Decoding Payroll Solutions: A Guide to Finding the Right Fit

A settled payroll is the deciding factor for a business’ true success, ensuring the employees are satisfied with the company. It has a direct impact on an organization’s employee retention rate, which is a contributing factor in business continuity. If a business is busy struggling with hiring new employees, training them for their jobs only for them to leave the first chance they get, then the business will hardly be equipped for navigating in a competitive environment. 49% of employees will start looking for new jobs if they experience payroll errors twice.

A poorly managed payroll, even when it causes minor issues, results in administrative discrepancies which can take months to correct. Furthermore, in countries where strict payroll regulations are practiced, lack of compliance causes major fines and causes the company to have a bad reputation.

Hence payroll is as important as complex it is, for companies. In this blog we will be discussing the signs to look for, while choosing a payroll solution for your company.

How to Track Your Payroll Performance: Key Metrics

Before deciding on a payroll solution, it is imperative to gage your organizations’ payroll performance, so you are aware of the problem areas to focus on, after implementing a payroll management solution. KPIs and metrics are subjective in the sense that one organization may treat overtime as a metric, but another one might not treat it as important to treat it as a metric. Here are some metrics that you can keep an eye on, to gage how effectively or ineffectively your organization is managing its payroll:

• Employee Leaves
• Overtime Calculation
• Cost of Payroll Calculation
• Accuracy
• Training for Payroll Calculation
• Time for Payroll Calculation
• Compliance Rate
• Revenue and Payroll Ratio

After you measure the performance of your payroll, you will know the problem areas and you will be well-equipped with the knowledge of what to look for while deciding on a payroll solution.

Top Payroll Features to Look Out For

The market is filled with scores of payroll solutions that aim to manage your company’s payroll effectively. Each of these solutions come with their own distinctive features and that is what makes choosing a payroll solution an overwhelming feat; deciding what feature your organization needs. Measuring your payroll performance helps immensely in this regard.

The payroll solution can meet complex demands.
A payroll solution need to be robust enough to carry out multiple demands. It should have core features like:

• Robust reporting capabilities
• Enhanced accessibility
• Flexible pay schedules
• Ability to manage different pay types
• Various payment methods management
• Stellar pay adjustment capabilities
• Remittance and collection capacity

The payroll solution should have innovative capabilities.
A suitable payroll solution needs to be digitally enhanced enough to employ cutting-edge technologies like artificial intelligence and machine learning. Task automation and employee self-service capabilities powered by AI should be a part of the offering which can empower employees and optimize payroll processes. These technologies can also save monumental time and mitigate errors.

The solution has a modern and user-friendly interface.
Having a payroll management solution that is easy to navigate positively impacts its capability in generating results. If the system comes with a steep learning curve, then a lot of time is required just to train employees on using the solution. This is usually considered counterproductive as it can easily be mitigated by using solutions that are user-friendly and easy-to-use.

If a solution provides seamless admin user experience, then payroll processes will be quicker and efficient. Moreover, if employee-self-service is also user-friendly, then employees of all skill levels will be empowered to gain information themselves, like pay stubs, leaves remaining and policies, without any intervention.

The solution is regulatory compliant.
Labor tax laws and regulations are major complexity in payroll especially if an organization has international employees. For a company’s payroll solution to be compliant with the multitude of local and international regulations, the payroll solution needs to be fully integrated with the federal, local, and international laws and should be able to keep up with changes in these laws and regulations. This ensures an organization is fully compliant and is safe from various penalties and fines.

The solution has enhanced accessibility.
In today’s age where everything can be achieved on the go, organizations need to ensure the payroll solution that they are choosing is also accessible through a mobile application. The mobile applications enable employees with quick access to information and policies in an uninterrupted way. It should facilitate employees with access through laptops, tablets, and phones.

The solution is scalable.
While choosing any management solution, it is imperative to consider solutions that have the capacity to scale as per the need. Having a solution that can be scaled up or down according to the requirement saves the company from the unnecessary hassle of switching tools. Hence it is important to consider a solution that can grow with you. With growth comes the expansion into international markets and the payroll solution should have the capacity to easily integrate with that.

Payroll Excellence with DSPayroll365 and Dynamics Solution and Technology

Dynamics Solution and Technology acknowledges the need for a fully integrated payroll solution that can seamlessly automate and manage end-to-end payroll processes with data-driven capabilities. Our payroll solution DS Payroll 365 is an end-to-end payroll solution that can be easily integrated into any of your Dynamics 365 ERP, be it Business Central or Dynamics 365. As an integrated payroll and employee self-service solution, DS Payroll 365 empowers organizations to thrive in their payroll processes, by unified data management. It is the answer to all payroll related problems, from compliance to efficient payroll processing.

Dynamics Solution and Technology is a trusted digital transformation partner for scores of organizations across the Gulf and MENA regions. Our experts analyze your organizational needs and then curate custom implementation plans for enhanced results.

Select DS Payroll 365 as your payroll solution and get on the road to streamlined payroll management. Contact us today for a personalized demo.