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Payroll and HR Defined

What is an HR Software Solution or HRIS in 2020?

Before you start talking to HR software vendors, you need to understand the basics of HR software solutions. The market is complex and confusing, and often, vendors lead you to solutions that may not fit with your unique business requirements.

Human Resource (HR) software, also referred to as Human Capital Management (HCM) software, stores employee information in one system. We like to call these systems, PeopleTools. These HR software systems are used to manage employee information, such as applicant tracking and recruitment, onboarding, time and labor, payroll, benefits data, and performance management within an easily accessible HR system. Some other terms used to describe these systems include HRIS (Human Resource Information Systems) or HCM (Human Capital Management).

Businesses use HR software solutions to maintain employee profiles, store critical employee documents, and manage payroll and benefits. HR departments often implement People Tools, but business owners, payroll managers, and financial officers also often get involved in the buying decisions and implementation. Many HR software solutions offer self-service options so that employees can check their pay and update their benefits entirely from their computers and mobile devices. HR software solutions often get implemented as part of an integrated HR management suite. Usually, the HR systems offer integrations with best in class third-party applications to increase benefits across the entire business.

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The Best HR Software Solutions Start with Payroll

Payroll functions are a must-have when searching for excellent HR software solutions. Most solutions have a payroll module that comes preloaded and runs in the cloud. After all, if you can't pay your people on-time and accurately, most other HR features don't matter. A great payroll system also removes any headaches associated with state and federal compliance and complicated tax laws. 

Key Features of Payroll that are a must-have in your HR software solution

Your payroll software solution must include the following features to improve your company's processing and payroll systems: 

  • Payroll Processing: The ultimate function of any payroll software is the ability to process all aspects of payroll, including timekeeping and overtime pay rates.
  • Direct Deposit: Employees donʼt want to wait for paper checks. Luckily, most payroll software today connects with banks to immediately disburse payments directly to workersʼ bank accounts. Direct Deposit cuts down on the potential for mistakes, lost payments, and cash-flow management.  
  • Tax Filing Help: The best payroll solutions have automated calculations and pre-fill employeesʼ tax info. The info will sync with the data already in the system to avoid any human input errors. Plus, your taxes will always be filed on time, perfect for when tax season comes around.
  • Compliance Tools: Payroll solutions should have robust compliance measures to keep workers' data safe. Since the state, local, and federal tax laws are ever-changing, an automated system will ensure your company is always on the right side of the law.
  • Self-Service: Let employees do some of the work for you with self-service portals and a mobile app. These let your workers log in and see their payroll information, company information, and more. They can also fix any mistakes with their data and input their own time and attendance, letting your payroll professionals deal with the real issues. 

These features can all provide benefits to your company, removing tedious tasks from your finance employeesʼ workloads and ironing out business and other HR-essential processes.

What is an Applicant Tracking System?

Applicant Tracking and Recruitment Systems (ATS’s) are used by businesses to assist with the recruitment and hiring processes. Each system offers a different combination and scope of features, but ATS’s are primarily used to help companies collect, organize, and filter applicants. Job seekers who submit their resumes and job applications through an online form are interacting with an ATS. 

The ease of submitting an online job application has created a massive increase in the volume of applications recruiters must filter through. Instead of sorting through a stack of paper resumes, or a crowded email inbox, recruiters and hiring managers use an ATS to keep themselves organized and efficient. This solution is especially critical for businesses that are hiring for multiple positions and departments simultaneously.

An ATS must be an essential part of your chosen HR software solution. If your vendor doesn’t include a scalable ATS with their offering, you need to look somewhere else.  

Features of the Best HR Software solutions with an ATS:

  • Ability to place job requisitions on multiple job boards with one click
  • Ability to analyze which job postings, on which job boards, are performing best
  • Ability to pre-screen multiple applicants and remove all paper shuffling and manual work
  • Ability to handle ongoing communications with applications over email and text
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