Business Industries

12 Essential Features to Look for in a Payroll Software

A payroll is a vital part of your business. How you pay your workers is based on the data you feed into your payroll system. With a decentralized and diverse workforce, it can be quite a challenge to calculate how to pay your workers. In the past, paychecks were processed manually, and this posed error problems. Nowadays, with the introduction of software, errors have been reduced, and cheques are accounted for properly. By using payroll services from BoardRoom, you get software intended to keep and monitor information based on employees’ salaries, deductions, allowances, and other crucial details.

The primary task of payroll software is to compute workers’ net income and deductions. It is useful in payroll processing to identify the gross income of every employee and determine the subtractions that need to be done. Such include, insurance, taxes, and other deductions, to get the gross income. The remaining amount after deductions is what will be deposited in the worker’s bank account. Therefore, the software must keep accurate records. To achieve this, the payroll software should have specific features. This article will discuss twelve of them.

Payroll Processing

This is an obvious feature that the system must have. It should be able to process and manage payroll by ensuring that every worker has been correctly compensated through their most preferred mode of payment. It saves processing time by eliminating the need to process things manually. Being able to process payroll lays a foundation for the other feature mentioned below.

Accounting Integration

It is important to ensure the system can integrate accounting functions to save time and money for the accounting and HR teams. This way, the team does not have to manually fill in monthly details of the payroll. Additionally, this integration minimizes the risks of errors and miscalculations. Processing payroll is part of your business. That means you need more time to cater to other critical needs in the organization. BoardRoom can help integrate accounting functions into the system, in addition to other services like auto tax filling and regulatory compliance.

Recording

It is also vital to record payroll reports like salary benefits, and a summary of the payments and statements. This platform helps print payslips and download regulatory forms. The software comes in handy when it comes with features like employee profiles, tax details, organization charts, and experience letters.

Reporting

With the software, it is easy to report various tasks to cater to payroll processing. Such tasks, include balancing audit reports, timesheet reports, attendance reports, wage audit reports, and other inquiries. Different departments use reports. Therefore, the software allows the proper allocation of resources. Therefore, to achieve efficiency, make sure the payroll software you buy is able to report.

Tax Management

Managing tax through computing and filing takes a lot of time and effort. Luckily, payroll software eliminates this paperwork by getting rid of bulky paperwork. The automated calculations eliminate errors. It is also able to pre-fill the tax details based on the information of an employee. This way, you eliminate the chances of submitting unnecessary forms without important worker information.

Direct Deposit

Another key feature of payroll software is its ability to allow direct deposit of salaries into the employee’s bank accounts. Being able to make payments directly into employees’ accounts saves time and money for HR departments and eliminates the risks of fraud or fake cheque cases. Moreover, employees can access their compensation immediately after it is disbursed.

Managing Earnings

One importance of payroll software is that it manages the earnings of all your workers. However, for this to happen, software must have elements like tax earnings, calculation rules, work-specific earning codes, allocation rules, bonus divisions, and premium pay.

Accuracy 

One intention of using payroll services is to improve accuracy. With automated software, there is little room for human error. It is like a third party without bias that keeps up-to-date records. It must produce accurate annual audit reports, salary calculations, tax deductions, and more. Therefore, it must immerse into the critical functions of payroll processing and eliminate errors while improving efficiency.

Security

This is another primary feature that the software should have. It should encrypt resources like employee datasheets, tax files, and payroll details. Therefore, it should be protected by a password. The security features also control access to ensure sensitive data can only be accessed by authorized personnel. Furthermore, these features save the company from fraud cases.

Highly Scalable

Another vital feature of payroll software is scalability. Regardless of the size of your business, there is a chance you will expand your employee base in the future. Therefore, you need a system that is scalable based on the size of your business. This way, you can use what you need at the moment and expand as your workforce increases. Therefore, choose software that is scalable both up and down.

Self-Service

The software should also have a self-service feature that allows employees to log into their accounts and fill out their attendance. They can also view their payroll history and point out errors. These details are crucial and need to be recorded in the system. They will be useful when processing payroll. Additionally, the portal can allow employees to address certain issues without having to deal directly with the HR department. This saves a lot of time and money and ensures seamless payroll processing.

Compliance Management

This software carries confidential details of the employees, including their bank details. With the sophistication of how hackers are doing their malicious jobs and the evolvement of the technology, it makes sense to have a compliance system. The system should manage compliance to prevent the leaking of data or creating loopholes that may release critical payroll details and personal information of the workers.

Conclusion

The best payroll software vendor provides the features mentioned above, and more. Their work is to make the work of the HR department easier by managing payroll and ensuring compliance. If you are looking for a payroll service provider, look no further. BoardRoom has all the services you need to manage your employee’s salaries. Our software comes with the features mentioned above to improve efficiency and eliminate errors.

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