Having the right payroll software for your business is critical. After all, it takes care of your most important asset – your people. Payroll processing and management takes a lot of time, and it can tie up a lot of your business’ valuable resources. It can also be a very complex task to keep up with.
With the right software, you can streamline payroll tasks. So your team can focus more on other important projects that are key in further business growth. When choosing the right payroll software for your business, there are a few different factors to consider. Features, ease of use, support and integrations, to name a few.
Here is a step-by-step guide that will help you evaluate these factors and choose a software that best fits your business’ unique needs.
- Define your business payroll needs
Ask yourself, what does my business really need? Some large companies want numerous features, while small businesses often seek a more simple solution. Once you determine how the software can benefit your business, you can then move on to other questions like, how many employees do I have? Do I have hourly wage earners, or salaried staff? How often are my employees paid? Are they paid on a weekly, bi-weekly or monthly basis?
- Determine which software features you need
The next important thing to consider is what payroll software features do you need most to keep things running seamlessly. Do you need direct deposit, for example. Do you need automated tax filing, time tracking or a mobile app? Do you need the software to easily integrate with other software you are using? This step will be incredibly unique to your business, as your list of desired features will ultimately affect the ease of use and accuracy of your payroll.
- Consider how much payroll software costs
Another important thing to consider is the payroll services pricing. Typically, this involves two different parts: the monthly cost of the service and the monthly cost of the service per payee. For example, you might see flat-fee quotes like $35 per month and $5 per employee. Depending on how many employees you add or lose, the payee numbers may change slightly. All in all, the cost will be affected by the services and features the payroll software offers.
Where to Get the Reputable Payroll Software
Getting the right payroll software doesn’t have to be a lengthy, complicated process. After pinpointing your needs, the next step is to choose a payroll software system that meets those specific needs. Just be sure you are partnering with a provider that understands your industry’s unique needs and the challenges you face, like First American Merchant. You can then move on to signing up for an account, choosing an affordable plan and providing the necessary documentation, so you can hit the ground running.