subject: 5 Things To Consider When Choosing Payroll Software [print this page] Growing a business involves careful planning and many different things to consider. One of the most important considerations will be deciding on the type of payroll software to purchase. This decision will depend on the needs and size of the organisation. Here a few ideas to consider when looking to purchase your software:
- Budget how much you're willing to pay for the software. The number of employees will help in deciding this factor. Decide if the cost of using an outside payroll service will out-weigh the cost of having the software installed and doing it in-house. - Electronically filed taxes for the organization. Software with this feature is usually a good purchase. This will allow taxes to be filed electronically on time and with the minimum of fuss. - The training of a designate employee to process payroll. This person will collect and enter the employee payroll and data into the system. - Purchasing payroll software will give you more control over tracking information needed to make changes easily and quickly. - This software also offers security if done by the organization. Employee information can be kept confidential with only the designated personnel viewing the data when needed.
Good quality payroll software should give you the flexibility of generating various reports to keep track of overtime, vacation time, payroll deductions, etc. It should also allow you to give you the option to customize the system according to your needs. The best software is always the one that allows to input lots of information about your business so that the software becomes a tool that uniquely useful to your business.
Assess whether there is an advantage for your company in using payroll software. Know if it would be cheaper to continue using an outside organization versus purchasing one of your own. If payroll is completed manually, assess whether it would cut down on errors and be a time saver for you. If the number of employees for the organization will be expanding in the coming months, you may decide that this would be a good business move.
This system can be an asset and a good investment for the company. Increasing costs of having an outside firm control your payroll can become very expensive when the organization starts to grow. Also, with the growing concerns of identity theft, this would keep your employees' information secure with the knowledge of knowing who is handling the system.
