An essential part of any organization is payroll. Every worker’s salary is based on software. Now the features of the software are used to streamline and manage the salaries of the employees. From automating certain tasks such as transferring the salaries to taking care of taxes, payroll software is highly helpful for saving the cost of an accountant and calculating the salary.
To get a better knowledge of the benefits, here are some features of payroll software
1. Integrated Book-keeping
The HR team and the accounting department can save time for managing every payroll detail automatically. Thus, the software can reduce the scope of miscalculation and placement of the critical data in the wrong file.
For example, a mishap on the placement of a decimal point or ‘0’ can create a huge loss in the financial structure of the organization. Not only is it an error-free payroll software, but also a time-saving one. The employee data is synced. The company can avoid fines and abide by all the governing rules.
2. Recording Documents and Salary-slips
The software can generate reports including leave summary, salary bonuses, and salary statements. You can print pay-slips by using digital software. Moreover, you can even download and print the governing payroll forms.
Acting as the sole repository of employment records and documents, this software can be helpful for any business. This software covers essential features like experience letter, organizational chart, employee profile, occupational safety and tax, and offer letter.
3. Reports in Payroll System
Through the payroll software, you can customize the report standards and follow the reporting tasks taken care of,
- Time-sheet reports
- Balancing audit reports
- Wage and liability audit-related reports
- Unemployment wage reports
- Numerous reports and analysis output formats which contain email, XML, text file and printed report
As several teams use the reports, the software can restrict the allocation of essential resources. The characteristics of software make the best out of the reporting process. Before acquiring the software, you need to make sure that the necessary reporting functions are available in your software.
4. Keeping Track of Earning
One of the best features of payroll software is that it maintains the earnings of the employees. But for that, the following factors need to be present in the software:
- Calculation rules
- Allocation rules
- Premium pay and basic pay
- Overtime pays
- Tax earnings
- Worker-specific earning codes
- Earning division on bonus tips
- Work performance
5.Managing Tax on Finger Tips
The features of the payroll software help execute the task of tax filing and computing. With the features of software, the worker taxes are filed within the deadline. This way, the probabilities of facing consequences are avoided.
The features of payroll software prices do not cost the company fortune. But you should know that the following specifications are available,
- Automatic quarter-end updates on tax tables
- Pre-tax deductions
- E-media reporting for every state
- Interface for creating and shifting files to the chosen tax filing service
- Check tax deposit due dates
- Track exemptions and filing status
- Employee compensation taxes
The payroll software stores pay calculating records every minute.
6. Depositing Directly to Account
One of the best features of software is that the payroll is transferred to the bank account directly. The software saves a large number of annual supplies and processing. It can also take care of any fraudulent actions related to the employee’s salary. The funds are transferred within no time directly from the corporation account to the employee account.
7. Customization at Your Convenience
Among all the key features of payroll software, customization plays an essential role. Through customizing every check and form, the whole system of payroll software is managed. You can customize the tables and menus here. You can also customize the reports, screens, and fields to offer the best kind of service. The software can print logos of the company for adding them to the reports and checks.
8. Fully Secure System
The fundamental security feature required in the software is that the database encryption. The highly valued resources like the tax files, employee personal details, and payroll information, the software has password protection.
With the extensive audit trails, the security feature also focuses on control access. This takes care of delicate information to the highest degree. The addition of record level security can save the company from scam cases at an optimal level.
9. Know About Streamlining
Stated earlier that the role of the payroll software includes streamlining. The Employee can get access to the records or printed pay stubs through the automated generating of the payroll system. There is an option for getting in touch with the third-party manager and track in-house bookkeeping.
10. High Data Accuracy
The best thing about payroll systems is that every work is taken out by following a high level of skill. By installing the latest updates on the software, the features of software remain upgraded. And the system does not have to pay the price of manual error. With the help of automated software, there is less risk of human error. Also, the tax forms in the software are pre-filled which contains the worker’s payroll details. The unbiased third-party app can keep the records up-to-date every hour even if you outsource the services.
The features of payroll management software include regular audit reports, leave status, and direct labor distribution documents. There are also regular reports, wage file reports, and track reconciliation reports. Therefore, features of payroll software inculcate visibility and insight into the critical functions of making reports regarding the payroll.