check the compatibility of the software with the employees. You must always prefer a software that has an easy-to-use interface so that the employees can access it without any extra training. The ease of use will result in easy adaptation and seamless shift to a modern working process.
To analyze the usage, it’s always wise to ask for a demo before subscribing to the software application.
2. The Workflow Of The Software Has To Be Simple
For any software application to do wonders, understanding the flow of functions matters a lot. Thus, always go for a software that requires lesser inputs and the working algorithm helps with computation.
If you have a different remuneration model than the industry standards, make sure the software application understands it. Many companies make the mistake of rushing into the software, and that is where they make a huge mistake. Hence, knowing the entire functionality and workflow process, and showing it to the employees is the first step before choosing any software application!
3. The Vendor Should Provide a Technical Support Team
For any software application subscription to work brilliantly, you need to ensure that they have a technical support team that can help you through all the complaints.
If the providers don’t have a support team, then, you are probably flushing your money down the drain. A technical support team helps you prevent any exploitation of the software.
If the software has crashed, or a function stops responding, you need active consultation to prevent any loss of data.
4. The Payroll Software Has To Be Cloud-Enabled
In the last decade, there has been a steady rise of cloud-enabled software application and architecture. Starting from our pictures and videos being backed up on the clouds, to almost everything that is there, the cloud is the future of data storage.
Hence, it is imperative that the payroll software should also be cloud-enabled. It will help with the proper synchronization of work and the data will be easily accessible from anywhere.
Are you on the move, and need a quick view of the data? The cloud feature will help you with unprecedented access. Plus, if you lose the hard drive with the data in it, you don’t have to worry as the cloud will have a backup, and there will be no actual loss of data.
5. It Has To Be Mobile-Friendly Software
Majority of the software applications these days boast about multiple avenues and dashboards. This means they come with a mobile application, desktop application as well as a web dashboard.
This feature is important as most of the employees prefer the ease of access, and the multi-dashboard feature helps with it.
Over to you…
According to a survey, the Global Payroll software application market is expected to grow at CAGR of 9% between 2017 and 2023. So, if you are planning to invest in one, this might be the best time for it!
