In this day and age, almost everything can be made simpler by technology. For matters that cannot be left to the whim of machines, however, you need a company that specialises in that certain field. For payroll matters, outsourcing may be the simplest solution to your company’s needs. It will save you time from filing the required compliance documentation and trying to keep up with regulation, which often require a full-time employee.Payroll companies offer a range of services and payroll software programs that can be beneficial for both huge operations and start-up companies. The major benefit of these services or payroll software is that they will free your hands to do the more important things.
Types of Payroll Software Solutions
With all the payroll software programs and payroll companies available today, it is important that you choose the one suited to your business. For starters, a payroll company must enable you to automatically calculate gross earnings, deductions, and net pay. Look for a company that gives you the option to pay employees via EFT or paper cheques that can be printed on your computer. The payroll company must also automate the payment of payroll taxes and maintaining all necessary ATO compliance. Below you will see the options from which you can choose the solution that works for you.
- Off-the-shelf solutions
This solution is arguably the simplest of all; there are a number of software companies offering payroll software programs nowadays. All you have to do is choose one that suits your requirements and integrate it with your current payroll system. This is also the cheapest solution since you are investing in standard software components. Of course, the software might not offer the exact specifications you require. This solution is for those who are willing and can afford to compromise. For convenience and low cost, you will have to trade off some functionality. If you have specialised needs, then the next solution might be more ideal.
- Customised solutions
Instead of spending on multiple software programs, you can hire a software engineer or consultant to design one that is specifically tailored to your needs. This, however, can be very expensive and time-consuming—especially if you do not know the exact specifications. Costs will vary depending on who you hire, so make sure to shop around first.
- Outsourced solutions
If you need to set up a payroll system quick but lack the necessary skills and manpower, there are service providers that can provide payroll software solutions for you. If you are an online retailer or running a business based on e-commerce, this can be an ideal alternative.
- Managed solutions
If you cannot decide on whether to outsource your payroll requirements or do it yourself, you can do the next best thing—managed services. This allows you to choose the payroll software or application you need and have someone manage it for you. Depending on your requirements, you can even choose a suite of applications.
Depending on your type of business, these solutions can help in the management of your payroll system. The secret is knowing what you really need and finding ways to integrate technology into your system.