Modern, cloud-based payroll services offer business owners a way to save valuable time or money on outsourcing expenses while completing the necessary chore of processing payroll. Cloud-based payroll software allows a business owner to calculate employee paychecks and keep track of all payroll-related data.
A cloud-based payroll solution is convenient for small business owners in particular. There are numerous offerings available on the Internet, but it's important to keep in mind that not all payroll services and solutions are created equal. Choosing one with the right mix of features and ease of use is tremendously important to avoid future headaches, especially at tax time. Above all, selecting a new payroll provider is just stressful. It can be hard to ensure your payroll solution aligns with business goals.
How to Choose the Right Payroll Service & Provider
While the first step may be to figure out if you have the right payroll solution currently in place, you need to keep the following things in mind when looking for a new payroll provider and ensure that whatever payroll service you select includes all of the things that every modern, cloud-based payroll solution should feature.
Find a User-Friendly Payroll Solution
Most employers out there, believe it or not, are not computer wizards. There is a good chance that you aren't either, and so a complicated payroll solution or service will only end up making your productivity and ROI worse. Simple payroll solutions also help prevent payroll fraud as well.
The ideal payroll solution should be user-friendly. Employers should not need an accounting or software design degree to operate the system. Entering company and individual employee data when processing payroll should be hassle-free, as well.
Every payroll solution should allow for varied payroll periods and a combination of income sources, plus features like deductions, regular taxes, employee benefits, and any specific local taxes. The solution should also be able to accommodate commission and tips in its calculation options as well. This is why cloud-based payroll is so much more important for small and medium-sized businesses.
Ensuring that a cloud-based payroll service is the right one is as simple as employers understanding their own business needs, and how their business operates. If the payroll solution that you are considering can't accomplish a task that you need it to, or you simply are unsure if it can handle the work, you should probably look at an alternative payroll solution.
Find a Payroll Solution that Helps with Tax Compliance
Some of the features that payroll software should include are built-in, up-to-date federal and state tax tables. It is also helpful to find a solution that includes automatic calculations of federal withholding tax, social security, Medicare tax, and employer unemployment taxes.
The capability to print out employee W2s is equally beneficial, as is the ability to generate W3s.
Find a Payroll Solution that Integrates with Time & Labor Software
A payroll solution that interfaces with your timekeeping software, solution, or process is a benefit that cannot be overstated. It will help you better manage labor costs and save you time spent on payroll. This is especially useful when tax time rolls around.
Although some small business owners do not mind writing out payroll checks manually, the ability to print out computer paychecks is a valuable option to have included in the payroll software. Report generation is another valuable tool.
The easiest way to accomplish this is to purchase a modern, cloud-based time & labor solution to go along with your payroll solution. Alternatively, employers may want to opt for a complete HCM solution suite, so that not only will they be able to optimize payroll and timekeeping, but things such as HR solutions, Talent Acquisition, and more.
Find a Payroll Solution that Makes Processing Payroll Simple
Setting up your payroll solution should not be complicated in any way. When it comes time for your business's first regular payday, processing payroll should only take minutes. Gone are the days of taking a few hours to process payroll.
Employers should be able to simply enter the hours worked for each employee, click "calculate," review the data for entry errors, and then hit "print". The only "complicated" part should be making sure they bear any required signatures and distribution of the paychecks.
Final Thoughts on Choosing a Payroll Service & Provider
Payroll is crucial to your business. Even employee engagement starts with payroll.
If you don't want the hassle of searching for the right payroll provider for your business then don't worry. Our cloud-based payroll solution is the right fit for any business, all part of a complete HCM suite. To see how Inflection HR is already helping countless businesses with processing their payroll and beyond, contact us today.