Choosing the Correct Online Payroll and Human Capital Software
Online Payroll and Human Capital Software is a dynamic solution that streamlines complex operations and promotes seamless human resource management, two cornerstones of any efficient organisation.
Human resources software is a combination of various applications used by businesses to oversee administrative tasks associated with employee administration. Unlike older solutions, which dealt mostly with administrative tasks, modern HR software allows all employees to contribute to the organisation’s most valuable asset: its people.
The implementation of an HR software system has several positive effects, including increased productivity, tax compliance, and employee satisfaction. However, there are a number of considerations that must be taken into account when selecting HR software.
Typical modules found in these HR software suites, which can also be bought alone, fall into the following categories:
- Human Resources (HR; leave; employee records; payroll);
- Talent Management (compensation; development; performance; recruiting; continuity);
- Personnel Management (scheduling; time and attendance);
- Delivery of services (employee/manager self-service; help desks).
The South African payroll landscape is complex. To stay in good standing with the Department of Labour and the South African Revenue Service (SARS), companies must meet a long list of requirements and submit a number of different reports and/or documents. PayDay Software Systems, a South African developer of payroll software, offers a number of robust, yet simple, payroll solutions that facilitate the ease of such submissions.
PayDay Human Capital Software is user-friendly, comprehensive, and time-saving.
There are numerous types of HR software platforms available, and the best one is determined by the company’s specific objectives and its HR department’s requirements. Some businesses do well with a comprehensive core HR platform, while others succeed by combining multiple, independent systems. The odds of picking the best HR software for a company, both now and in the future, improve with a well-thought-out selection process.
This article highlights some of the key factors when choosing the right online payroll and human capital software.
Managing the Payroll
Payroll software was developed to facilitate the administration of wages and salaries and to guarantee precise calculations. Look for a programme that includes sophisticated payroll administration features such as automatic tax, UIF, and SDL calculations.
If the business deals with customers or workers from around the world, the software should be able to handle numerous currencies. This will facilitate tax reporting across jurisdictions and guarantee adherence to domestic laws.
Among the many aspects of payroll administration are:
- Payment Options: Regular and One-Time
- Calculating taxes electronically
- Multiple currency support
- Options for immediate deposit or ad hoc payments
- Income verification including bonuses and deductions.
Check to see if the payroll software under consideration is able to generate EFT files that can then be imported into the company’s banking system for payment of employee salaries.
Meeting legal requirements
Legal compliance is crucial for any company, no matter how big or small. Businesses maintain their legitimacy by operating in accordance with all applicable regulations. IRP5s and IT3(a)s are generated by PayDay payroll software, and an electronic file is sent to SARS via the e@syFile system. In addition, it generates statutory reports such as IOD, UIF, Skills, and PAYE. When adjusting gross and net pay on the Live Payslip Screen, changes are reflected instantly.
The capacity to easily accept large employee datasets, manage complex calculations, and automate repetitive processes is of critical importance as the demands of a growing workforce increase. PayDay’s Online Payroll and Human Capital Software is very flexible, allowing businesses to easily add or remove personnel, adjust to new rules and regulations, and broaden their scope of operations.
Staff resources can be better managed with the use of time tracking and resource planning software. It is important for human resources to be able to accurately manage employee hours worked, leave, and other absences, hence these platforms should link with HR and payroll software. This will facilitate payroll calculations without requiring manual data entry.
The payroll system’s compatibility with the company’s current system landscape and architecture is an important factor to consider if the organisation already uses separate software for tasks like accounting and human resources.
The standard set of integration features includes:
- Monitoring working hours for precise pay assessment
- Handling of leave and sick days automatically
- Planning for the most efficient use of available resources
- System compatibility with pre-existing human resources and financial management products
PayDay Human Capital Software seamlessly integrates data between its Payroll module and Human Resources module. Descriptions are utilised throughout the HR module to establish client-specific codes that will standardise system input. The Skills and Equity modules are integrated for report generation in compliance with regulations.
Calculating payroll may be a complicated and time-consuming process, and not everyone has the necessary skills to do so. However, the software needs to be intuitive enough that it may be used by everyone in the company. A strong payroll system will have a low learning curve and require little to no training for new users to quickly become proficient. The PayDay Software platform is easy to use, effective and efficient.
Despite the sensitive nature of payroll information, the payroll process requires collaboration across silos. To prevent unauthorised access to sensitive data, a payroll system should explicitly distinguish departmental functions.
Payroll requires maintaining sensitive employee data such bank accounts, salaries, and other personal information, often in the cloud. PayDay prioritises security to ensure that their customers’ employee data is safe.
Administrators can track employee record changes with audit trail data from payroll software. They should be able to generate these reports for any time frame to use as evidence during an audit. The PayDay 12-month report shows the last 12 months’ payslips and salary structuring on one page.
The Right Price
Despite its importance, payroll software should be reasonably priced. Finding a suitable payroll option might be challenging due to the variety of pricing models available. Some apps have tiered pricing based on the number of users or ‘seats’ required, while others have a flat fee regardless of how many features the company needs.
PayDay is committed to using their extensive industry knowledge to consult with and handle the ever-evolving requirements of their clientele. The definition of service levels, together with corresponding key performance indicators, standards, and best practices, is crucial. From inception to completion, the company’s projects incorporate change, communication, and risk management strategies.