Top 5 Payroll Software To Manage Your Remote Team Salary
Since the outbreak of COVID-19, many companies have been closed, and many have faced drastic changes in their operations. Numerous organizations have shifted to a remote-first approach, and others are implementing it now.
As remote work is becoming a norm, HR managers face more challenges in executing different functions. Especially the payroll process has become even more complicated than it was before. Data mismanagement is the biggest concern in managing the salary generations remotely. There are other challenges also in remote payroll management. Let’s take a glance at them:
Challenges In Managing Salaries Of A Remote Team
Inaccurate Attendance Data
Attendance data influence the employees’ salaries; therefore, inaccuracies should not take place. But the remote work comes with various uncertainties, so the attendance data might not match the actual one.
The employees might register themselves as present on the work while doing something unproductive. Or they might have internet issues and couldn’t be able to mark their attendance punch. In both scenarios, the salaries generated are inaccurate; therefore, it affects the employees and employers.
Difficult To Evaluate Performances
Along with attendance data, employees’ performance evaluation also takes part in their salaries. Especially when working in an incentives-based salary structure, accurate performance evaluation might get complicated in the WFH setup.
As previously said, the employees might be doing something unproductive during their working hours, so their tasks’ deadlines might get delayed. Keeping track of staff’s activities has become challenging for managers; therefore, they cannot generate accurate salaries.
Staying Compliant With The Law
The biggest challenge for payroll executives is probably to stay compliant, and when generating salaries of a remote workforce, it is even more challenging. You would have numerous workers operating remotely across the globe, and complying with all the state and country laws is not easy.
If one fails to meet the regulations, a huge amount of penalty might be charged. Additionally, payment channels also get changed from one country to another, so the managers also have to handle that. Therefore, it is important to check how to create an invoice based on the laws of different states where your employees may be working from remotely.
Top Software To Consider For Accurate Salaries
Businesses are moving their focus from manual processes to tech-driven ones and building digital transformation strategies for better results. A cloud-based software handles the salary calculation process and generates them in just a click. In addition, it also helps to get accurate data on employees’ attendance and performances.
There are numerous software available to automate the salary generation process, but very few meet the requirement. Therefore, we have mentioned a list of 5 efficient software to aid your search.
OnPay automates salary payments and tax filing to streamline the payroll process. It also assists in employees’ PTO management, ensuring that you do not get short of staff suddenly. Managers can easily keep track of every task with daily checklists.
- You can easily customize the pay structure and run the salary generation unlimited times. Salary generation of selected employees or departments is also available.
- Tax calculations are streamlined with the platform, and filings can also be automated to save time. Taxation documents are available for employees in the self-service module.
- It helps to integrate employee benefits with their salaries, such as health insurance, retirement plans, compensation, and HSA.
Namely is an all-in-one platform for businesses to manage their payroll and HR-related functions. It handles employee information and calculates salaries, insurance, and tax deductions. Furthermore, it assists managers in a variety of activities such as time-off tracking, tax filing, and creating an efficient workflow.
- The software integrates attendance data with salaries, so they get paid according to the time they provide. In addition, the salary structure can be defined easily as per the company's needs.
- With the platform, you can easily automate the tax calculations and filling process. It also helps to fill up different tax forms and summarize the compliance data.
- The dashboard gives you an overview of the entire process, and benefits administration also gets streamlined.
factoHR is a cloud-based payroll software making the payroll easier and more efficient. It offers complete solutions to managers in making their payroll process more accurate. The attendance and performance data get linked with the process, so accurate salaries are generated. In addition, compliance-related assistance is also included in the system.
- The payroll wizard assists in customizing the pay structure according to the company's needs; all salary components and salary slip formats can be customized.
- Managers can easily schedule the salaries for a particular date, or they can also set reminders. Payments that are not part of the regular process can easily be made with the off-cycle.
- The system calculates the taxes and files them automatically. Staff can attach their investment declarations through the self-service portal.
Paylocity provides efficient payroll and HR solutions to businesses and reduces the time taken by salary generations. It handles everything from automatic salary generations to tax filings and garnishments all in a single space, so every single piece of information can be found easily. Timesheets linked with payroll ensure that no one gets overpaid or underpaid, and accuracy is maintained with every pay run.
- The expense tracking module helps to manage receipts, reimbursements, and other expense claims. Expenses can be categorized by their type and date to track them quickly.
- The tax calculations are done automatically, and any change in regulations gets updated in the system, so the managers do not need to worry about the latest changes.
- The employee self-service module assists employees in editing their personal information, and they can also view their pay stubs.
Rippling is an excellent solution that assists managers in automating and improving the payroll process. It lets managers deposit their employees’ in multiple ways, and it provides flexibility to them to choose particular employees or departments for payday. It also handles workers’ compensations, bonuses, and garnishments and accommodates federal, state, or local automatic tax filings.
- Designing the payroll process is made simplified with the software, and the employee data gets synced with its other modules. So, the managers do not need to manage everything separately.
- It captures the real-time attendance, overtime, and PTO data and links it with salaries to ensure accuracy.
- The system automatically calculates and files the taxes on behalf of employers. It also generates employee tax forms and distributes them, reducing administrative work.
Manual payroll management is outdated and less accurate, especially when managing the salaries of a remote workforce. Therefore, every business needs payroll software for better productivity and time savings.
Numerous companies have adopted automated solutions to manage their pay cycles and free managers from tedious work. So they can devote their time to other essential work. Additionally, payroll software eliminates many unnecessary costs, making the business more profitable.