Keeping track of pay, bonuses, pension contributions and tax deductions are essential to maintaining staff morale and running a happy work place. So it’s worth opting for software that won’t damage your business.
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Using Payroll Systems to Improve Efficiency in SMEs

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Many companies up and down the country will use payroll systems and software to manage how and when they pay their employees.

And the particular type of software used and its limitations is probably given little consideration. That is, of course, until it does work as it should do and employees are angry they haven’t been paid on time. Then tracing the error and manually resolving it causes a headache for someone!

Keeping track of pay, bonuses, pension contributions and tax deductions are essential to maintaining staff morale and running a happy work place. So it’s worth opting for software that won’t damage your business. But that’s easier said than done.

Something companies should consider is the scalability of the software they’re using. As their business gets bigger, they employ more staff and financial demands increase in their complexity, will the software of choice cope with additional strain?

The growing usage of payment technology is also worth considering. Feeding directly in to multiple company departments via the cloud, this has moved payroll away from being a purely back office function to a company-wide services provider. The data provided by this is crucial information, not just on cash flow but how departments, and individuals within that department, are performing. Often, this will impact on how bonuses, rewards and the scope for growing the staff force are considered.

Business necessities and growth plans should be firmly kept in mind when thinking about payroll systems. Those looking to optimise processes can harness the power of optimization, transparency and data analysis.

Payroll systems that can integrate with other forms of software are imperative to providing a more holistic view of a company’s performance and should be preferred to ones that don’t provide this option.

So, whilst the software used to run your payroll may be give little thought at the time of choosing, it’s worth taking the time to consider the longer term impacts and how your business may change in the future.

Whilst no one can predict exactly how the future will look, at Stipendia we have a team of fully trained staff staying abreast of all payroll developments. And, should the worst happen, they’ll be on hand to right any wrongs.

To arrange a free consultation around your payroll needs please call 0845 3082288.

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Key Contact: Lynne Auton
Tel: (0845) 308 2288
Email: payroll@payrollsolutions.org.uk
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