7 Must have Features in your payroll Software

7 Must have Features in your payroll Software

 04 Aug 2017

When the word ‘payroll’ is heard there are two reactions that are  usually expressed in the office by either the employees  or by members of the HR/accounts team.. While the former is expecting to receive their salary, the latter is engrossed in completing the payroll process.

It is difficult to process payroll with old software as they do not have the latest features in them. This makes the process all the more slow and time consuming. Besides, the staff will have to carry out each function themselves which can be otherwise be easily managed by the latest software.

Therefore, ensure that your payroll software comprises of the following features:

  • Payroll Process:

With the help of proper software your work can be completed in a synchronised manner. There are numerous systems which offer integration capability but it mainly depends your payroll platform and time-keeping. Apart from these, there is software which can link systems together, pay rates, etc.

In case you find it hard to select a suitable system you can outsource a professional firm which can guide you well through the entire payroll process. Such firms offer quality services along with productive outcomes. 

  • Direct Deposit:

The direct deposit feature has reduced a lot of errors for both- employees and employers. Companies save approximately thousands annually in supplies and processing costs with the help of direct deposit. Besides, employees do not have to go through situations like checks being mis-placed or check fraud. Above all, the amount is directly transferred to the concerned person and you do not have a specific holding period which the traditional ones had.

  • Filing and Tax Calculations:

Payroll software saves a lot of time in that it is engaged in tax calculations and filing. With the advent of the latest software these calculations no longer have to be carried out manually but are done within a span of second by the software.

Besides, the system produces appropriate forms based on the data stored in it. In this way, pre-filling of tax forms and other such forms can be easily done through stored employee data and can be sent to the concerned authority. With this facility, one cannot miss-out on any important tax dates.

  • Payroll Compliance:

It is tough and confusing to keep up with updated payroll terms and conditions due to the evolving economy. Compliance is one important piece of the entire payroll jigsaw which helps you to solve the puzzle. This feature provides you utmost accuracy and double checks work concerned with government agencies. This attribute helps you to minimise fines, penalties, lawsuits and judgements.

  • Accounting Integration:

With proper integration one can carry out proper accounting procedures by minimising double data entry. You can simply click on import and allow the system to update a ledger of the current payroll period.  This attribute prevents mis-calculations and faulty transactions thereby eliminating errors.

  • Mobile Access:

With technology evolving at such a great space and android and i-phone ruling the market it is important to be left behind by using an outdated payroll service. Ensure that your payroll process is compatible with smart phones and other smart devices. This makes it convenient for you as you can operate your system from any part of the world.

  • Reporting:

Reporting is the main attribute of a payroll system as this trait helps to minimise errors. This feature helps to manage varied functions like OT, finances for future, sick leaves, allocation of resources, etc.

Mostly all payroll software offers this feature but make sure that you install one which offers in-depth details of the report.

 Lastly, it is essential to upgrade your system at frequent intervals so that you acquire smooth functioning of the payroll process.