Searching for a payroll software which best suits your employees and your business is never an easy feat, nor is payroll management. Payroll is the foundation of your employee experience, responsible for your employees getting their pay on time, receiving information about pensions, and getting the correct HMRC compliance documentation such as P60s.
When things go wrong with your payroll system, these issues have a ripple effect through your business. Time consuming rectifications of payroll mistakes leave you wondering whether outsourcing your payroll services with various payroll providers is the best option.
Payroll software is not a one-size-fits-all solution. So, to ensure the smoothest payroll services which are bespoke to your business, there are some things to look out for when choosing the right payroll software.
What payroll processes do you need to look out for when choosing payroll software?
Whilst there are many payroll solutions available on the market, choosing a payroll software that is best for you can be daunting. The payroll software you need will depend on the requirements of your business.
Some businesses may consider outsourcing payroll. Outsourcing is certainly convenient, but it can be costly, particularly as your business grows. Yet there are many benefits in opting for an in-house payroll system, particularly when this is combined seamlessly with your HR system and processes such as expense management and onboarding.
So, what payroll services should you look for when considering a payroll software?
A Single Software Platform
A single software platform is an all-in-one, cloud-based system which allows HR solutions and Payroll to be fully collaborative. As opposed to an integrated system, a single solution allows HR professionals to access all the employee information needed to pass onto payroll in just a few clicks.
An integrated HR and payroll solution often has the promise of a streamlined communication and shared information, but you’re often left singing from two different hymn-sheets.
A Time Efficient Payroll Process
Automated payroll software allows tedious and time-consuming administrative tasks to be lifted off your payroll team. From payslips to payroll tax and new-hire onboarding to employee offboarding documentation, relying on a single, cloud-based platform allows your payroll experts to manage these processes without the excess paperwork. Payroll documentation needs only to be uploaded once resulting in less confusion between different departments.
Less confusion, fewer mistakes and less time spent rectifying mistakes.
A Collaborative Payroll Software
HR and Payroll are the pillars of any business, and finding a payroll provider which allows optimal, automated and streamlined communication is a standout feature when choosing payroll software. With a single platform payroll software, the operational processes of HR and Payroll are automated and succinct. Information is accessible by all departments with no risk of duplications or confusion.
Even better, employees benefit from self-service access to their information. This means that if an employee needs to change their bank details or personal information, they can instantly update their records without the need for external communication. Real-time changes to data are accessible to all required departments due to our cloud-based platform.
All parties can access information, update their records, or check their payslips remotely via XCD's HR and Payroll app.
Employee Lifecycle Management
With a single payroll software platform, it makes it easier to manage the employee lifecycle from end-to-end. Particularly in the recruitment and onboarding process, single HR and payroll is effective as you can transfer your new hire’s information directly from your HRMS into the payroll functionality to ensure no information is lost. Streamlining the onboarding process between HR and Payroll is effective for increasing retention of new hires by 82%.
Less Payroll Errors = Happier Employees
Choosing a single platform payroll service means less mistakes when it comes to your employee's payslips and pay. Whatever your company size, happy employees work better.
Poor payroll is one of the main areas which have a negative impact on employee satisfaction, planting the seeds of doubt and distrust towards your company. Being equipped with the best possible payroll software can minimise this.
XDC is a payroll system which enables up to 50% faster payroll processing, meaning you can pay employees with no fuss and deliver payslips with an automated payroll system. With a lack of data entry errors and automated calculations, poor payroll services for your employees is a thing of the past.
XCD's single solution HR and Payroll software allows accurate and time efficient payroll services. Find out more about the importance of a truly single HR and Payroll system.
Find Secure Payroll Service Providers with HMRC and GDPR Compliance
As payroll handles the most sensitive and personal data for each employee, payroll service providers with a single database offer increased security and safety with your employee's data.
When using an integrated payroll software platform, there is a risk of information leakage between databases. A standout feature of payroll software is having a single platform service allowing the most secure payroll service.
There have been many changes in HMRC with increased minimum wage and various tax threshold changes because of COVID-19. Vendors should provide a payroll service which is up-to-date ensuring that companies are compliant with new regulations and therefore not liable for any fines or penalties.
Yes, you may choose to outsource your payroll services, but consider how a frictionless single solution payroll system could be the answer to data security and HMRC compliance.
Payroll Processing Should Provide the Best Analytic and Reporting Data
XCD provides executive level performance reports at your fingertips whether that is on the mobile app or on your dashboard in the office. HR offers incredible insights and having more data and analytics allows Payroll to review this data.
XCD's performance analytics allows payroll to appropriately assess the best rewards packages for employees. With insightful and information at the tip of your fingers, your payroll department can review salaries, implement salary rewards and discuss salary increases, all with the benefit of HR being informed instantly.
Finding a payroll provider which suits your needs can be like finding a needle in a haystack.
XCD is that standout payroll software solution you're searching for. Click here to find out more about XCD's HR and Payroll software solution.