Get a Complimentary Workforce Realignment Feedback Session
What is your 30-day workforce management plan?
As you start to plan for the weeks and months ahead, we would like to help by offering a complimentary Workforce Realignment Feedback Session with our HCM Analytics team.
During this session, our HCM Analytics team will:
- Discuss your current plans for workforce changes to manage the next 30 to 90 days and provide feedback on potential risks and opportunities
- Identify targeted areas where you could potentially reduce your labor costs while minimizing long-term damage
- Suggest key metrics for you to track so you can forecast labor costs better and make earlier interventions
Request your complimentary Workforce Realignment Feedback Session with our HCM Analytics Team.
Payroll System Software: What You Need to Know
Payroll is a necessary but potentially cumbersome, time-consuming, and risky process. Managing payroll is a meticulous task in which even a small error can lead to expensive damages. This is one important reason why many businesses today are utilizing advanced payroll software systems and solutions.
Why Use a Payroll Service?
Managed payroll services are helping many companies streamline their business functions. In the past, HR functions such as payroll were traditionally handled in-house. Now, many businesses benefit by outsourcing payroll to providers of managed services.
Benefits of payroll services include:
- Maintaining control of certain important functions in-house
- Compliance risk management that includes monitoring changes in legislation
- Greater accuracy, so your employees are paid correctly and on time
- Time savings for HR professionals
- Controlled costs of administering payroll
Select a payroll service that suits the business. It should be simple to operate and seamlessly integrated with accounting software while offering mobile accessibility, payroll reports, and additional custom services.
Types of Payroll Systems
Payroll is an essential part of operation forbusiness owners. It’s important to have options regarding how to administer payroll.
Manual payroll calculation means processing payroll by hand. The person performing this function must calculate all wages, taxes, and deductions manually, opening the door to errors that can cost the company in the long run.
The only equipment you need for manual payroll processing is blank checks, a calculator, and a computer or a pen. Yet, whomever performs this function must have a thorough understanding of payroll and tax laws to avoid errors and noncompliance, which can lead to penalties and fees.
On-Premise Installed Payroll Software
An on-premise payroll system utilizesinstalled payroll software on one computer or server at a company’s physical location. On-premise installed payroll software systems will automatically calculate, and print paychecks based on established rates, taxes, and deductions based on data imputed by personnel.
Payroll personnel enter employee timesheets and data into various screens. The programs contain formulas that compute gross and net pay amounts based on the input data. Because this is a one-time install of the software, the HR manager or IT personnel at the company must manually update the software constantly or pay for the hosting company to come out and run updates.
If there are any issues the HR manager or IT personnel will need to install new software which could take hours or days. Alternatively, calling out a software specialist to manage the software could hurt your bottom line.
Payroll outsourcing can reduce compliance risks, save time, and help your company control costs. With this payroll solution, the business hires an external company to handle all aspects of payroll. This can save time and eliminate or reduce the need to:
- Hire in-house trained payroll staff
- Purchase and maintain payroll software packages
- Focus on compliance and updated legislation
Aside from this, outsourced payroll provides various levels of services to clients, somebeing rather negative. A few cons of outsourced payroll are:
- Cost:If you don’t do the correct research when outsourcing your payroll, your company could end up with unnecessary expenses.
- Risk of payroll error:Since your payroll is not in-house when errors occur it will be more difficult to correct these changes in a speedy manner, which could upset employees.
- Increased complications in finding wage and employee information: With an outsourced payroll service, chances are you’ll run into obstacles when trying to find vital employee payroll information.
Online Payroll Software
A secure online payroll software system can make paying your employees easier. Once your employees, payroll, and payroll tax information are set up, you simply enter employees’ work hours, and the software will calculate your payroll for you automatically.This system allows you to print paychecks or use direct deposit to pay your employees. It allows you to keep track of your payroll and adds precision and simplicity to the process.
Online payroll eliminates the worry of errors in payroll. The online automated system completes the calculations for you so there’s no need to stress about any penalties. It’s also customizable, so you can pick and choose the featuresthat would benefit your company’s payroll.
On top of that, online payroll software has a variety of features that go above and beyond. Some of these are:
- Employee overtime, sick leave, vacation time tracking
- Health and pension contribution management
- Hourly workers direct deposit
- W-2 form assistance
At EPAY Systems, we can save you time and eliminate payroll headaches by providing your company with the leading payroll software and payroll processing solutions.
Benefits of Using Payroll Software
Moving from manually doing payroll to using online payroll software can help benefit you in a multitude of ways.
Benefits of payroll software include:
- Control of the details of running payroll, including reports
- Time savings compared to manual payroll
- Ability to generate accurate pay slips
- Tax updates
- Greater security
- Access to payroll data 24/7
- Future planning for staff costs and budgets
- Data storage for personnel records in a secure, easily accessible system
- Ability to link with time tracking software
Cost of Payroll Software Systems
Cost is always a factor in choosing a payroll solution. Business owners want a cost-effective solution that meets their company’s needs. Consider the following when comparing payroll systems for your business.
What Should a Payroll Solution Offer?
The purpose of a payroll solution is to solve current and potential future payroll issues. The solution you choose should offer the features and benefits your company needs, which may include:
- Cloud-based platform with no on-premises installation or maintenance that can be accessed anywhere
- Secure database to ensure confidential storage of employee and company data
- Automatic pay calculation for each employee based on pay rate, overtime, taxes, deductions, and accruals
- Centralized database with a single point of entry to avoid duplication.
- Flexible options to pay employees with direct deposit, pay cards, or paper checks
- Tax compliance services, including filing and payment of state and federal taxes
- Tracking and management of paid time off
- Employee self-service access to pay stubs, tax forms, and PTO balances
- Reporting on new hires for government compliance
- Dashboards and payroll reports for greater visibility into company metrics
- Seamless integration with other business systems
How Is Price Determined by Payroll Solution Vendors?
Pricing for payroll solutions is largely based on the number of employees on your payroll. Several other factors may affect the cost of your payroll system:
- Base pricing: Features such as payroll processing, direct deposit, PTO tracking, basic tax filing, reporting, and employee access to self-service portals are typically included in base pricing. Consider a system that allows for integration of payroll with HR, recruiting, onboarding, and time tracking.
- Pay frequency: How frequently you pay your employees can impact the price of your payroll solution. If you are paying different employees at different frequencies, find out if the payroll solution you are considering can accommodate this variation.
With EPAY Systems, there are no surprises. You pay one all-inclusive, straightforward monthly price.
By now you should understand what a huge advantage a payroll system can be. EPAY systems offers hassle-free payroll software to lift the burden of payroll. Our payroll management services consist of:
- Automatic payroll processing
- Superior payroll and tax accuracy
- Complete garnishment & levy compliance
- Built-in payroll reporting and analytics
- Real-time employee self-service
- Security and permissions
- General ledger interface
EPAY offers a large variety of customized options to make payroll an efficient task such as recurring earnings and deductions, instant void payment options, easy management of multiple state unemployment rates, and much more.
If you’re looking to take the headache out of payroll, watch the 2-minute tour today!]]>