Today, payroll systems have become one of the most common HR software on the market. It’s being used by start-ups and large businesses equally, showing that it is generally a helpful solution. If your company hasn’t implemented a payroll system yet, you’ve gone out-of-style. These days, in-house payroll management with the help of software is the way to go.
While evaluating payroll software providers, keep an eye out for the most essential payroll features. Most of them have plenty of automation capabilities, but the best software providers offer these five features with their standard solution. The below are the most crucial payroll features:
Direct Deposits
Direct deposit is one of the most significant payroll features. Once, the whole point of a payroll solution is to make sure your employees get paid on time. The days of issuing checks at the end of the pay period are all but gone. Direct deposit is a great advantage for you and your employees. You can save both money and time by avoiding the printing and distribution of paychecks. Simultaneously, employees don’t have to worry about losing their paychecks or experiencing check fraud.
Tax Filing
Properly filing your taxes is a big deal – that’s why the payroll system you select should provide tax filing feature. Like any manual calculation, calculating tax takes time and has the potential for mistakes. To avoid any miscalculations or issues with payroll taxes, it is better to leave it to software. Your payroll solution should be able to create them automatically, filling in the deposit data. Moreover, the solution should be able to send tax forms to the right agency, handling the tax filing process from start to finish with minimal oversight.
Reporting
Most of business solutions are required to include some kind of business intelligence or reporting capability. Payroll systems, as you can imagine, are no exception. Because, reporting is such an essential tool that gives you insights into your payroll processes.
Payroll reports provide better overview of your budget, taxes, employees’ compensation and other information. These reports offers trends and patterns which HR and accounting teams can use to enhance their operations.
Compensation Management
Compensation management goes beyond usual payroll and salary management, accounting for non-traditional methods of pay. Employees’ compensation, benefits, adjustments for changes in minimum wage, etc. are all handled by this feature. This functionality oversees any un-conventional payment practices, providing an extra cover to your overall payroll management policy.
Compliance
In payroll management compliance is another crucial consideration. Keeping in line with all significant regulations ensures your organization is up-to-date and authorized. This avoids legal action and potential penalties that may arise from a lack of compliance management.
Every business, from small to large organizations, has unique requirements for their ideal payroll software. Once they are determined, companies can begin the process of comparing vendors and finding a payroll management system that suits for their needs.
