However large your business is, whether you’ve got a handful of staff or are a larger organisation, payroll is something all businesses should consider. Payroll software will help you manage and process payments to your staff.
Payroll software is a great alternative to manual processes. It automates much of the process, freeing up your HR teams from routine tasks so that they can spend more time on planning, budgeting, and other business-forward initiatives.
Here’s everything you need to know about payroll software, and how it can benefit your business.
Why Use Payroll Software?
- Improved reporting: Automated payroll software provides insights into your business can be used to make critical business decisions.
- Accuracy: Payroll software removes the likelihood of human error. Doesn’t rely on any individual manually paying staff.
- Security: Ensure that staff only have access to the information they need. Easy to audit to see exactly who has done what.
How Does Payroll Software Work?
Payroll software integrates with your core business systems to make sure that your staff receive accurate, on-time payments. Taxes and deductions are calculated for you, and automatic updates help ensure that you stay compliant.
There are several payroll software providers out there, with different solutions to suit different budgets. To get started, you need to decide between two different types of payroll software – on-premise or Cloud-based.
On-Premise Payroll Software
The more traditional approach to payroll software. Here, a company pays for licenses or copy of the technology. This is then installed on the company’s servers and sits behind its firewall. Like other on-premise software, there are a few ongoing costs as well, including licenses, server hardware and IT support – very useful if something goes wrong. You’ll be responsible for the ongoing costs of server hardware, consumption and space.
Cloud Payroll Software
Cloud-bases solutions require you to pay for the licenses you need. That’s it. Your vendor will manage everything else. You’ll get the latest patches and updates, and you won’t need to host applications on your server. If you’re already using cloud solutions elsewhere in your business, such as Microsoft 365, having Cloud-based payroll makes sense.
Attendance and Payroll Integrations
Managing every employee’s daily schedule can take up a lot of time. There is the need to juggle multiple people, know their schedules and know if those schedules are occurring and recorded.
Did you know your payroll solution can be linked with a time and attendance system? Linking to a platform like ACUTEC Attendance is a great way to see exactly how many hours your staff have worked, to provide accurate payroll. ACUTEC Attendance uses biometric (finger or facial) recognition when your staff clock in and out.
If your business has shift-based staff, you’ll be able to see who was working, and when they were. It’s also useful for agreed overtime payments and removes any uncertainty. Or, if you want to cross reference the data with staff’s timesheets then you can easily export data from ACUTEC Attendance and compare.
ACUTEC Attendance can be linked with any payroll provider, so there are no limitations on what you can achieve. Find out what’s really going on in your business.
Payroll Software For Your Business
Payroll software is a great addition for all types of businesses. And combined with ACUTEC Attendance, you can gain great insights into day-to-day activity in your organisation. Want to find out more? Get in touch with ACUTEC today.