As borders open up again, business expansion will naturally follow. Perhaps your organisation is exploring a new territory to grow into, or else you want to better manage your multi-country, complex and/or hybrid workforce. Regardless, what makes payroll a complex operation, no matter your size or industry, is not just the scale as you expand, but keeping up with regulations and compliance matters that surround the payment of employees.
The right payroll software will undeniably support your company’s growth strategy. In order to get the right software that suits your unique organisational requirements, you need to be sure that it ticks all the boxes. In this blog post, we will go over what is payroll software, and what features are crucial for a thriving business.
What is payroll software?
Payroll software is an end-to-end technology platform that enables the automation and management of payroll operations. Once up and running, payroll software can aid operations in other departments through a variety of different integrations. This automation of data can be a huge asset, both for payroll accuracy and for more efficient operations across a business as a whole.
Important features of payroll software
While your company’s exact requirements may be unique due to the industry you are in, the type of workers you hire and your exact multi-country footprint, the main features required of a great payroll software that meets your needs are universal, such as:
- Seamless integration with key HR and accounting systems
The technology should be integratable to the existing company backend software, be it Xero, Workday, Oracle Peoplesoft or SAP SuccessFactors, for a seamless experience. Integration allows for payroll data to be interlinked with key accounting and HR metrics, to keep track of leave, time and attendance and overtime, so that every employee’s payroll is processed correctly.
- Real-time, up-to-date compliance updates
Even though your payroll is handled by a single platform, employee payroll data may need to be handled differently according to country-specific legislative requirements. The right payroll software solution will incorporate centralized compliance, as well as localised expertise.
- User-friendly employee self-service for a great employee experience
Not just an employee portal to access electronic payslips or enter leave data, employee self-service can reduce the burden of administration on payroll and HR teams. Giving employees control and on-demand access to their personal payroll information also improves the employee experience.
- Automation of payroll checks for timely and accurate payroll
Due to consistent and up-to-date payroll data and system integration, some payroll checks and operational steps can be automated. This minimises human error and ensures that your employees across all countries are paid the right amount, each time.
- Data insights and strategic HR support
If your payroll data is centralised, it will be easier to derive powerful insights for leadership to take action on. The right software needs to be able to provide support across all granular and high-level metrics to drive your organisation’s business strategy and further expansion. In addition, the standardisation of payroll data should empower HR to manage employees, departments and territories more efficiently by focusing on strategic matters.
Choosing the right payroll software for your organisation
Ultimately, the payroll technology that is best for your organization depends on many factors, such as your size, industry and future growth plans. In particular, your current number of country operations, and the number you want to expand into, is important: your payroll software provider must be able to match your footprint and support your unique workforce makeup, now and in the near future for seamless expansion.
Frontier e-HR is a leading provider of payroll and HR management solutions. Find out more about our payroll and HRIS software solutions here. If you’d like to explore in depth how Frontier e-HR can support your unique global payroll needs, leave your details at our “Contact Us” form above.