Payroll Software Features That Simplify Payroll Management
Payroll management is a complex process, especially if you are in a small business. Payroll software simplifies it greatly by helping you keep track of employees' information and generate accurate pay-checks. However, payroll software has certain features that make the entire process simpler and more efficient. I'll be discussing some of the important payroll software features so that you can use these to achieve even better results.
Automatic Tax Calculations
A critical part of any payroll system features list is its automated tax calculation. This feature helps save you a lot of time and effort by computing all relevant taxes at once and generating the information for you. This help is crucial to meet tax filing deadlines and save yourself from paying up to 25% late tax filing penalties.
When using payroll software, it automatically sums the taxes that need to be deducted from an employee's pay-check. This is a very important feature because you don't have to worry about making mistakes when estimating tax amounts.
It also helps you track how much tax is deducted from each pay-check. You can set it up so that taxes are automatically figured for each employee.
This saves you time and effort because you don't have to compute these manually. The software does all the computation for you, so you can focus on other important tasks.
Employee Self-Service Portal
Employee self-service portals are software features that allow employees to access their personal information in order to manage their own payroll accounts. With a self-service portal, employees can view and update their personal information, such as addresses and contact details.
This portal is a web-based application that allows employees to manage their pay information, including their hours, earnings and benefits. They can also see how much they are paid each month, track their hours worked, and view any tax documents or reports related to the company's payroll system.
Setting up an employee portal is a good idea if you have several employees who need access to this information. This way, they can check it themselves instead of waiting for you to do it.
Tracking Time and Attendance
So why use payroll software? Aside from automatically scheduling payroll payments, using payroll software helps you track employee time and attendance. This can be helpful if you have hourly employees or if you want to ensure that your workers are being productive during their shifts.
The software will automatically calculate a person’s hours worked, as well as how many overtime hours they have accrued and how much they should be paid for those hours. Payroll software with a time and attendance feature can help you track how much time your employees are spending on different tasks, so that you can bill clients accordingly.
Timesheet Management and Approval
Many managers would agree that among all payroll software functions, they find time and attendance tracking as among the most vital. This feature allows you to track how much time your employees are spending on different tasks, so that you’ll know how they allocate time to perform their jobs.
It also helps identify which employees are working the most hours so that they can be compensated appropriately. On the other hand, it also helps you determine whether your employees are working more than the amount of hours they’re supposed to work, which could result in overpayment.
Leave Management and Approvals
Like most HR software, payroll tools also include a section for leave management. This feature allows you to track when employees take vacation days as well as sick days and other types of time off.
It also helps you manage how many hours your employees work each week so that they don’t exceed their allotted amount. Leave management and approvals are another feature that you should look for in payroll software.
This allows you to track when employees take time off, as well as the number of days they have accrued. You can also see whether or not they’ve used all of their vacation days or sick leave and if so, how many there are left over.
Direct deposit is a convenient way to receive your pay-check, especially if you don’t want to wait for it in the mail. It allows you to have all of your pay-checks automatically deposited into your own bank account, saving you time and hassle.
Just like how the top procurement software systems automate purchasing activities, direct deposit allows your employees to have their pay-check deposited directly into their bank account. This procurement feature helps save you time, because you don’t have to go through the process of issuing paper checks and mailing them out.
You can also avoid any mistakes that might occur when you issue pay-checks manually in procurement management, such as missing a decimal point or typing in an incorrect amount.
Payroll Runs and Reports
Payroll runs are a feature that allows you to view and manage your payroll. You can run a payroll report that lists all of the hours worked by employees, their pay rates, taxes taken out and any deductions made from their pay-check.
If a CRM tool helps businesses to be on top of their customer relationships, this feature helps you to be in control of your payroll, ensuring no mistakes are made when issuing pay-check to your employees. A payroll run is a process by which the software calculates the amount each employee should be paid and updates their information in your database.
You can also set up recurring payroll runs, which will automatically generate pay-checks on a regular schedule. Just like the convenience of setting up recurring tasks in top CRM tools like the features discussed in CRM Creatio reviews and other similar posts, the same is true when doing your first payroll run using a reliable payroll platform.
Using the right software makes managing payroll a breeze
The right payroll software can make a difficult task much easier by automating payroll processing and deduction calculations. In order to find the right software for your company's payroll needs, familiarise yourself with the most important features of payroll software. With this information in hand, you will be able to sort through the available options and select a system to best suit your company's unique requirements.