When your business grows, payroll processes will become more complicated and tedious. If you do not have a proper payroll software, you are going to waste a lot of time doing paper work. With the right payroll program, payroll processes become easier. Processes that used to take several days can be done within minutes with the software. So having the right payroll software will definitely benefit your company.
In this article, let me share with you 5 important features of payroll software. When you are looking to buy a new system for your company, make sure that it has these 5 features:
1.The software should allow you to direct deposit salaries to your employees’ bank accounts. You should be able to deposit pay electronically. This will save you a lot of hassles and you can save money on check processing and time. I believe your employees will also prefer direct deposit as they can save time making trips to banks.
2.The software should have a time clock. If your employees are required to fill in time-sheets, then you need to minimize the chance of entry errors. With a time clock, you can be sure that there will not be any entry error and duplicate entries.
3.The software should allow you to file tax electronically. Filing tax at year end is a very tedious process and it is traditionally been done on paper. With a payroll software that allows you to file tax electronically, you can eliminate this hassle. You do not need to download any form as everything can be done through the software.
4.The software should allow you to set up different pay rates for different employees. For example, in the sales department, the earning matrix for the sales manager and sales executives will be different. With the right software, all earnings are calculated based on the profile of the employees. This will save you a lot of hassles as it will reduce the number of pay codes you use to track employee pay.
5.The software should allow you to generate custom reports. Some payroll software allow you to customize reports so that you will only see the data that is important to you. Don’t waste your time on data that is not important. Filter them out.
Getting the right payroll software for your company is definitely a good investment. Before you purchase any software, make sure you do a research and read product reviews. This will ensure that you get the right system for your company.
