What Are The Key Features To Look For In Payroll Management Software?

The payroll process involves a lot of moving gears. You will have much to deal with, from withholding taxes to collecting time cards. In order to ease down your payroll duties and have more time to do other tasks, you will need to get the right payroll software.

What Is Payroll Management Software?

Payroll software is a solution that helps with organizing taxes, ensuring your business stays compliant with financial regulations, and managing employee payments. Generally, the best payroll management system must include important features to be deemed helpful for business use.

What Payroll Management Software Can Do

For payroll solutions to come up with accurate deductions, rewards, and compensation for workers, they should perform other vital functions first. Those functions are part of processing payroll process.

Most payroll solutions also provide self-service options employees can choose from. That means workers will be free to check the information of their required work hours, pay rate, and other details themselves. This enables workers to review details and ask for editing when required, thus making the HR work easier and ensuring errors are all prevented.

9 Key Features

The features of a payroll management system are often used to handle and streamline payments of workers. Payroll software will be helpful, from taking care of taxes to automating some tasks, like depositing salaries. Some of the common features you should look for in a payroll management software solution may include the following:

Compensation Management

Competitive and fair pay is a table stake in today’s tag war for top talent. Compensation management tools available in the right payroll software can help allocate and manage your compensation budget, which aligns with your business’s goals.

That makes it much easier to retain and attract employees in a cutthroat market and strike a perfect balance between rewarding workers without compromising the bottom line of your business organization.

Direct Deposit

The whole point of payroll systems is to ensure your workers are paid. Those days of dealing with checks are long gone. Direct business is basically a win-win situation for businesses and employees.

Businesses save time and money by avoiding the distribution and printing of paychecks. Plus, workers will not worry about losing checks and experiencing check fraud. As experts at BoardRoom point out, it can also help the environment by not using paper.

User-Friendly Interface

You will be using your software daily, so you should ensure it is simple to navigate. Find a payroll software solution which is easy and intuitive to use. The layout must be straightforward, and the icons and buttons must be self-explanatory. Under no circumstance should you spend a lot of time figuring out how to use payroll software. It must be straightforward and clear.

Plus, the right software solution must be customizable to allow you to adjust the preferences and settings to match the unique needs of your business. And if you run into problems or have questions, you should easily find support from the solution.

Tax Filing Services

Better filing of taxes is among the most important things in a business to avoid the challenges that come with tax deposits. Calculation of taxes takes time and often carries chances of making mistakes. For most manual calculations and to prevent issues with social security, you should leave this task to the right software to calculate taxes accurately.

The most dependable solutions come with a tax filing feature. This feature allows you to calculate taxes automatically and send the right forms to agencies that deal with tax filing processes.

Payroll Management

The right payroll software’s main purpose is to provide accurate calculations and manage employee salaries. Always look for a solution that provides a solid payroll management feature, like salary tracking, direct deposit options, and automatic tax filing.

You must also ensure the solution supports several currencies, especially if you often work with international clients and staff. This makes accounting for taxes in various countries more accessible while ensuring that your company stays compliant with local rules and regulations. Some of the functions of payroll management are:

• Deductions, bonuses, and salary tracking
• Pay-as-you-go options or direct deposit
• Automated tax filing and calculations
• One-time and recurring payments

Accounting Integration

You can integrate accounting functions into the payroll system through the improved integration capabilities of a payroll software solution. This will save the HR and accounting team many hours from having to key in payroll details monthly. Similarly, it reduces the chances of incorrect data entries and miscalculations.

Payroll processing is just one part of a business. That said, you should spend more time on other important aspects of your company instead of spending resources on solving payroll woes.

Self-Checking Records

A few payroll software solutions allow workers to update their details anytime. For instance, if there are changes in the bank forms or mistakes in the data, workers can change them immediately without going through a lot of processes and requests. Moreover, this transparency will answer minor worker inquiries about their payments without talking directly to staff from the human resource department.

Customer Support

Whenever something goes wrong with the payroll processes, it affects workers’ bank accounts and business finances. This is why having a software solution with solid customer support is best.

Most providers provide limited life support hours on weekdays, and only a few include weekend/evening hours and 24/7 support. But generally, a good software solution should have a customer support team with knowledge to respond to clients’ questions.

Reporting

Most business solutions are expected to include reporting capability or business intelligence, and payroll systems are no exception.

Payroll reports give an overview of your employees’ compensation, taxes, budget, and other details. These reports provide patterns and trends that accounting and HR staff may use to improve their operations.

Final Touches

Some payroll management software can be complex at times. But they make the lives of HR administrators and executives much easier. So always take your time researching payroll software to choose a solution that can meet the needs of your business and clients.

Additional Reading:

• Top 5 Invoicing Software For Small Business
• How Do You Find The Best Business Intelligence Tools?
• Mastering FX Risk Management: A Guide For Small Businesses Operating Internationally