Seven Best Features to Help You Choose The Best Payroll Software
By Aftab Vasiwala
In this post, we are going to discuss the seven best features that must be present in your Payroll software. The traditional method of payroll calculation was tedious, error-prone and labor intensive. The technology brought payroll software as a gift which was further seen as a luxury but now is accepted to automate the business processes.
The researches and reports suggest that 25% of employees tend to update their details at least once a year whereas 60% fluctuations are experienced in the payroll of the overall organization. Only a few of the employees are satisfied with their paychecks or are confident regarding that. The latest statistics show HR software as a necessity for any business unit rather than just being a business tool.
When defined the payroll outsourcing software is a tool to automate and manage the process of payments to the employees regarding their work. The systems are designed to calculate the wages based on the working hours, calculations along with deductions of taxes and adding premium benefits along with generating the ACH or files. The majority of organizations find it helpful to utilize the payroll software to its best.
The major uses of applicant management software are to bring accuracy and pay timely compensation to the employees based on their work. If your organization is the one facing delays in compensation or frequent inaccuracies, you need to update the payroll software. The seven best features of the payroll outsourcing software are as follow:
Out of all the features of payroll software, the customization feature or personalization feature plays a major role. The customized working helps to check every information in detail and manage the whole payroll work. The tables, reports, menus, screens, fields and much more can be customized easily as per the requirement to offer the best service. Also, the software can print the logos of the company on the reports and checks generated.
One more useful feature of the payroll outsourcing software is its capability to manage the earning of employees along with tracking. The employee salary tracking feature keeps a record of important elements such as allocation rules, calculation rules, FLSA overtime payment, and premium pay along with basic pay, worker specific earning, tax earning and much more. This real-time track of employee information helps to understand the earning better.
The accounting department and the HR team find it easy to use the HR software along with the Payroll software to manage all the payroll detail minutely. Hence the use of payroll outsourcing software can save the time of manual activities and avoid the miscalculation of wrong data.
Direct account deposits
One of the major features of the software is its ability to deposit money directly in bank accounts. The payroll software can save the expense of processing and supplies, along with taking care of fraudulent activities related to the salary of employees. The salaries are transferred into bank accounts in real-time directly from the company account to the employee account.
Generating pays slips and files
The payroll outsourcing software is capable of generating reports having the data related to salary benefits, leave summary, attendance details, salary statements, and much more with the use of a digital platform. The pay slips can be generated easily by printing. Above all the software can download and print the important forms. The software can be helpful even for the sole repository including that features such as charts, experience letters, employee profiles, offer letters, occupational safety, taxes and much more.
The main role of software includes the management of every activity of payroll. The employees get access to all the required data as well as are provided permission to print their stuff automatically. Also, the software allows staying in contact with the third-party administrator and tracking the data.
The primary feature out of all is the security of data in the software. The software helps to secure the data by providing database encryption. It also includes password protection to provide access to important data such as employee personal details, tax files and payroll information.
Manage taxes easily
The payroll software also helps to complete the task of taxes. The software makes sure that the tax is filled before the deadline to avoid a late payment or penalty charges. One must check the availability of features such as pre-tax deductions, automatic tax updates, e-media reports, tax deposit due dates, interface to create and transfer the files, employee condensation taxes and much more. The payroll software stores all the calculation records easily and automatically and also takes care of the tax benefits for all purposes.
These were the seven best features that you must include in the payroll software to make sure that it works well for your business. Also, these features help save the extra costs of your business.