Payroll is one of the most arduous of business processes. When you multiply that by the client load managed by PEOs, you’ve got an ulcer-producing mess that takes an inordinate amount of time.
Having a turnkey payroll software solution designed specifically for PEOs is like having an extra set of eyes and hands to manage the payroll process for each client. Applying this technology improves your clients’ satisfaction and directly impacts their employee satisfaction, as well. Perhaps even more importantly, it streamlines your workflows, allowing you to take on even more clients simultaneously – a plus for your business growth strategy.
What key criteria should you consider when searching for an integrated payroll solutions provider?
Payroll solutions for PEOs
Finding the right payroll software for PEOs can solve some of the most common payroll glitches and even change the course of operations for your business clients. Look for platforms that meet these requirements:
Keeping payroll adaptive and compliant
The best payroll solutions for PEOs and ASOs stay abreast of legislative changes at every level of government. Time tracking and employee-friendly dashboard features should translate well on any digital handheld device. The software should easily support the non-traditional employee workforce, including part-time, contract staff, and telecommuters.
Payroll as corporate strategy influencer
Normal payroll functions are considered a reactive process. The employee works, payroll is run, and a paycheck is generated. But the best payroll solution for PEOs includes dashboards and customizable reports that can inform strategic decisions that impact the bottom line. For example, running and then analyzing a report that tracks overtime spikes can be a red flag for project managers on a construction project.
Payroll software improves accuracy
The best payroll software programs for PEOs actually improve payroll accuracy by preventing mistakes before they happen. The practical application of this benefit means the software can spot data inconsistencies or missing data and report it back to the PEO as a red flag before it’s sent to the benefits carrier or before payroll is run. This streamlines a manual process that has traditionally been one of the biggest headaches in the PEO industry.
Integrated payroll, time tracking, and benefits
If your PEO has multiple systems across payroll, HR, time tracking and benefits, chances are you’re wasting valuable time and increasing your chances of error. Finding payroll and benefits software with Electronic Data Interchange (EDI) and Application Programming Interfaces (APIs) improves multi-system interoperability across platforms. Using this kind of payroll powerhouse will significantly speed up your workflow and increase your efficiency.
Creating a comfortable user experience (UX) will go a long way toward improving enrollment compliance and accuracy. Allowing employees to enroll themselves in the system is a huge time saver for your PEO team. An intuitive process will also save training time and reduce one-on-one questions from enrollees. Additionally, a good software program will stop the employee if they fail to fill out a critical portion of the tracking and enrollment form.
Key to the platform will be the versatility to flex with your business growth, while offering customized reporting. An integrated, comprehensive payroll software should be one of the most business-critical goals of today’s sophisticated PEO.