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What is Bespoke Payroll Software & How Does it Benefit Your Business?

Say goodbye to your clunky payroll solution and embrace the benefits of bespoke

Payroll is fundamental to your business’s success. Not only does it legally and efficiently ensure your staff are remunerated accurately and on-time, but it stores vital data your business needs. If you’ve got ambitious plans for your business, you need an ambitious payroll solution that can scale with your business’s demands.

That’s why in this article, we’re going to introduce you to the potential and power of bespoke payroll software. We’ll cover the costs involved, the benefits and how Invatechs can help. We’ll also introduce you to some of Invatechs’ own projects. This article is perfect for large companies who are looking for custom solutions. Or, for anyone who wants to discover more about the world of payroll.

Ready to upgrade your business with powerfully bespoke payroll software? Stick with Invatechs and we’ll show you how.

What is Bespoke Payroll Software?

No two businesses are the same. That’s why you need HR systems in place that are as unique as what your business offers. If you manage a company with over 500 employees, there’s also a likelihood you’re managing a variety of different contracts and pay obligations. Sometimes, a payroll solution straight off-the-shelf just isn’t up to scratch.

That’s why bespoke payroll is your best option. Bespoke payroll simply refers to software and systems that are built specifically for the demands of your business.

Let’s say you need to pay your staff or freelancers at various times throughout the month. Or you wanted advanced security and accessibility features if you manage a company working with particularly sensitive data. Or if, for example, you need a solution that can be rolled out across multiple states.

The more challenging your payroll becomes, the harder it is to keep adapting a pre-made solution.

How Do You Know Bespoke Payroll Will Be Beneficial?

So, how do you know if investing in bespoke payroll is the right decision for you? What material benefit will it have in the short and long-term? Is transitioning to a new payroll solution easy? Is it even worth it?

We’ve got some questions and prompts that should help you make that decision:

  • Is your company structure/industry niche?

Perhaps you don’t need to go overboard with your payroll software. If you’re running a smaller business, a solution off-the-shelf might be just what you need. However, if your company structure or industry is more niche and complex, off-the-shelf probably won’t be able to offer what you need.

What exactly does switching to bespoke entail? Well, one of the great things about bespoke payroll, is the customisation. That means you have the flexibility to create customisable templates for reports, payslips and who has access to what. Establishing your Software Requirement Specification (SRS) is a good starting point to determine what you’ll need.

In addition to that, you can also set up dynamic and flexible distribution systems. This allows you to easily renumerate people whether they’re full-time or part-time, freelance or working across different states.

If you want to find out more, check out our blog on the top 10 payroll features.

  • Is completing payroll a time-consuming process?

Payroll is a complex business, but it needn’t be time-consuming. Thanks to automation, you can make the renumeration processes easy and streamlined. You can go paperless, store you information on the cloud and make processes that work specifically for your company.

Check out our blog on automation to find out more.

  • Does your current provider offer everything you need?

Things change, and the demands of your business change too. The problem with off-the-shelf solutions, is sometimes you don’t get the adaptation and support you need. What if you need your accounting and payroll software to be more compatible? What if your current system is too slow? What if the portal your employees need to access payroll information is insufficient?

Again, this is where bespoke payroll comes in handy. At Invatechs, we don’t build a solution and part ways with our clients. We offer ongoing maintenance support. We work with clients to identify their goals and needs. This allows us to build the perfect system that’s built to last.

If you need a trusted provider, you’re in safe hands with our team of experts. You can find out more on our payroll page. Alternatively, you can check out our dedicated payroll website!

What Are the Costs Involved?

Bespoke payroll is a more costly investment than an off-the-shelf solution. Of course, this is because you’re getting a premium service built especially for you. The cost shouldn’t put you off, but you have to decide what’s right for your business.

Here are some factors you can weigh up before you make the decision:

  • What are the upfront costs?

Your upfront cost will vary from provider to provider. You need to consider if your business can afford to take that initial loss. However, it’s also worth considering the gains you’re making. No more clunky systems, manual entry, or recurring errors. To that end, you can absorb the upfront costs with the time you save.

  • What are your recurring costs?

Next up, you’ll need to compare your monthly costs to your future monthly costs. Do your new features outweigh the potential rising costs? Are you in a position to sustainably pay your provider? Are you paying per employee? These are all conversations worth having in detail with your provider.

How Can Invatechs Help?

We understand that navigating the world of payroll can be tricky. Switching or deciding on providers is no easy task. That’s why at Invatechs, we’re here to make the process a breeze. We don’t just install a solution and leave. We’re a data-driven company that wants to understand your business’s goals.

When you partner with us, we start with thorough research and business analysis. This allows us to identify the specific technologies that can aid your growth. We can also assist with any required software license. More than that, our team ensure your solution is fully compliant with federal and state requirements. Thanks to automation, any changing legislation can be updated overnight too!

With our deep automation features and API integration, we can set up your system in no time at all. Invatechs’ solutions can also integrate with popular accounting software. These include Xero, Quickbooks, Sage and many others. That means we can easily and automatically transfer vital payroll and employee data to your new system.

Our best work speaks for itself! Take a look at our bespoke, cloud-based payroll software for NHS providers in the UK.

Ready To Go Bespoke?

In this article, we’ve looked at just some of the benefits of bespoke payroll. The beauty of bespoke software is it can be whatever you need it to be. Whether you want in-app payments, batch processing payroll or a Constructor Industry Scheme (CIS). Invatechs can offer all of these features and more.

Our fintech solutions aren’t limited to payroll either. With our blockchain, Internet of Things and mobile/web app development, we pull all the punches when it comes to premium tech. That means we build your solution with the best tech stacks and most cutting-edge research.

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