Finding the right payroll management software for your business

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By Vinod Gulvady
minute read ● July 16, 2020
Payroll Management Software

Every function has a series of jobs to be done, without which there is no input to the next function. There are some functions that trigger a series of jobs to other functions. For example: recruiting a person will trigger generation of employee official & personal data which in turn, will act as an input to a payroll system or attendance system, security system, accounting system, benefits programs, etc. Once the input data moves to each of the above systems, it will further act as an input to various sub-functions within their own programs.

Get Clarity on Your Business Requirements

While looking for payroll management software, be aware that the sensitive and personal data of employees should be managed effectively. Ensure that only relevant data moves to the right sub-function for a specific purpose and it is being correctly used by authorised personnel.

Payroll practitioners and those who render payroll services must ask themselves some critical questions: What type of data is required by payroll? From whom should we receive it? When should the data be available to us? How do we receive it and in what particular format? What outputs are expected from us? What are our internal processes and turn-around time for outputs? Who are our stakeholders?

Once we have answers to all of the above, we get a clear vision as to what is expected of us and what procedures are needed to execute it.

Ascertain the Best Payroll Management Software

Detailed Standard Operating Software

Prepare a detailed SOP which will be a documental foundation for all payroll procedures and will define roles & responsibilities, segregation of duties, approval matrix, formats for input / output, etc. Based on the SOP, look for the payroll management software which can perform all of the requirements.

Value Added Features

While most softwares will perform some basic functionalities such as pay computations, statutory compliances and report generation, we must look for such softwares that will provide more value-added features.

Here are some tips:

  1. A cloud-based software can be accessed from anywhere and at any time. The features should be flexible and customisable to cater to the constant changes in statutory or perhaps even company rules.
  2. Sub-functions within each module should be automated in such a way that input / output data flows from upstream or downstream systems seamlessly. Helpful features such as checklists, validation reports, pop-up warning messages for any data errors or for any matrix violations, etc will help in risk control.
  3. Employee /Manager (ESS/MSS) self-service portals help employees, their respective managers and payroll team in managing a whole lot of information and data flow – attendance & leave updates, reimbursement or allowance claims, proof of investment submission, internal approvals, benefit claims, communication, payslip distribution, employee profile/personal data updation, etc.
  4. File transfer protocols (FTP) facility that link up accounting software, banking systems as well as government portals for statutory filings, in order for relevant data to be shared with the respective stakeholders.
  5. Data security strength in terms of back up, business continuity procedures or disaster recovery plans, access controls, password protection, etc

How to Take the Final Decision?

A good payroll management software must be able to manage most of the documented procedures as mentioned in the SOP, must be robust and flexible, reasonably priced and should provide good support and guidance. Use the above mentioned tips to find the best payroll software.

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As one of the most popular HR & Payroll softwares, greytHR provides the very solution that you are looking for. greytHR is built specially for small and medium businesses.

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