Payroll is a business-critical operation for every company, irrespective of its size and scale. Payroll processing can be very complicated if you do not avail of technology. Traditionally, payroll has been quite a time-consuming and cumbersome process.
Manual processes mean more time and of course, mistakes. This, in turn, can lead to miscalculations and non-compliance penalties. An automated payroll can simplify the process.
Dynamo for Dynamics 365 FO is a cloud-based solution which every company needs. The solutions related to Dynamo simplify reporting, reconciliation, data management and document generation processes.
What is Payroll Software?
It’s an application that is used to manage, maintain and even automate employee payments in a company. An automated payroll leverages technology to compile and calculate payroll at the right time and that too, accurately.
Cloud-based payroll software is a secure platform that can store all staff’s data safely on a secured server or a cloud system. Employees are also more engaged as they can access any information at any time on their laptops, smartphones or mobile apps.
The software can also organize the whole data set into solutions and structures which help them calculate the payment for every employee.
How to select the best payroll solution for your business needs
There are plenty of solutions that you can choose from for your business requirements.
Your company’s budget:
You need to understand the size of the business so that you can opt for the right payroll software. If you know your budget and size, your business will narrow down the payroll software successfully.
Vendor reputations and abilities:
Secondly, you should get quotations from viable vendors and pick the best possible solution. Consider the strength and abilities of the payroll software solution. One safe option is Dynamo.
The software should also have other qualities, such as scalability, etc. The software should come with security features as well.
Software flexibility and compatibility:
The software also needs to be feasible and compatible. It is vital for you to choose payroll software that functions with your other business systems and will grow with your business. You should even consider the integration capabilities of the software you are choosing.
Report and history visibility:
You should also go for a payroll solution that allows retention and you can view reports and historical information. Try to read reviews of the software system you choose, just to be on the safer side.
In this blog, we will talk about how payroll software such as Dynamo for Dynamics 365 FO can help you.
One of the major reasons to invest in payroll software is to accurately calculate company taxes and file reports. This can be confusing as well. Payroll software programs provide information and even reminders about compliance requirements.
The best part is that the payroll solution is updated regularly. You do not need any manual labor in this case which means the software is always updated about changes in tax laws and other regulations.
Calculates Deductions and Net Income:
It is also needed to calculate deductions like taxes, insurance, and retirement savings.
Keeps records effortlessly:
Most entrepreneurs want a seamless payroll system which is not possible with the manual process. Eradicate paperwork and unnecessary space for files with an online system that stores files electronically.
Allows Employee Self-Service:
As mentioned earlier, this boosts employee engagement. They do not need to contact HR managers for getting access to certain information such as payment history, leave balance, payslips, hours worked, benefits and more.
They can do it by themselves from anywhere and at any time as long as they have a mobile or computer and a stable net connection. It also ensures timely payments, which boosts employee morale. Eliminate payroll errors effortlessly.
An online payroll system also eliminates misclassifications. In a manual system, contractors or other vendors might be entered as employees. It can lead to miscalculations.
Based in the Cloud:
Cloud-based payroll systems can help to access information from remote locations and pay for “software-as-a-service” monthly as per the requirements.
So these are a few reasons you should opt for cloud-based solutions.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.