Every business owner knows that payroll is a necessary part of operations. However, that doesn’t make managing or completing the task of payroll any easier. Fortunately, there is a way to simplify your organisation’s payroll process: enlisting the help of payroll software.
Just because payroll is complex and challenging doesn’t mean you can’t simplify the process. There’s a wide selection of different payroll software choices available. Moreover, each software can provide you with helpful tools. Whether you’re a small business with few HR resources or a large, longstanding organisation, payroll software can help you upgrade your payroll procedures in a positive way.
VectorKnight / ShutterstockThe Benefits of Payroll Software
If you haven’t used payroll software before, you might wonder if it’s worth its price. There are plenty of different ways payroll software can help your company. From making payroll a seamless, efficient process to offering increased control and security, the right software can offer numerous benefits.
Benefits of payroll software include:
- Assistance at an Affordable Price: Many payroll software services are now available for an affordable monthly fee. As these programs have become more common, they’ve decreased in price.
- Full Control Over Payroll: Instead of relying on multiple people to complete payroll, the software can give you more control over wages, taxation, and accurate reporting each pay period.
- Increased Data Security: If you’ve been outsourcing your payroll, you’ve put important data in other people’s hands. With payroll software, you’ll have all of that information in one secure place with added online protections.
- Improved Efficiency: Payroll software can speed up the entire payroll process. This software automates much of the manual work involved in payroll, which saves you and your employees time.
- Fewer Errors: Because much of the payroll process becomes automated with software, errors are less likely to occur. You can reduce the odds of mistakes happening on paychecks, taxation, and critical reporting.
You may discover that enlisting the help of payroll software also increases your team’s overall efficiency. By automating some aspects of the process and reducing errors, your employees will have more time to focus on other tasks beyond payroll.1
The Best Payroll Software Suppliers
In your search for the best payroll software, you’ll encounter many different options. So, it’s a good idea to start looking at some of the top choices. This will help you understand the wide range of benefits that can come with payroll software.
Xero
Xero is a user-friendly accounting software that can help you with payroll and so much more. It includes plenty of great features, such as:
- Reporting;
- Invoicing;
- Timesheet submission, and;
- An employee portal.
You can utilise Xero for payroll and have employees submit all their information with ease, which simplifies the process of tracking work hours, paychecks, and holiday pay. You can integrate Xero with other business software, like Boomr. Plus, it’s HMRC approved, so it will keep you up to date with the latest legal requirements.2
KashFlow
Designed for medium to large organisations, KashFlow is one of the UK’s most popular choices for payroll software. It’s a completely comprehensive software. In fact, KashFlow allows you to add unlimited users on both the employee and company sides. Moreover, data can be automatically processed at set intervals.
KashFlow provides hassle-free accounting services, including bookkeeping. Plus, its payroll services simplify every aspect of your business’s payroll process. Perks include:
- Automatic pension enrollment;
- Automated tax and benefits calculations, and;
- Automated payslips.
BrightPay
BrightPay is a standout payroll software loaded with plenty of features.
It’s like a one-stop shop for absolutely all of your company’s potential payroll needs. Its user interface is clean and easy to understand, so it’s very intuitive as you work. Plus, it can be used to set up payments at any interval, export data and forms as needed, and even track holidays and holiday pay. From automating the payment process to auto-creating forms and custom deductions, you can perform any payroll task.
BrightPay includes a self-service portal for employees, which is equally easy to use. This portal offers services like leave requests, payslip history, and the ability to link with Microsoft Office.3
Shop Around to Find the Right Payroll Software
In order to find the right payroll software for your business’s needs, you’ll need to shop around. When shopping around, it’s important to consider and compare a few different payroll software providers to determine which offers the best value and features for your company.
As you search for and compare various payroll software providers, make sure to consider:
- The cost, and whether it’s charged once, annually, or monthly;
- How the software handles taxation;
- If the software offers any guarantees or protection against potential errors;
- Whether or not the software is able to handle pensions;
- How much customisation can be done via the software;
- If multi-user access is available for your entire team to access the software;
- Customer support and how that support is available if needed, and;
- The software’s data security, including where data is hosted and if it is compliant with government regulations.
From there, you can compare each payroll software and assess the benefits or disadvantages. Make sure to take the time to search for multiple options. You’ll know you’re choosing the right software for your business if you do your research before settling on a single payroll software.