Evaluating Payroll Technologies- Prepare a Checklist
Updated October 6, 2023
Companies are often surprised with the large number of options they are presented with once they decide to upgrade their payroll system. The payroll software on the market today is often a big step up from the manual processes most companies begin with, but just because they’re an improvement doesn’t mean they’re a good solution. If you’re currently considering multiple options for your company but find yourself unsure how to determine which programs are a worthwhile investment, these five “Must-Have” traits should help you get started.
Five Must-Have Traits for Any Reputable Payroll Software
Scalability – Most businesses hope to expand their operations someday, either short-term or in the long run. The payroll system you choose must be able to expand and adapt to the requirements of a growing business; if not, the effort you put into implementing the system will be for nothing because you’ll have to change systems! Therefore, it’s critical that the software you choose can be utilized for years to come. Payroll software that lacks the ability to scale isn’t worth considering for any business.
Easily Accessible – Many payroll systems can be accessed from a variety of platforms, making them useful even if you’re not working on-site. For example, UZIO has a mobile application that allows staff to access important data right from their phone, without needing access to a company computer. Cloud-based payroll software can be accessed from any device with an internet connection, as long as the person using it has the necessary credentials to log in to the system. This is especially beneficial if you employ remote workers since those employees will be able to access their pay records from anywhere in the world. Unlike cloud-based payroll software, desktop payroll software only allows access from computers where the software is installed, which severely limits the benefits of the system.
Integrable – Payroll software like UZIO allows businesses to integrate their payroll and HR systems onto a single platform. This reduces the amount of data that needs to be manually copied from system to system, since the platform can automatically import, export, and update data from department to department. Without this feature, payroll & HR staff will spend hours unnecessarily copying data that could have been done instantly using automated integration. All-in-one payroll software is especially useful during the onboarding process, where information acquired can quickly be integrated throughout the system in real-time.
Multifunction – Payroll and HR software are required expenses when it comes to running a company, but that doesn’t mean you need to accept paying exorbitant prices! Not only can all-in-one platforms reduce your number of bills that need to be considered in the budget, but they also provide a chance to save money, since using an all-in-one system is often cheaper than paying for two separate services. Financial benefits aside, the ability to manage both payroll & HR from a single system is vital, since managing multiple systems is time-consuming and detrimental to the overall productivity of your business.
Secure – Your payroll system contains highly sensitive data such as banking information, social security numbers, and employee contact information. Should this get into the wrong hands, the consequences could cost your business thousands (if not millions) of dollars, open you up to potential legal action, and results in a plethora of fines/penalties for your business. Therefore, security is definitely a must-have when choosing payroll software. Any reputable company should have security precautions readily available for review on their website, and if you contact them directly, a customer service representative should be able to provide additional specifications. Never trust your business to a payroll service provider with lackluster security policies; it simply isn’t worth the risk.
Keep these five “must-haves” in mind when selecting your new payroll software. With a bit of research, testing, and proper implementation, you will quickly start reaping the benefits of a superior system once you make the switch! If you haven’t already, don’t delay; any day is a good day to upgrade your payroll system. Happy hunting!
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