Choosing the best payroll solution for your small business can often feel like an overwhelming task. Unless you have payroll experience, the process can seem intimidating, stressful, and time-consuming.
Let’s assume you want to focus your time on running your business rather than administering payroll or tracking money owed with complicated spreadsheets and manual processes.
You must find the payroll solution to fit your situation. Here is a list of the essential qualities and factors in integrating a painless payroll software:
1. User-Friendly and Ease of Use
Changing from a paper-based payroll system or in-house software over to a more advanced payroll system should not require an extensive learning curve or time-consuming training sessions. Your small business needs access to software that offers a simple solution that doesn’t require you to take classes to implement.
2. Simple and Effective Setup
The right payroll solution must offer both a simple and effective setup. It should provide easy conversion of any historical details needed and present assistance options if you need support.
Payroll handles some of your business’s most sensitive information: bank account details, social security records, salary figures, etc. As such, properly securing this data is of the utmost importance, and failing to do so could make your business liable for harsh penalties.
Therefore, security is an important aspect when choosing payroll software for small businesses. A cloud-based solution with good user management controls provides you with better security than keeping the information on your computer.
Several important features are listed below, and you should ensure your payroll solution includes these:
– Direct Deposit
When funds go directly into your employees’ bank accounts, it brings convenience and speed, alongside a lower risk of fraud, global deforestation, and lost checks.
– Tax Compliant
When you pay yourself or your employees, there are a variety of payroll tax guidelines that must be followed. These include social security, income tax, Medicare, plus state and sometimes local taxes.
A good payroll solution will help you to automate this function by deducting, reporting the amount, and managing the remittance process for you to each taxing authority. If your payroll provider deposits taxes for you, this eliminates stress about late payments or mistakes. Your payroll provider has you covered.
– Several Income Types
The best payroll solution should allow for various incomes, including commissions, holiday pay, expense reimbursements, bonuses, and any other taxable benefits.
– Variety of Deduction Types
It’s essential that your payroll software also can deduct costs such as dental, vision, medical, and life insurance.
– Electronic Filing
A good payroll solution will take care of the E-filing of W2s & W3s to the SSA and various states. These filings are a necessity, especially as your small business grows.
5. IRS Compliant
You must have an integrated payroll system with the latest IRS tax protocols for all 50 states at the local, federal, and state level. These ensure you are always up to date and minimize any risk of mistakes.
The final criteria for choosing a payroll platform is the cost for many small business owners. Don’t skimp, but make sure your payroll provider’s pricing structure and services are entirely transparent. It is necessary to know the exact cost based on how many employees you have and your selected services.
7. Customer Support
When you use a payroll system, you have control over your payroll. However, you mustn’t feel alone if you need help or assistance. A company that offers a strong support network will help you feel more comfortable and confident with running your payroll. Depending on your business needs and requirements, you might factor in the type and level of support you will receive when deciding on payroll software for your small business.
FINSYNC has unmatched US-based customer support available. After you are matched with a local representative, you can reach them by email, phone, or chat.