How to choose the best online HR and payroll management software?

The administration of all the financial records of the employees ranging from salaries to deductions to bonuses falls under payroll management. As the payroll management requires utmost accuracy and compliance, manual payroll handling has become the thing of the past due to its error-prone results. Most vendors understand the dynamic landscape in which the companies operate nowadays and therefore offer modular products, designed to seamlessly integrate with the core HR processes. An integrated non-redundant data-driven payroll system creates an ecosystem that optimizes auditing and propagates a “single source of truth” philosophy.
Now with the bevy of options, choosing the right fit can be a tough task. Below mentioned are the salient criteria that will provide insight into choosing the best online HR and payroll management software.
• The cloud-based HR and payroll solution is the need of the hour. The cloud-based solution allows the users to access the system on the go, anytime and anywhere. It fosters higher efficiency and quick employee collaboration. A payroll system which comes with employee self-service empowers any HR software.
• When evaluating Online HR and payroll management systems data protection and security are on top of the shopping list. A potent online payroll system comes with extra layers of security namely, regular security audits, DMZ networking of servers and strongest level of encryption technology.
• Any indiscretion towards law and tax compliance can cost a business dear. As the business operates in different legislative boundaries in today’s globalized world, an Online payroll system should adhere to the requirements to the “T”. The best online HR and payroll management software leverage their capabilities to integrate with multiple tax system interfaces through API’s and automate tax and compliance updation as and when it happens.
• Time and attendance tracking consume a lot of time of an HR professional. An efficient and reliable online HR and payroll system captures attendance data via external sources through API’s and easily integrate into the payroll system providing better time management.
The bottom line is to go for a system which integrates seamlessly with the existing human resources and payroll management tools, without compromising on accessibility and ease of use from an employee perspective and security, tax and compliance from an organization perspective.