Assessing Your Business’ Payroll Requirements
When it comes to finding new payroll software, it’s important to make sure you’re following a regimented process. The first, and possibly most important, step in finding the right payroll software is understanding what your business needs. Knowing things like how many candidates/payees you need to pay is important, as if the software cannot accommodate the volume of candidates you currently have, or plan to have, then growth will not be possible. When it comes to requirements, there’s a few things you should keep in mind.
Knowing how complex the pay conditions your candidates work under is crucial, as well as how often they get paid. This is especially important if different sections of the workforce get paid at different times. Leigh Cullen, Consulting Team Leader for Professional Services at FastTrack says automating this process can be a life-saver for your payroll staff. “Automating this process with smart software ensures this process is more consistent, accurate and can save agencies hours of staff time, who then only need to spot-check, rather than checking every single timesheet.” The more time that your payroll staff has available to further your business, the better.
Billing/invoicing clients correctly is also important to your business’ growth, and crucial to get right. Knowing how to invoice, whether it be by parent company, client brand, cost centre or even for a specific project is key to getting paid on time. Take the time to ask your payroll staff what requirements they need in a payroll software provider, as this can often guide your selection, as well as assist you in eliminating payroll solutions that won’t provide the necessary customisations. With Australia classified as the worst country in the world when it comes to paying invoices on time, according to data from MarketInvoice, it pays to have your invoices set out correctly, otherwise you might end up being paid 26.4 days late, as this is the average time for an invoice to be paid in Australia.
Mobility is also key. If your payroll teams are spread across different locations, remote or don’t have the software and expertise to manage locally installed software, then a cloud-hosted payroll software solution is a better fit for your business. This way, different teams can work on problems side-by-side, rather than having disjointed solutions to any problem. With cloud-based software becoming more and more prevalent, it makes sense for your next payroll software choice to have cloud capabilities. It’s expected that by next year, 67% of enterprise infrastructure and software will be cloud-based, according to IDC.
If you’re looking to select a new payroll software solution, then FastTrack360 is the logical choice. With a team of experts that understand the recruitment industry, as well as having over 25 years of experience, FastTrack360 is an end-to-end recruitment solution that allows you to recruit, interpret time sheets, pay and bill, all from the one platform. Click here to setup a FastTrack demo, to see how it can help your business succeed.