Before you choose the most suitable cloud-based payroll software for your business, you have to know about the top features to look for.
You also need to do your homework about the different types of software that cater to various business requirements.
The features and possibilities of this software vary from each other. You have to make sure that you choose the perfect one that is meant for your company.
So here are some of the features that you should be looking for in your chosen cloud-based payroll software.
One of the foremost features that you should choose is the ability to accept salary input information from SFTP from other HR systems.
These HR systems might include salary changes, employment, and onboarding portals.
Notably, automated payroll processing should consist of cross-verification reports to make sure that the received data matches the data in source files or systems.
This would reduce various errors.
It should also be able to validate and check inputs, such as relocation allowances, joining bonuses, etc. These allowances are generally in line with HR policies if they are approved.
Once the inputs are verified, pay computations take place in the system. This is where gross and net pays are generated.
Then you have to create a bank file with the list of your staff with their net pays. It should have the ability to form an automated file transfer protocol that allows syncing with the bank system for seamless and fast data transfer.
From here, it is transferred to the worker’s bank accounts directly without the help of manual work.
Read Also | 7 Advantages of automated payroll system
4. Auto payslips
While looking for a cloud based payroll solution, you should look for a feature that would post the salary credit in the employee bank accounts.
After that, it allows the automatic sending of payslips to email accounts. This is a very important part of running an office.
Employees will also feel secure because of the transparency. They would know how much they are getting paid.
5. Automated statutory remittance
Once the payments have been done, the online payroll software should be able to take care of statutory remittances and returns.
These should be filed on time as per guidelines and formats as given by the respective government departments.
The software should be able to link up with respective systems of statutory bodies to transfer data, money, and returns without any mistake.
6. Automated accounting
A cloud-based payroll solution should be able to post the entries in the organization’s accounting systems in an automatic way.
7. MIS reports
The next step is to generate management reports in a seamless way. The software you are investing in should have the feature of creating MIS packs each month. This should include a set of standard reports and analyses.
It should also be able to share the same with authorized personnel via online view of the information or through email.
8. Employee Self Service (ESS) or Manager Self Service (MSS)
ESS or MSS portal is a customized portal of each staff within the payroll application. With the help of this, they will be able to view their profiles, payslips, tax forms, and more quickly and smoothly.
These comprehensive portals can be linked to their attendance systems too. This will also allow them to check their leave balances or apply for leaves easily. The applications will directly be sent to managers for approval.
Staff can also submit income tax deductions and tax proofs via the same.
Companies like Dynamics Business Solutions (DBS) have come with solutions DynaPay Payroll for Dynamics 365 Business Central that provide end-to-end payroll processes.
It empowers so many organizations by simplifying the complicated payroll procedure.
It helps companies save time, effort, and money and help them focus on growth.