Many people are still living with the misconception that payroll is all about cutting employees cheque. However, this is not the case. It involves payroll system taxes imposed by state and federal government, managing deductions for specific benefits like Health insurance, pensions etc.
It becomes even more perplexing if along with full-time employees you have freelancers or contractors working for your business. Plus, the payroll management team also need to take care of bonuses and annual increments.
This is not enough. Suppose, if you are a multinational company than you have some additional factors to consider – taxes, payments and labor laws for International Employees.
Too much to handle…!!!
Your business is growing big, the employee number is increasing and your current payroll software for small business is not able to handle it. One of the important decision you should make this year is replacing your payroll software with a new one. However, this is not as simple as it sounds and various factors should be considered before you shift your payroll to an entirely new System.
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Points to Consider when Replacing a Payroll System
- Timing is everything
- Have your own in-house evaluation team
- Check for hardware requirements
- Data transfer and conversion
- Sufficient manpower
- Stability of your vendor
- Compliance with federal laws
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