The 5 Essential Features Your Payroll Software Needs

If you operate or own a small or medium-sized business entity, you probably already know that HR and payroll are two particularly critical areas. That’s why so many companies invest in payroll software that can also assist in their various human resource endeavors. 

While it makes sense to seek out SaaS, you might not be sure about what features you’ll need the most. We’ll take a moment to go over five of the most crucial ones right now.

401K Plans Synced with Payroll

Offering your employees a 401K plan is a smart way to encourage loyalty. It’s great if you can match their contributions up to a certain point since they understand that’s essentially free money you’re giving them.

Of the various complete payroll solutions that are out there, you should particularly look for SaaS that can seamlessly sync your payroll with your 401K plan. You want to do this because it makes things a lot easier for your payroll department staff. If they can check to see how much each worker is putting in and how much your company is matching, they can immediately locate any discrepancies that come up.    

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Comprehensive Benefit Access

You’ll also want payroll services that include comprehensive benefit access. If an employee contacts your HR department and has a benefits-related question, you’ll want a software suite that your HR workers can utilize quickly and easily. 

It does no good if the details of the benefits you offer your employees baffle both the HR staff and the rest of your workers. You want a software suite that can explain, in simple language, everything you offer and how your workers can access it. 

Automatic Salary Changes

If you ever decide to change how much you’re paying a worker or multiple workers, you’ll want to know that change has gone into effect immediately. A reliable payroll solution can help you do that as well.

You can have your HR department update that worker or workers’ pay without delay. This change, made by the admin, will take place in real-time. From that point forward, your employee will receive their new salary, and their paychecks will reflect that.

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Time-Off Tracking

The HR software suite you use should have a time-off tracking feature. You want to give your employees plenty of time off, so you don’t overwork them. That’s another way to ensure employee retention, so you don’t need to keep interviewing and hiring replacements all the time.

Your software should reflect your leave policies as it relates to how much PTO you give each employee every year. You don’t want to short-change anyone, but you still want to keep careful track of how much time off each employee has taken within a designated period. The right software will give you error-free results when you input any employee’s name.

Onboarding and Hiring

Hiring and onboarding can be laborious processes, yet they are something that every business needs to do from time to time. If you’re a growing company, it might even be a common undertaking.

The correct payroll software can make these tasks a breeze. It can automate and digitize much of the process. That means no physical paperwork of which your HR department needs to keep track.

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You can also set up enrollments for the new employees as you hire them, and you can instantly put them on the payroll. You can assign them whatever projects you see fit, and you can also manage their workflow. This allows them to quickly adjust to your company’s demands, whether you’re an entirely online entity or whether you also feature an in-person work environment. 

These five features are probably not the only ones you’ll want to see from your HR and payroll software suite, but they’re some of the most necessary. You’ll want to have all of these, and you’ll also want a suite that fits within your budget. You should find one that has some strong testimonials and an excellent overall reputation.

HR and payroll errors can slow down your growth and frustrate your workers. Locating and implementing the proper payroll software makes sense, so make sure you allocate some space in your operating budget to procure some. 

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