Maximise your payroll efficiencies for the new tax year
In Access Payroll Services “2020 Guide to Payroll”, it was revealed that although 93% of payroll managers believe up-to-date software is paramount to the running of their department, over 55% say these softwares lack data insights, analytics and integration with other business functions. With today’s technology advancements making everything smoother and quicker, having a seamless experience is in high demand from customers all around. This has in turn influenced what people expect from business management tools whose central purpose is to assist these employees in their job. So if your current software causes more problems for you instead of solving them, it’s time to reassess its suitability.
In order for your company to get the best out of your chosen payroll software, it is useful to ask yourselves these questions:
1. Do they reduce your time spent on payroll?
The whole aim of the existence of any payroll software is to assist you significantly in the payroll process instead of leaving you busier than before. If you find yourself spending the same or more time on payroll with your current payroll software then it may be time to find a better solution. Being aware of the effectiveness (or lack thereof) of key business management tools like payroll softwares can be the difference between achieving growth in your business or experiencing stagnancy. Some features to look out for include the ability to automatically send reports to relevant stakeholders and pay slips to employees upon finalisation of the pay run and the automatic interpretation of timesheet data straight into the pay run.
2. Can it integrate with other latest technology platforms?
Payroll is the lifeblood of every business that is directly linked to multiple touch points within a company such as HR management, accounting records and time and attendance to name a few. If these other touch points utilise the latest management tools that streamline operations, then by having a payroll software that is unable to integrate with those other tools can set a company back greatly by causing a break in the circuit of attaining a smooth experience, ultimately impacting brand image and employee satisfaction.
Advanced payroll softwares now offer payroll timesheets, rotas and even some HR functionalities like leave and expenses, all in one platform. This reduces time spent chasing data and inputting data between systems, ultimately reducing the costs on the amount of systems required to run payroll end to end.
3. Are they a cloud based platform?
Do you still have to manually install new updates as they are introduced? Is the software only accessible from one device? Then let us introduce you to why we’re all for having our head in the clouds! A cloud based payroll software:
- Can implement updates and bug fixes to improve performance in real time with zero disruptions to work
- Can scale to the size of your business so you don’t need to switch to another provider as your business grows
- Provide increased accessibility to manage payroll information from anywhere, at any time
Although companies may hesitate at the thought of moving to a new payroll software, once transitioned, many will personally experience the benefits it brings to their business overall. Hence leading them to realise that the need for an investment of time in the initial set up stages is worth it in exchange for the countless benefits that await them on the other side.
As the only true cloud-based payroll provider in the UK specifically designed for the modern payroll bureau, KeyPay helps businesses grow through its key features such as automated pay runs that saves 90% of your time on payroll admin, enabling businesses to focus on strategic work that generates growth. KeyPay also offers the flexibility to integrate into numerous industry-leading platforms to meet your needs.
If you haven’t experienced the numerous benefits KeyPay can bring to your business then try KeyPay for 30 days free here!