Recently Software Advice, an HR technology evaluation firm, released an intriguing survey highlighting exactly what it is (small business) buyers want from payroll software. Using a random sample of 385 interactions, they were able to conclude three key takeaways:
1. The majority of small-business buyers are looking to replace their existing payroll software.
2. The majority of buyers prefer to buy a payroll solution that is part of an integrated HR suite.
3. Cloud-based payroll software is the preferred by most.
Commercial Payroll is Being Replaced
According to the data, 31% of buyers are using an unspecified commercial payroll software. The majority of those buyers are looking to switch from their current commercial payroll software. Most small businesses currently use some form of software in order to process their payroll. Being that payroll can be complicated (varies from business to business), small-business owners tend to seek help in order to remain compliant.
Buyers Want More Features
According to the data, most small business already use software to process their software. Out of those surveyed, 84% said they would only purchase a payroll software that is part of an integrated suite (payroll, benefits administration, applicant tracking, etc.). This is especially important to those companies who are managing several locations because it allows for ease of communication. Purchasing an integrated suite reduces dual entry and allows the software to talk back and forth seamlessly.
Employee Access is Crucial
When looking at requested features, Software Advice found that employee self-service was requested by 31% of buyers. The only feature that was more requested by buyers was reporting, coming in at 33%. The option of employee self-service heavily ties in with the cloud-based solution. In order to give employees access to their portals, they need to be able to login using an Internet browser. Cloud-based is favored because it would allow employees the ability to login into ESS from any device with an Internet connection.
If you would like to read the entire survey regarding small business payroll buyers you can do so by clicking here.