Payroll is an essential part of any organization. To streamline the payment of salaries to employees payroll management software is implemented. The software helps automate the process of depositing salary to the employee accounts to taking care of taxes, the tool handles everything efficiently. Not to mention, it reduces the company overheads as you don’t have to spend on hiring accountants.
Here we talk about the 10 best features of Payroll Management Software:
01. Easy setup and onboarding
The easier you set up your payroll management software, the more time you can save and utilize it somewhere more important. The employee onboarding should also be smooth.
The service should be intuitive enough that even if you are doing everything for the first time, it should not be much of a problem. Most of the software comes today with one-click easy to install solutions.
02. Payroll Management
Wages vary depending upon the kind of work hours your employee has been putting in. Many organizations also keep workers in preset schedules like daily, weekly, bi-weekly, or monthly—this one of the best features of the payroll management software.
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The payroll management tool can automate payroll management using items like attendance, benefits, policies, leaves, reimbursements, terms, withholding taxes, etc. All you need to do is first set us manually some rules, and the system then takes over. Some tools also provide you with the ability to customize the pay structures
03. Payslip management
The software you choose must have the ability to compute and generate payrolls accurately for each payment period automatically. It should also have the ability to generate automatic payslips and enable depositing the salary directly to employee accounts.
04. Income tax and deductions
Processing pre and post-tax deductions also should be one of the features included in your payroll management software. It helps you comply with the various state laws and security requirements. The system automatically gets updated on the latest rules and regulations and then performs the computations. More advanced payroll tools also come with features such as TDS estimates, income tax projections, and annual tax-saving investments. Most open source payroll management tools lack this feature. It can be found easily if you choose a more popular and premium option.
05. Time and attendance tracking
Standard payroll software may include the ability to manage attendance using timesheets. The time tracking module of payroll software tracks leaves, absents, increments, and later syncs all these data with wage calculations. Some advanced tools may also include wage calculations based on multiple different shifts, biometric entries, and transfers to show the real-time clock in/out times.
06. Expense management
Loan deductions, advances, expenses, and other employee costs are registered in the module, and then the feature takes care of the rest. Many systems also come equipped with loan ledger that accounts and keeps track of all the loans taken by the employees. The module also handles reimbursements based on finite approved expenses.
07. Keeping track of reports and forms
Another feature that is a must is report generation in payroll software. The tool can generate reports such as leave summaries, salary statements, and benefits reports. The reports generated are then sent to the employees. Likewise, payroll forms such as 941, 943,944, W2, and W3 can be printed. General regulatory forms such as Form 16, Form 12BA, Form 12C can also be downloaded and kept for later use.
08. Record-keeping
As a central repository, the payroll software can also keep employee records and related documents. The feature usually handles documents like employee profiles, organizational charts, tax statements, and other such materials.
09. High security
Security is a primary and essential feature for organizations using payroll software. It is vital to restricting highly valuable resources like tax file, salary statements of employees, employee personal details, and payroll information. All these must be stored in the tool with password-protected keys.
The feature also packs the ability to audit past documents and focusses on providing controlled access. This takes care that all the sensitive information remains protected within the company. This level of security can prevent any fraud in the company.
10. Minimal error and increased accuracy
Automation in the payroll software takes care of performing all the tasks with no error. The software also remains upto date by installing the latest software updates, and the system doesn’t need any manual maintenance. The tax forms are also pre-filled with the employee details to be sent directly to the employees via email.
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