Who takes care of payroll in your company?
In some organizations, human resources and payroll are under one department. This setup allows for reduced paperwork and automatic updating of new and existing employee files.
There are also companies that put payroll under the finance department, and those that work with third-party providers. With the latter, the business’ payroll department becomes an outsourced function.
No matter how your company does payroll, though, there are some tools that can help make the process easier. Here are 5 of them.
1) All-in-One Payroll Software
The best payroll software can help reduce errors by automating important functions. These include cash flow management, tax filing, talent management, time/attendance tracking, and so on.
Of course, you don’t need to get an all-in-one platform if you’re only after specific services. For small- and medium-sized businesses, consider comparing pricing plans first.
2) Pay Stub Creator
Employers don’t have to provide physical pay stubs to their employees. However, an online pay stub generator for your human resources management department is still worth considering. After all, it makes furnishing previous employees with their pay stubs a lot easier.
If you also work with freelancers or independent contractors, this is one way to help them sort out their taxes. Just make sure to point them towards reputable pay stub generator sites.
3) Benefits Administration Software
One of the payroll department tools worth looking into is benefits administration software. This can help your organization plan and administer employee benefits packages. It will also ensure that your business is complying with government regulations.
Included in these packages are insurance plans, stock options, etc. This type of software can help HR departments identify which benefits offer actual value to their employees, which can help lower overall costs.
Keep in mind that benefits administration can be one service included in an all-in-one HR software, or it can be a standalone solution.
4) Accounting Solution for Payroll Department
Is your payroll department also in charge of creating invoices, tracking incoming and outgoing payments, identifying past due receivables, and so on?
If you don’t have an in-house accountant, consider adding an accounting solution to one of your HR department tools. With hundreds of options available in the market today, choosing one that’s perfect for your business shouldn’t be a problem.
5) Workers’ Compensation Software
There are different workers’ comp software solutions, but the two major categories are those that track premiums and expenses and those used by lawyers for case management.
Unless you run a legal office, the first category is more suited for businesses. Just make sure the solution you use integrates well with the payroll platform you’re already using. If not, errors such as duplicate entries for payroll, time, and attendance functions could occur.
Is Your Payroll Department Well-Equipped?
Now that you know some helpful tools for your HR/payroll department, which ones are you thinking about getting?
If your payroll department is already using some or all these tools, great. But if you need more payroll department tips, check out our other posts. You might also enjoy our articles on other business topics, so don’t hesitate to browse our site.
The post 5 Tools Any Payroll Department Should Have first appeared on Mind My Business.