Payroll is the largest single expense for most companies and if it’s not handled accurately and efficiently it can lead to costly penalties and other financial losses. That’s why it can turn into a real burden on the back and it takes a massive amount of time and effort and who knows, if after all that, it would be done right or not!
What business managers dream of a payroll to do for them is what Ken Darrow, editor of Payroll for Dummies, puts on these words:
"There are three things that payroll should do for you: it pays employees on time, it pays your payroll taxes on time, and it actually files your payroll tax forms on time. You want to do all three of those to be compliant with the law, and you also better do the last two or you'll get fined."
Luckily, there is an automated solution for payroll and all is left for you is to pick which of the system is best for your business. We are going to help you choose the best payroll system out there, so you can save your time to focus on the things that matter:
1. Simple Dashboard and Easy to Use
Let your employees be a part of it for more time saving and transparent process. With a simple self-service portal your employees can log their hours, days off, sick leave and see their upcoming earnings. It also eliminates the need for back-and-forth communication between the employees and HR department. This leads to the second important thing about the dashboard of the payroll system, easy to use. It should not require an expert level or a significant background in payroll for your employees to figure their way in the system. With HRIS Transform Application from KPSG, your employees can enjoy an employee self-service options to help your human resource team and for more automation options.
2. Variety of Payment Options
A must-looking-for feature in the payroll system is being able to add and deduct as much as you need. In other words, the ability to add holiday pay, expense reimbursements, extra hours, commission, bonuses and other taxable benefits and the ability as well to deduct costs like medical, dental, vision and life insurance. HRIS Transform Application from KPSG offers different compensations and benefits options to choose from.
3. Flexible and Customizable Set-Up
Being able to set the pay period you want is a very important feature. Choose the best payment period for your business whether it’s weekly, bi-weekly, or monthly and make sure you choose a payroll system that lets you set any pay period and pay a flat amount, regardless of the pay period.
4. Payment Types
Choose a payroll system that supports the payment type you prefer, maybe either from cash or bank transfer. For instance, if you decided to pay your employees via direct deposit, you will want to find a payroll system that offers free direct deposit, since direct deposit on its own comes at a cost. If you, however, decided to give your employees paychecks, make sure your payroll system supports that.
5. Tax Filling & Statutory
A huge burden a payroll can take of your shoulders is handling taxes. If your payroll system deposits taxes for you, it will save you a great deal of stress about making mistakes and late payments. Find a payroll system that can help you handle income tax, social security, Medicare and all types of Federal, state, and local tax.
Having reports of your payroll data goes hand in hand with tax compliance, as these tax agencies require regular reporting of payment amounts. Reports also help you be date-driven before taking any future decisions and help you have a good understanding of annual labor costs. With our HRIS payroll system, you can take care of everything related to report of manpower planning.
6. Ability to Update and Edit
Your business constantly changes and you will need to choose the payroll system that can keep up with these changes. Changes can be internal changes like terminating an employee or on boarding a new one. It can also be an external change like updates on tax regulations and guidelines.
7. All-in-One System
Make sure when you choose a payroll system to find a way of connecting all your other systems with it. Your HR department system, accounting system and any other software you use in finalizing the payroll should be integrated with the system to eliminate any chance of mistakes happen. KPSG’s HRIS payroll system helps you get many functions done from one place. These functions include; recruitment, employment, organization, benefit, and Employee Self Service (ESS).
8. The Provider Services
It’s not all about the system, but also the provider. A reputable successful company will provide you a great after-sale support, updates, and security. You can imagine how payroll and any data related to it, such as the employees’ personal data, accounts and financial data, are very sensitive. This data can’t be risked to be lost or stolen. That’s why a reputable service provider will guarantee security. The level of support offered should also be considered really well. While almost all companies provide support, there are different levels that can improve your experience such as; demos, on boarding and training, fast response and solid tech support. KPSG support is one click away from you. With very fast customer support for all your needs.
9. Don’t Rush Into Choosing
The final tip for you before you pick a payroll system is to take your time considering your options and before you make this decision, make sure up front that there are no hidden fees and get to the bottom of all their policies. Evaluate if the cost matches the value and if it is compatible to the features provided. Finally, before you take any action consult with your human resource team and some of your other employees so you make sure they can use it and train other team members using it.
It can be difficult to find the best payroll system, but if you understand your business needs and then start searching for the features matching those needs, you will make a great decision that will save your time and effort and with very little chance of making mistakes. Before choosing, consider these factors; payment types and options, integration, tax compliance, security, reports, and support. Keeping an eye on KPSG when you selecting the proper payroll system. As one of the trusted payroll service providers in Indonesia, KPSG has the ability to fulfill your payroll needs through an update and recent technology. Don't hesitate, reach us and ask what we can do to make your business better.