How to Choose the Best Payroll Software for Your Business
There are many payroll software providers out there, each offering up something a little different in terms of features, integrations, usability and support. The concept of ‘best payroll software’ is definitely a subjective one (every provider will claim to be the best); the most important thing is to always choose the right software for your business.
Do you need payroll software that integrates with your existing HR and finance tech stacks? Is it a particular feature that your business requires? Perhaps you're looking for something that offers ease of use above all else. Or is it a hybrid approach to payroll that combines the autonomy of self-managed software with expert payroll support?
These are all questions to ask yourself when determining what is the best payroll software for your business.
Let’s help simplify the decision-making process for you a little.
Why is it important to choose the best payroll software?
‘Best’ is a concept that means something different to everybody. This is certainly true when it comes to payroll software. Of the various providers on the market, all will claim in some way to be offering their own version of ‘best’. But when it comes down to it, the best software for payroll is the one that does precisely what your business needs it to.
For example, going with a payroll provider that offers irregular pay date options as its USP might not be the best option if your business pays its staff on the same day every period. That’s even if a tech comparison website puts them at the top of its payroll software rankings. And conversely, the so-called ‘best payroll software’ may not offer HR features such as talent management, people analytics or succession planning. Still, it could be one to consider based on other capabilities more relevant to your requirements.
In short, it’s all a question of perspective.
In other words, it’s not as important to choose the best payroll software out there as it is to choose a payroll provider that aligns with how your business operates.
What are the common features associated with the best payroll software?
Having said what we have about subjectivity, there are certain features and characteristics that epitomise the most trusted, reliable payroll software platforms. It’s how we here at PayFit determine what is the best payroll software for small businesses, the ones that use our software to help them to strengthen their foundations as well as to grow their companies.
So, if you think about what ‘great’ looks like for your payroll function, it most likely involves the following things.
Reducing time-consuming, manual, error-prone tasks
Payroll software, by its very nature, reduces time-consuming, manual and frequently error-prone tasks associated with administering payroll by automating large swathes of the process. So you could say that the more processes can be automated, the better the software is.
Part of this is ensuring your people get paid correctly, on time, every time. And from a selfish standpoint, the ideal scenario would see a team that isn’t spending the majority of its time administering things manually, responding to constant queries from staff, or worrying about submitting RTI or payments to HMRC. The best UK payroll software minimises the chances of these things happening.
Visibility over all your data right when you need it
Whilst all software providers broadly offer the same core features, the very best know that providing the greatest degree of visibility over data will set them apart from the rest. So when a provider is offering things such as variance reports - to help spot and eliminate discrepancies between pay periods, as well as being able to create custom HR and finance reports for sound strategic decision-making, you know that particular payroll software is a cut above.
Integration with other platforms
A big topic that comes up regularly in our discussions with customers is payroll software integration. Being able to transfer data from one system to another and manage everything from one central location reduces the risk of errors occurring, saves time and ensures consistency of data across the business. Those that offer seamless integration across finance, payroll and HR platforms can place themselves in the ‘best payroll software’ category.
How PayFit can be one of the best payroll software options for your business
With over 10,000 customers across Europe, varying hugely by industry, size and requirements, PayFit is a tried and trusted payroll software provider. Through constant customer surveys, market research and product development, we like to think that we have built a software offering that ticks plenty of boxes in terms of features, usability, integrations and value. In addition to what the software itself can do, we’re in a privileged position to work alongside a dedicated and expert support team who are on hand to help our customers with any queries asked of them.
So why not see it for yourself? Book a demo with one of our product specialists using the button below - they'll talk you through the platform, allowing you to decide if PayFit really is the best HR and payroll software for your business.
- Why is it important to choose the best payroll software?
- What are the common features associated with the best payroll software?
- How PayFit can be one of the best payroll software options for your business