Five things your payroll provider SHOULD be doing to add value to your business
Gone are the days when a payroll provider simply hits ‘pay’ and your employees jump with glee. These are the top five additional extras you should be looking for from your payroll provider.
Reports & insights
They say the devil is in the detail – and don’t all good payroll providers know it! Being the hub of the business and holding huge volumes of data on the company and the people in it, it only makes sense that your payroll provider should be providing accurate and detailed reports for you when you wish.
Standard reports might look at things like compensation, salary banding and increases, department infrastructure and salary. More advanced reporting and insights will allow you take a deeper dive into your own data, manipulate it how you wish and export your own reports to suit you. Check out our People Analytics to see the good stuff at work.
This is the most important part of any payroll professional, payroll software or managed payroll solution: aiding and maintaining compliance. Anyone can read and understand legislation that comes from the HMRC website, but applying it, that’s a whole other ball game.
Great payroll providers will integrate up-and-coming legislation into their software and regularly update their platform to ensure that new legislation is considered and applied.
You shouldn’t be banging your head against a calculator – payroll providers should be doing the heavy lifting for you. Auto-calculations on things like Auto-enrolment, SSP, OSP and holiday pay should be standard practice in your payroll software. That means that number one: you don’t have to even get the calculator out, and number two: you don’t have to worry about accuracy.
Why settle for duplicate data entry, cross-referencing across multiple systems and an increased likelihood of human error in the process? True payroll and HR integration will save departments time, reduce admin and improve internal processes.
Not all payroll providers offer a truly integrated payroll and HR platform. If that’s the case you’ll want to look for integration in other areas, whether it’s flat file integration, open API infrastructure or a mix of the two. And once you’ve tried integrated software, you’ll never want to go back!
Your employees are your biggest asset, and this means that they should enjoy a seamless service, whether it’s checking pay, requesting leave or browsing the latest company benefits. Great providers should work with an employee-first mentality, serving up a self-service platform that allows employees to get what they need instantly from the platform and a reduced burden on internal departments.