Payroll software is an essential part of the modern workforce. Before its introduction, payroll processes were long and labor-intensive. There was a lot of room for human error, and payroll solutions were mostly considered to be luxuries. Today, there are plenty of options for payroll software, and you can always find something for your organization’s needs. Here are a few important features to look for in your payroll software.
- Expense Management
This is one of the most critical features of payroll software. If your industry is keen on reimbursing employee expenses like lodging and travel, it makes no sense to have software without the expense management feature. The solution will automate payment processes and the expense report. It saves time and ensures that employees always get reimbursement for their expenses. It also makes it easy to find records when needed.
- Tax Calculation and Filing
One of the biggest benefits of payroll software is that it takes the stress out of tax filing and computation. It automates calculations hence eliminating the risk of human error. The system can help you pre-fill tax forms to match your payroll information. With the right software, you can avoid the mistake of leaving out employee information. With automated filing, your taxes will always be filed on time. You can avoid fees and penalties accruing from late submission.
- Garnishment Management
Many business owners have a hard time with the management of garnishments. With wage garnishments orders, nothing is more important than compliance. Pick payroll software with garnishment management to promote efficiency and accuracy.
- Employee Self-Service
This feature has two main benefits: First, it allows employees to access some changes to their profile. They include home address and bank account numbers. The feature also allows employees to enjoy direct access to their W-2 forms, vacation balances, and pay stubs. With a paystub generator, employees may have direct access to their pay stubs, and they don’t have to keep referring to their managers for all their concerns. It is beneficial to both companies and their employees. The HR team can focus on accountability and culture instead of clerical tasks.
- Direct Deposit Disbursement
A direct bank disbursement will be popular among your employees as well as the HR department. By sending out salaries directly to employees’ accounts, they can receive them fast. It may be a great way to keep employees happy. It saves you a lot of time and money as you no longer need to deal with paper checks. In addition, it mitigates the risk of losing checks and fraud cases.
- Accounting Integration
Payroll software with accounting integration capabilities is a must-have for all modern businesses. Integrating accounting functions with payroll systems promotes effectiveness in accounting.
Accounting integration saves your HR and accounting teams a lot of time and effort. They won’t have to enter payroll details manually. Additionally, it lowers the risk of entering incorrect entries, miscalculations, and other ‘uh-oh’ moments.
Even though payroll is an integral part of your business, you shouldn’t let it take over. You should put more of your focus on the primary purpose of your business. Payroll software with accounting integration makes this possible.
When picking payroll software, there are lots of essential things to consider. Even though there are many options out there, they aren’t the same. Consider the needs of your business and pick software with the right features. Note that what works for one person won’t necessarily work for another one. The most essential features to keep in mind include expense management, account integration, direct deposit disbursement, tax calculation and filing, employee self-service, and garnishment management.
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