Payroll administration is never simple, and neither is finding payroll software that matches your workers and your organisation. Payroll is the backbone of your employee experience, ensuring that your workers get paid on time, receive pension information, and receive the proper HMRC compliance papers, such as P60s.
When anything goes wrong with your payroll system, it has repercussions across your entire company. Time-consuming payroll error corrections make you question whether outsourcing your payroll services to a variety of payroll providers is the best solution.
There is no such thing as a one-size-fits-all solution when it comes to payroll software. So, when selecting the proper payroll software, there are a few things to look for to guarantee the smoothest payroll services that are tailored to your company.
When it comes to payroll software, what payroll processes should you look for?
While there are numerous payroll software options on the market, deciding which one is right for you may be difficult. The payroll software you need will be determined by your company’s needs.
Payroll outsourcing is certainly an option for small enterprises and can be handy, but it may be expensive, especially as your company expands. We may be biased, but we believe that an in-house payroll system is much superior, especially when it is integrated with your HR system and procedures.
So, what services should you look for when choosing a payroll software?
A Single Platform for Software
A single software platform is a cloud-based, all-in-one system that enables HR and Payroll to work together seamlessly. Unlike an integrated system, a single solution enables HR professionals to readily access all of the employee data they need to transfer into payroll.
While an integrated HR and payroll ‘solution’ may offer faster communication and shared data, in fact, you’re singing from two distinct songbooks.
A Payroll Process That Saves You Time
Automated payroll software relieves your payroll staff of time-consuming and tiresome administrative procedures. Using a single, cloud-based platform to handle these operations, from payslips to payroll tax and new-hire onboarding to employee offboarding documents, enables your payroll professionals to manage these processes without the extra paperwork. Payroll paperwork just has to be uploaded once, reducing the amount of miscommunication between departments.
There will be less misunderstanding, fewer errors, and less time spent correcting errors.
A Payroll Software That Encourages Collaboration
HR and Payroll are the foundations of every company, and selecting a payroll provider that allows for optimum, automatic, and simplified communication is a key element to look for when evaluating payroll software. HR and Payroll operating operations are streamlined and concise using a single platform payroll software. There is no possibility of duplication or miscommunication since all departments have access to the same information.
Employees benefit from self-service access to their data, which is even better. This implies that if an employee has to modify their bank account information or personal information, they may do it without having to communicate with anybody else. Because of our cloud-based technology, all required departments may see real-time data updates.
Employee Lifecycle Management
It’s simpler to manage the employee lifecycle from end-to-end with a single payroll software platform. Unified HR and payroll can be especially useful during the recruiting and onboarding process, since you can move your new hire’s information straight from your ATS into the payroll feature, ensuring that no information is lost. Streamlining the onboarding process between HR and Payroll results in an 82 percent increase in new recruit retention.
Employees are happier when there are fewer payroll errors
When it comes to your employees’ payslips and wages, choosing a single platform payroll provider means fewer errors.
Poor payroll is one of the most common causes of employee dissatisfaction, sowing the seeds of mistrust and distrust in your organisation. Having the finest payroll software available may help to mitigate this.
Payroll systems like XCD‘s allow you to handle payroll up to 50% quicker, which means you can pay workers quickly and issue payslips using an automated payroll system. Poor payroll services for your workers are a thing of the past thanks to a lack of data input mistakes and automated computations.
Find HMRC and GDPR-compliant payroll service providers
Payroll service providers with a single database provide greater security and safety with your employee’s data since payroll handles the most sensitive and personal data for each employee.
There is a danger of data leaking across databases when employing an integrated payroll software platform. Payroll software distinguishes itself by providing a single platform solution that allows for the most secure payroll service.
As a consequence of COVID-19, HMRC has made many modifications, including a raise in the minimum wage and other tax threshold increases. Payroll firms should offer up-to-date payroll services, ensuring that your business is in compliance with current legislation and thus avoid fines and penalties.
Yes, business can outsource your payroll services, but first consider how XCD’s seamless single-solution payroll system may help with data security and HMRC compliance.
Payroll processing should provide the most accurate data for analysis and reporting
Whether on their mobile app or on your office dashboard, XCD puts executive-level performance data at your fingertips. HR provides excellent insights, and Payroll can analyse this data with extra data and analytics.
Payroll may use XCD’s performance statistics to determine the optimal incentive packages for workers. Your payroll department may examine wages, implement compensation incentives, and debate salary hikes with the advantage of HR being notified promptly, all with the benefit of having insightful, reliable information at their fingertips.
It can be like looking for a needle in a haystack when it comes to selecting a payroll service that meets all of the demands of your organisation, but by making sure that your solution is a single software platform with strong analytic and reporting features and can ensure GDPR and HMRC compliance, your HR and Payroll teams will thank you for it.