3 Essential Elements of Payroll Software

Handling payroll is a complicated process that can be made simple with good payroll software. Businesses are increasingly using software to process payrolls thanks to its easy administration and automated processes. But what are the essential elements of payroll software?  Whether your company is hoping to simplify payroll or save money, there are numerous elements to consider when choosing payroll software. To understand payroll software and its functionality, it’s critical to know which components are essential to streamlining your process.  Here is a guide for three crucial elements.

Security Controls

The data used in payroll contains sensitive information such as PPS numbers, birth dates and general employee contact details. This data must be secure at all costs and is of utmost importance considering that GDPR is an issue of point for all businesses.

Using the right payroll software gives an extra layer of security. It should prevent the exposure of data, as it is stored securely with limited access. As the container for sensitive payroll information, software should contain security controls that guarantee both confidentiality and transparency – this is an essential element to consider if changing provider. Examples of security characteristics include the ability to manage which users can access data, the option to create and allow user IDs and passwords, and audit trails that detail and notify of changes made.

Interfaces / Integrations

Integration is a major requirement of payroll software as it allows users the greatest flexibility. Businesses often require integration abilities for links to HR Software, Time & Attendance Systems and Accountancy Systems. There are many benefits of interfaces and integrations that promote this point to an essential element to be considered. Inputting employee data is time-consuming¸ even more so if it needs to be done on multiple systems. When data is shared rather than repeated, errors are less likely.

For example, our payroll software Megapay integrates with a wide variety of third-party tools such as Time & Attendance Systems, ROS, HR, Financials and much more.

Standard & Custom Reporting

Payroll software should allow a more thorough data management element and provide the option to generate customised reports as needed. An essential aspect of the software should be a flexible reporting system which will allow you to create standard and custom reports you may need in just a few clicks. This will enable you to take complete control over your payroll process precisely and efficiently. The importance of reporting in payroll is to ensure your business adheres to reporting obligations for the various government agencies such as CSO and Revenue as well as any internal reporting deadlines.

The new real-time reporting regime will be operational for all employee payments being made from 1st January 2019. This will require employers, agents and payroll providers to review their current business processes and practices so that they meet the new requirements. This means payroll reporting is now an essential element of payroll software.