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Managing payroll is a pretty critical yet cumbersome activity in most organizations. Obviously, the larger the organization, the more challenging it becomes, but it is no cakewalk even at small businesses, simply because it is absolutely imperative to get the payroll right each week or month as the case may be.
Managing payroll well is important not only to keep employees from getting disgruntled but also to ensure compliance and conformance with various government regulations. The greater the level of automation that can be done with a good payroll software, lesser the worry in keeping track of payment issues.
The moment a company reaches a certain size in terms of man-power, there is no choice but to invest in a payroll solution, which could be in the form of a standalone payroll software, or a solution that is integrated with other aspects of the business, particularly accounting software or an outsourced / managed payroll service. Also remember that opting for one solution at a time shouldn't prevent you from opting for an alternative solution at some time in the future depending on changed circumstances.
It would be an easy decision if all employees were based in a single location, the frequency of payment computation was the same and the key components and parameters of the pay were the same. However, practically speaking, that is seldom the case as companies have workers operating in multiple locations that are subject to different tax guidelines, have different payment plans for different kinds of employees (eg. people operating in shifts being paid at different rates for different shifts, or people working overtime, etc.). There may be even more factors to take into account than the ones mentioned above. In such a case, a robust payroll processing solution becomes a must to ensure that everything is perfectly in order.
In this buyer's guide, we discuss the different payroll processing solutions that are available and how to choose a solution that best meets your requirements.Free quotes for Payroll services