The benefits of going digital are immeasurable. From ease-of-use to automated services, there’s no doubt that payroll and HR software has a clear advantage over outdated, manual processes. Cloud-based software offers additional benefits that you won’t find with desktop software, such as cloud backups and instant access to your integrated HR & payroll systems from anywhere with an internet connection. With so many options available in the market today, it’s important to make sure that you’re getting the most bang for your buck. That brings us to the main two points of today’s article: pricing and features of your cloud-based payroll & HR software.
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You’ll have a bunch of different options no matter what type of payroll system you choose to manage your payroll. Unfortunately, pricing can be somewhat complicated, since many cloud-based systems present you with a base price that’s far lower than the actual cost of using their integrated HR & payroll software. There are also other things, such as per-employee costs, that you’ll have to take into consideration when selecting your choice of a payroll platform. Ideally, you’ll select a payroll service provider (like UZIO) that provides transparent, upfront pricing. However, this may not always be the case, so there’s a variety of costs you’ll have to take into account. Let’s take a closer look at some of the potential costs you may face so you know what to watch out for when selecting the best cloud-based software for your company or business.
Implementation Costs: These are the initial costs you’ll have to budget for when setting up your new HR and payroll software. Not every company will charge you these and you may even have the option of implementing the system yourself. However, paying someone to implement your system may be a necessity, depending on the complexity of your new software.
Subscription Costs: This is the base price you can expect to pay (usually each month) to use the cloud-based payroll software. Pricing will vary a lot depending on the company and the services your plan includes. Some companies may offer both payroll and HR solutions for a single price, whereas other companies may charge these as separate services. You should take the base cost and compare it against the number of features offered to determine whether or not a service is a good option.
Per Employee Costs: Some all-in-one HR and payroll software options offer flat-rate subscriptions where you can add an unlimited amount of employees to your system for no additional cost. However, it’s fairly common for your plan to only include a limited number of employees, after which the company will charge you for additional employees.
While pricing is certainly an important consideration, you must also factor in the number of features you get for the price. Here are a few of the key features you should look out for in your new HR or payroll system.
Payroll Calculations: This is a key feature you’ll find in any payroll software. The payroll software adds up an employee’s hours (or uses their base salary) and makes any necessary deductions, producing an accurate tax-compliant paycheck for each employee.
Compliance: Tax laws and deductions are constantly changing. You’ll want to choose a payroll system that stays up-to-date with these changes, especially if you employ remote workers. Your payroll software should be able to accurately apply all federal, state, and local taxes, providing accurate payslips for each employee to ensure compliance.
Tax Administration: After federal, state, and local taxes have been calculated, these taxes will need to be paid to the relevant government agency. Proper payroll software handles this for you, submitting payments on your behalf.
Distribution: Most cloud-based payroll software will provide you with multiple options for payroll distribution. Direct deposit, checks, and prepaid cards are the most common options available.
Onboarding: HR software like UZIO can assist you with onboarding and offboarding new employees. These digital systems allow new hires to quickly enter personal information, which is then synced with the payroll system, reducing the amount of time spent on completing repetitive forms.
Benefits Management: This feature allows employees to manage their benefits, such as health insurance, life insurance, or retirement plans, directly from the HR software. Both your HR department and your employees will surely appreciate this, as it eliminates the need to make HR appointments to adjust employee benefits.
Time and Attendance: Accurate time and attendance tracking is crucial to calculating payroll. Most platforms will allow employees to clock in/out directly from the software, which is especially useful for remote workers. Some systems even take it a step further by offering geotracking, a GPS-based tracking system that records an employee’s location to prevent timecard fraud.
The benefits of going digital are immeasurable. From ease-of-use to automated services, there’s no doubt that payroll and HR software has a clear advantage over outdated, manual processes. Cloud-based software offers additional benefits that you won’t find with desktop software, such as cloud backups and instant access to your HR & payroll system from anywhere with an internet connection. With so many options available in the market today, it’s important to make sure that you’re getting the most bang for your buck. That brings us to the main two points of today’s article: pricing and features of your cloud-based payroll & HR software.
Whether you’re having trouble distributing paychecks on time, struggling to achieve an effective onboarding process, or simply searching for an easy way to automate your payroll, cloud-based software offers an all-in-one solution to your HR & payroll problems. More companies are implementing efficient, cloud-based systems every day, so don’t let your business be stuck in the past. Make the switch today!