Payroll software is a great investment for businesses large and small. Conducting payroll processes via automatic calculation removes much of the strain that would ordinarily be placed on your company’s payroll department. However, you will notice that there is no shortage of options when it comes to payroll software. Therefore, it is often difficult to choose which service would best serve your company’s needs.
There are a few key features to consider that should be included in the program that you choose. Below, we will highlight a few of them.
The best payroll software package will include several organizational features, including but not limited to timesheet reports, unemployment wage reports, tax forms, audit information, overtime calculations, and tax earnings.
If you’re planning on investing in a payroll software program, you’ll want something that promises great organization of business-related files. This way, you will never feel lost when trying to find an important piece of data as soon as you need it.
Typically, if your desired payroll software has an impressive organizational system, it will offer accounting tools as well. Additionally, many payroll software programs can be easily integrated with third-party accounting software. If you’re fond of the accounting programs you’re already using, a quality payroll program will be easy to use in conjunction with what you’ve been using for accounting purposes.
By having all of the company’s income and payroll recorded in one location, the accounting software will be able to create comprehensive earnings reports and help organize tax information each year.
Payroll software not only keeps accurate records of business income and expenses, but it also makes accessibility much easier for employees. Rather than having to meet with the HR department in order to have information changed, copies made or details verified, a good payroll software system will have employee self-service features.
With this added convenience, every individual who works for the company will have an employee portal that they can access from anywhere, not just at the office. They can update personal details, print copies of their paychecks, and verify employment from the comfort of their homes, any time they want.
Besides improving employee accessibility, a good payroll software program will also have enhanced security features that make storing finance records far less risky. Payroll software generally offers database encryption features, password protection, and different levels of control.
With these features, certain information will be accessible to all employees, while other information will be reserved for owners, financial departments, human resources, or other designated departments. Additionally, password protection and encryption features keep your company’s information safe from outside forces (hackers, spyware, viruses, etc.).
As you search for the perfect payroll software for your business, you should take care to research each contender carefully. No one program is exactly the same as another, so be sure to carefully examine the features included and understand what features would best meet your company’s needs. While the above-mentioned features should be included in any payroll software, doing your homework is likely going to help you find a program that includes a variety of tools that your company needs.