Payroll software features is essential in the modern days of business. Before we dive into Payroll features, it is important to know that Payroll software has help most business from tedious payment work especially with huge number of employees.
Many businesses lost millions in the process of paying their employees. While embracing the technology of payroll was taken as luxury some time back, many organizations worldwide are now using payroll to automate their business necessities.
With e-commerce business or any kind of business, you not only invest on marketing project management software but also a full functional Payroll software.
What is payroll software?
A payroll software is an automated coded software that streamlines the process of paying your employees for work done.
The software calculates gross wages based on hours worked, deduct required taxes and premium benefits. It also prints direct depots files. The objectives of having a Payroll are to accurately process and timely compensate workforce.
Looking for Payroll software comes with much research but we have simplified this for you. Do you know some payrolls software generate payroll errors? Just be safe and keen when we provide you the must Payroll features.
Benefit of a payroll software.
- It streamlines the payment process with greater efficiency and cost saving.
- It enhances accuracy and timelines in payment process.
- It helps the company to simplify its compliance with DOL standards, current and changing tax rates along with record retention laws.
- You can access important data anytime you want.
- It supports business growth by enhancing automation and artificial intelligence.
Payroll software Features;
A payroll software should be simple but detailed system. You do not need something that will take time load and time to navigate. They say time is money and the software should embrace the user’s learning curve.
Despite being simple, the software should have all the required features at a glance. Therefore, you need an easy to use start-up wizard, free payroll set with importing capabilities.
When looking for a payroll software, check on its simplicity. You should ask questions such as whether you can set the payroll software yourself.A good payroll system should not have payroll errors.
2.Time Tracking integration.
For business with hourly employees, this feature is mandatory because you would want a payroll software that offers a time tracking module or the one with capabilities of integrating with your time tracking software.
This eliminates the need for manual entry and helps you to improve payment efficiency and accuracy. However, time tracking integration should not be only the case here, you got a lot of things on your plate along with running payroll.
These include collecting timesheets, managing employee documents and handling accounting tasks. In this case, you need a payroll that can integrate with other platforms and software.
Some of the software include; accounting software, Hr software, worker’s compensation among others. Furthermore, you should consider which other offers does the payroll software provide to the buyer.
Does your payroll software classify employees? Does it allow employee self-service? These are the questions you need to ask because classification of employees is a legal matter not a company choice.
Some employees are casual workers while others are permanent. Your payroll software needs to have this in mind. These classification helps you to pay fines, taxes and interests correctly.
A self-service portal from the payroll software allows employees to make changes to personal information, track their time cards, print payroll information, view their pay stubs and review their benefit details.
This is one of the most important roles in payroll software features. This aspect allows your employees to receive instant, convenient and access their paychecks on time.
This reduced the burden to the business of printing and distributing paychecks. Most employees and job seekers prefer direct deposit and this what most companies do to keep them going.
It is important to take a look at whether your payroll software have this feature. Consider these elements;
- Timing options
- Additional fees
- Expedited direct deposit option
- Direct deposit limits.
- Free direct deport option.
Do not forget asking your payroll software provider whether any other above options attract some fees.
Another most important Payroll software feature is having the ability to print payroll reports. This should not be just any kind of report but a well customized report.
The software should have out-of-box reports that can be set up quickly for easy insights. However, we know every organization is different but there are key financial metrics that need to be consider when printing reports.
Therefore, ensure your payroll display customizable features of your company. Customization reports allows you to create a bespoke datasets around your company’s most vital metrics.
The last thing you want to identify from the payroll software is whether it can provide variety of reports just by a few clicks.
Check to see if the payroll provider offers Payroll details, Payroll register, check payment detail, Payroll tax liability, Forms W-2 and W-3, Form 940 and Form 941 among others.
If your business is using full-service payroll that handles taxes and fillings, ensure you can access tax collection, tax deposits and tax fillings reports.
Also, consider whether you can break down the reports and find if there is a way you test the report before you make any move (Free trial.)
6.Accurate tax filings and deposits.
Among other features, the best Payroll Software should have a built-in tax table that automate updates for tax rates and take a take an action to deduct and streamline these tax filling process.
Your payroll management software should automate tax filling and generate W-2s. Dealing with payroll tax can be tedious and with a proper featured payroll, you should be able to do this just by a click or even without doing anything.
AI Software Development tools have made payroll software to even work smarter. In summary consider finding a software which can also do the follow;
- Deal with federal, state and local payroll taxes
- Provide year-end W-2 and W-3 fillings.
- Guarantee accurate tax calculations, deposits and fillings.
- Perform automatic tax updates.
Check what the provider calls full-service package because in some case, they might not require additional fees for year-end filling.
This depends with the business. If you are running a hospitality industry, then a payroll software that comes with revenue management system will be your best fit.
The software should be able to automate the expense report and payment process while saving time and improving on timelines of reimbursement. It ensures records are easy to find when required.
8.Full payroll system support.
If you are new to the payroll world, it is important to consider the aspect of system support. You don’t want to purchase a payroll system from a provider who does not have system support.
When looking for this, consider the aspect like hours of operation, location of support team and how you can contact them.
Also, find out whether the support is free or not. Check the reviews from customers and see whether they are positive about the company’s support.
If you want to get a good insight about a company’s support level, test them by calling them to ask questions about their payroll software.
This will tell you the way they respond and how long they take to respond. Also know whether they use official language that you are well conversant with along with their expertise in the field.
Wage garnishment refer to money that is being withheld legally from your paycheck and given to another party.
This is done as a method to pay off overdue debts such as unpaid taxes, defaulters’ loans, child support payment among others. Your payroll software should have a managing garnishment for more accurate and efficient process.
How to Choose a Payroll Provider.
Choosing a payroll provider requires you to be so straight to the point to avoid making your biggest mistake. In this page, we will give you tips on how to avoid making common mistakes when making the right selection at first time.
- Engage the people you are working with. Ask them about the payroll software features that fit your business.
- Explore the support available once you choose to implement the software. You will need to inquire with technical team and determine their average ticket response time.
- Check out your provider’s online reviews before making a commitment. Consider whether their clients are satisfied with the product.
- Discuss any unique feature about your business with your account manager to ensure whether the system could accommodate it.
- Appoint a superuser and provide them with more time to become proficient with the system and thus help the other staff within the organization.
To sum up, you can make better decisions after reading the above features.Just take your time when looking for these softwares.There are many other software reviews here and we will help you achieve your goal.