If you’ve been considering switching to a new payroll solution but hesitated because of the current pandemic, now is the time to get the process underway even if it is just expressing an interest with some potential providers. Whether you’re interested in switching payroll solutions ASAP, or you’re only keeping your options open, these three points are essential to consider beforehand.
Companies should realise that now more than ever, a digital working environment requires cloud-based capabilities– even in payroll. Aside from the obvious benefits at the moment, payroll data is stored in the cloud, so your payroll can be accessed from any time, anywhere. This enables Remote Payroll Teams and promotes team collaboration so that payroll can still be processed even if the office is shut down. Other such benefits include security and disaster recovery.
Too often, payroll solutions do not have the level of integration needed to tie in with the rest of the business, so there is no comprehensive overview of management to work from. HR often needs to be considered when it comes the all-over control of a Payroll – in essence; the systems should speak to one and other, along with your financials and time and attendance solutions. A payroll solution that can integrate allows management to focus on their roles while their IT solutions can take care of much of the traditional administration-heavy tasks. This can provide real-time business intelligence that can highlight insights into things like remuneration and employee costs, attendance and sick leave, expenses, overtime, and even manager feedback on the value of the employee. This integrated approach improves turn-around time on queries and provides a more transparent way of reporting any HR and payroll related concerns and issues.
Perhaps even more important than anything is the need to have a highly configurable and scalable payroll solution for your business. This means that it is not the business that needs to fit into the solution but the reverse. Every payroll is different and has its own set of challenges. Why then should a solution attempt to offer a one-size-fits-all approach? Instead, being configurable means that businesses have all the benefits of a bespoke system without the costs, as well as the assurance that the payroll solution can grow as the company does in the future.
So, as we come to grips with this ‘new normal’, its time to reignite your business and your payroll with a new and adaptable payroll solution.