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READ MOREWages solutions: Top 10 features to look for
There are a number of wages solutions available in the market, but are they all ideal for small business clients? Overcomplicated systems can be confusing and, while manual spreadsheets provide simplicity, they can be time consuming and inefficient.
Here are the top 10 features you should be looking for when shopping for a wages solution.
1. It must be seamless and easy to use.
The vast majority of small business owners don’t have the luxury to spend time doing their payroll. Some struggle with complex payroll systems or use manual wage books and spreadsheets that don’t automate or simplify the process.
The ideal wages solution must be quick and simple enough that it doesn’t cause you grief.
2. It should provide key functions that help your clients easily manage the wages process.
The ideal wages solution should automate key calculations, such as overtime, salary sacrifice, allowances, annual leave, etc. Some great software available in the market also allows you to specify which elements Super is paid on and calculate how much to pay into each Super fund.
3. It should only take a couple of minutes to process a pay run.
Once set up, the ideal wages solution should take just a couple of minutes to run a pay cycle and give you the option to load default information, eliminating the need to re-key it later.
4. It must adapt to your client’s lifestyle not the other way around.
The ultimate solution would give you and your clients extra flexibility to work in the cloud, on the desktop, or with and without an internet connection. What happens when your internet is down? Or when you (or your client) need to make an amendment to the figures on the run? Hybrid solutions are more flexible and therefore are more likely to tick all the boxes for you and your clients.
5. It should provide an easy channel for you to communicate with your clients.
There are options available in the market with fantastic, easy to use communication channels that enable you to quickly exchange information with your clients, therefore increasing your productivity and efficiency.
6. It must be secure.
After a number of hacking episodes – the latest one was dubbed ‘the biggest credit card ID theft in the Australian history’ - it’s been proven that it’s not only multi-national companies that are targeted by hackers. Your accounting software or cloud solution of choice must comply with the internationally recognised Payment Card Industry Data Security Standard (PCI-DSS). It’s recommended you research your current solution - if it’s not compliant, you may be vulnerable.
7. It must automatically generate payslips.
Employees receiving payslips is mandatory in Australia. Look for a wages solution that automatically generates payslips as part of the pay run process.
8. It must cover your basic reporting needs.
Part of the pay run process involves generating the BAS figures and knowing how much to pay third parties. Ensure any solution you choose covers these minimum requirements.
9. It must be cost effective.
An excessive price point doesn’t always mean exceptional functionality. Do your homework, shop around. Many of the best wages solutions have negligible fees.
10. It must add value to your company and your clients.
At the end of the day, any wages/payroll/accounting solution should add value to your practice and help your clients. It must work with you, not against you. If your clients are still using solutions that are too complex for their skill level or are too manual and susceptible to human errors, it’s time for you to suggest a better solution.
BankLink Wages2 is an easy-to-use, cost-effective wages solution that will help your small business clients save time and grief. For more information including free trial and demonstrations visit their website.
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