Human resources and payroll departments are important areas of almost every company. These departments do not always get the credit that they deserve even though they are responsible for many different functions. Human resources, payroll and benefits departments are often responsible for reducing costs, streamlining administration operations, managing employees, ensuring compliance and delivering payroll. Today there are many types of human resources, payroll and benefits software available that can allow for business owners to easily increase their productivity. Human resources, payroll and benefits software can help to reduce the manual workload by automating and simplifying time-consuming processes. It can also influence growth and development of the organization with strategic and cost-effective planning. The right human resources, payroll and benefits software can greatly benefit companies of any size, allowing them to grow, increase efficiency, improve communication, optimize staffing, implement workforce legislation, and streamline payment processes. This software can also effectively manage many workforce management functions. Human resources, payroll and benefits software makes many processes accessible, easy to implement and easy to monitor.
Most Common Types of Payroll Software
There are many innovative types of payroll software that can transform the way that a business conducts many aspects of their accounting. A few of the most common types of payroll software include:
- Wagepoint is type of online payroll software that is made for small businesses to ensure that they can efficiently manage their payroll and stay compliant with regulations.
- Features include: attendance management, direct deposit, multi-currency, tax management, self-service portals, vacation and leave tracking, wage garnishment, year-end reporting, online pay stubs and much more.
- Advantages: Wagepoint has impressive customer service support that is available online during business hours. It is deployed via the Cloud, SaaS and web. It is extremely easy to use and offers a clean user interface. Wagepoint is an affordable option for small businesses.
- Disadvantages: There is a learning curve for new users. There are not as many accounting features offered that are found on other payroll software options on the market. It is not able to integrate with many other software options on the market.
- Timesheets is a user-friendly payroll and billing software that gives managers the tools they need to effectively schedule, manage and pay employees. It allows for employees to clock in from their computers or mobile phones. Employees can also put in sick leave or vacation requests from their own accounts which can be approved by managers online. Managers can easily make edits, set up GPS and more.
- Features include: photo timestamps, real-time employee information, overtime controls, accruals tracking, customizable reporting, mobile tracking, unlimited projects and customers, expense receipt upload capabilities, human resource documentation, effective security controls, hourly time tracking, project time tracking, projections and more.
- Advantages: It has a free trial available, online customer support during business hours, comprehensive training programs, and cross-platform functionality. It is a cost-effective option.
- Disadvantages: Some options are locked and could have more features and functions. Many clients express issues with GPS and glitches.
- Quickbooks is one of the most popular types of accounting software for a variety of businesses. It has a variety of useful functions that can help to efficiently manage payroll and many aspects of business accounting.
- Features include: accounts payable, collections, cash management, billing and invoicing, fixed asset management and more.
- Advantages: It has a free trial period and 24/7 customer service available from a live representative online. It is simple to use with an interactive dashboard.
- Disadvantages: The initial set-up can be confusing and time-consuming. It could use more categorization options and tools.
Most Common Types of Human Resources and Benefits Software
Human resources software can help employers to effectively manage their workforce. A few of the most common types of Human Resources and Benefits software include:
- Bamboo HR
- Bamboo HR is a well-rated HR system for businesses. It is a cloud-based system that allows for companies to effectively manage employees including recruiting, time-off tracking and performance management.
- Features: applicant tracking, benefits management, onboarding tools, employee database, training management, self-service portal, performance reviews, compensation management, and much more.
- Advantages: It offers a free trial and online customer service support during business hours. It also has an app which allows for users to use the program on their mobile device. It is very easy to use and intuitive.
- Disadvantages: Some users have found that is difficult to use with existing software and that there is very little room for customization.
- WorkforceNow is a human resources solution that covers a variety of capabilities including payroll, benefits and talent recruitment, analytics and legal compliance.
- Features: self-service portal, onboarding, employee database, benefits management, training management, performance reviews, applicant tracking and more.
- Advantages: It offers a free trial periods and has online customer support available 24/7. It is simple to use, and the app allows for users to use it on the go from their mobile device.
- Disadvantages: Some users feel that is somewhat difficult to navigate and that importing documents is not as advanced as other programs.
- Collage is a user-friendly HR software solution that allows employers to manage many aspects of employee relations including time off requests, payroll sync, reporting, benefits and recruiting.
- Features include: compensation management, employee database, onboarding, performance appraisal, self-service portal, applicant tracking, time off management and compliance management.
- Advantages: Collage is a comprehensive human resources software solution with many features and functions that is mobile-friendly.
- Disadvantages: Many users wish that there was more room for customization and collaboration with existing software.
Important Facts to Consider
Business owners should research and compare various types of payroll, human resources and benefits software to ensure that they get the software that will meet their needs of today, and in the future. There are a few main things that a business owner should consider when selecting payroll, human resources and benefits software including:
- Unique business needs
- Does the software fit their unique business needs?
- Size of the company
- Will the software work for the number of employees that their company has now? Is there room for growth?
- Available budget for software
- Is the software a good investment for the company?
- Features of the software
- Ease of use
- Employee record keeping and performance management
- Recruitment features
- Customer service support
- Collaboration features
- Mobile application and access
- Tax considerations
- Security and disaster recovery options
- Benefits administration
- Reporting and communication platforms
- Complexity of accounting needs
- Availability for direct deposit
- Employee self-service portals