A Good Payroll Software Needs What Kind Of Features?
17 Sep 2020
Choosing a payroll software is never easy. With the plethora of fancy features offered by the numerous payroll software vendors, it might seem as if all of it could very well solve your payroll woes – or not.
To help you narrow down your selection, here are 6 essential features that any payroll software should have:
Automated Payroll Calculation
A payroll processing function is a given in any payroll software. Most payroll software in the market offer integration capabilities, such as linking the system to leave applications, timekeeping, overtime pay rates etc. This saves a lot of payroll processing time from having to manually input the necessary payroll information.
Direct Bank Disbursement
A direct bank disbursement is likely to resonate well with both your HR department and employees. By disbursing monthly salary payments directly into employees’ bank account, it saves your company time and money from having to issue paper cheques. Additionally, it mitigates the risk of a lost cheque or fraud cases. The best part – the funds are available immediately after disbursement.
Electronic Tax Filing
Payroll software takes the tedious paperwork out of taxes computation and filing. With automated calculations, it reduces the risk of human calculation error. Additionally, the system can pre-fill in the tax forms based on employees’ payroll information that is already available within the system. This alleviates the unwanted situation of submitting tax forms with missing employee information.
Furthermore, automated filing ensures that your company and employees’ taxes are filed on time. This can prevent the company from incurring penalties due to late submission.
The payroll software contains all the confidential employees’ personal details and important payroll information. Additionally, technology is constantly evolving and hackers are becoming more sophisticated in their ways to hacking into payroll databases. Thus, a robust payroll compliance system has to be in place to prevent data leak or loss of critical payroll records and employees’ personal information.
Employee Self-Service Portal
By incorporating an employee self-service, you are essentially passing some of the payroll work to the employees themselves. Employees can log in to view their own payroll history or fill in their time attendance – all of which would then be recorded in the system for seamless salary calculations at the end of the month. Furthermore, an employee portal can address certain queries that employees may have without them having to constantly call you just to answer a simple payroll question.
Accounting Software Integration
Similarly, with the enhanced integration capabilities of payroll software, accounting functions can be integrated into the payroll system as well. This can save both the accounting and HR team hours of time from having to manually key in monthly payroll details. Likewise, it minimises the chances of miscalculation, incorrect data entries or other “uh-oh” moments.
Payroll is simply one part of your business. Having that said, more time should be spent on other critical aspects of your business rather than spending your resources on solving your payroll woes.
As you look around for payroll software providers, keep ePayslip in mind. You can also schedule a product demo with us to learn more about our payroll software.