Paying your employees on time and correctly, while ensuring the right deductions are made will not only save you time but also keep business records intact and orderly. The use of traditional manual payroll systems has been on the decline because they are complicated and prone to human errors. Thus, switching to an online payroll system is important but before a business makes the switch, some important questions which they need to ask are the following:
What is the pricing structure?
Usually, online payroll systems have a monthly subscription fee that ranges depending on the complexity of your payroll and what services your business requires. This can range between $10 to over $500 per month. Additionally, most online systems expect the user to pay per employee which can range from as low as $1 to as high as $10 per month. It is also important to know that the online payroll system you choose offers a free trial so you can get a feel for it before fully enrolling in their structure.
How secure is the online service?
Security is one of the most important features of a cloud-based online payroll system because it is expected that you will be storing a lot of personal information that should be kept safe from hackers and identity thieves. Things like social security numbers, employee numbers, names, addresses, bank information, and names are some of the most important information that needs the highest online encryptions.
What payroll services are offered?
It is important that the right online software vendor for your company’s needs and size is chosen in a competitive space. According to waveapps.com most payroll software offer direct deposit to your employees’ accounts via direct deposit, track paid time off, vacation and sick days, file proper payroll taxes depending on your geographic location, accurately deduct benefits and contributions, and have the capability to calculate bonuses, reimbursements, tips, commissions, and wage garnishments.
What customer service support is offered?
Customer service support is important, especially when handling sensitive information like payroll. It is important that the company chosen to handle your online payroll is always available to answer questions, fix glitches, and have tutorials showing how to use their payroll system.
Can you integrate my existing accounting system?
Most businesses have standard accounting software that they use to generate financial statements and trends in their accounting cycle. Since payroll is a major part of the accounting cycle. It is important to know whether an online payroll system can quickly integrate and communicate with regular accounting software such as Quicken and Zero.
In conclusion, businesses must due their diligence when it comes to choosing the right payroll online software. It is important to get the proper answers to the above questions so that the integration between your business and payroll is seamless, safe, and accurate. Having the right cloud-based payroll service can save owners countless headaches that in the end saves them time and money at a point where it is worth it to pay the additional fees for a payroll system.