Top 10 Must Have Features of a Payroll Software

Payroll means different things to two different groups. For HR and accountants, it causes headaches, emotional turmoil and knotted shoulders if they use a clunky old software, out-dated procedures and disorganization. On the other hand, the employee gets excited about payroll as it is an assurance of their pay.

As technology improves, the technology behind payroll software has also improved. With the development of up-to-date payroll software, there is no need for payroll to be labour intensive, stressful and time consuming. To enjoy the full benefits of payroll, every business needs to choose the right payroll software solutions. The only way to be sure that the software will meet your need is by looking at the features of the software.

Direct deposits – Employees and employers benefit from having a system that deposits money directly to the employees account. The employers save processing costs since they do not have to write cheques for their employees. As for the employees, they no longer worry about cheque fraud or lost checks. They get their cash immediately when it is deposited with no waiting time.

Employee self-service – The service allows the employees to participate in payroll preparation. By looking at their payroll history, it can help them to resolve any payroll related issue by communicating directly with the accounts team.

Mobile access – Toady, software is mobile-friendly. This is to allow more people to access the software on the go. Mobile-enabled software gives instant connectivity to both employees and employers as smartphones are now used increasingly for financial transactions from tax payments, etc. Employers comfortably verify worker’s compensation, tax summaries, paid time off, and spending versus the budget.

Tax calculations – Everything about payroll software is automated. This saves the accountant the hustle of calculating tax deduction for each employee. The software carries out additional tasks such as pre-filling employee tax. Business owners that have payroll software can forget missed penalties, interest, filings, or fees.

Compliance – The payroll must meet the city, federal, state, and county jurisdiction. Accountants must keep up with the latest regulation for them to steer away from lawsuits, fines, judgements, and penalties. The software may also have a compliance feature which makes it easy to comply with various regulations.

Accounting integration – Good payroll software has the capability to integrate accounting functions into the system. This saves the HR and accountant the hustle of inputting data manually into the software. It also eliminates the chances of entering incorrect data or miscalculations.

Payroll processing – A software with this feature saves the accountant a lot of time used in inputting data manually. This is because the software is linked to various systems such as overtime pays, leave applications, and timekeeping amongst others.

Live support – The support helps you run the payroll software seamlessly. Technical expertise provides help in learning various aspects to utilize the features to the maximum.

Security – Payroll software contains very confidential details about employees. It is therefore important for the software to be secure to prevent loss or leakage of employee information.

System alerts and notifications – They help to keep the payroll process on schedule. You get alerts on important dates such as employee birthdays and important anniversaries. It helps in appreciating employees in personal ways.