What is payroll software? This is a very nice question to get you started; it’s not a very new term to the business world. Payroll software is an application that is used to organize, manage and automate employee’s payments. With this software you are in apposition to track payments and maintain their records as well. Payroll software can vary from features, prices; can be used in both large and small businesses.
An effective payroll management system will allow the management to have a flow of pay structure, tax information and monitor time and attendance. If you haven’t installed the software in your company then you are slagging behind since it can save you much manual tasks and will integrate easily into your current company procedures.
In this blog we will discuss at length about payroll software and how it can help you save money. To get you acquainted what payroll software entails, let’s get started:
- Why use payroll software?
- Features of a good payroll software
- Can payroll software save you money?
Why use payroll software?
If you want your business to grow in terms of productivity and return on investments then having payroll software is very essential. With the software you can transform your business drastically and reduce the workload. A payroll management system business will enjoy services like:
- Process payrolls – doing payrolls manually takes a lot of time and in most cases you will have mathematical errors. Having payroll software to process payments will be easy since it will automate calculations and escape mathematical errors and save your time as well.
- Export reports to accounting –payroll is an expense that should be inclusive in your business records. With software you will export this reports easily hence saving time and money.an accounting software which integrates with your payroll software automatically creates expense entry when payroll is run hence eliminating duplicate data entry.
- Time and attendance– most payroll software have a clock feature that can be used to track employees’ time in and time out. Then it uses an integrated time card for calculating employees’ wages at the end of pay periods. This saves money and reduces expenses
Employee self-service- having right software will reduce workload of an administrator. Employees can have their personal payroll profile and can access their information relating to wages, fringe benefits, deductions, time off balance and many more. They can also make adjustments to their accounts, address their needs and download and share documents easily. Does this not save money?
Payroll taxes- tax is very crucial, in that if you delay paying or pay less figures as expected you will be penalized by IRS and other related organizations. Taxes vary from one state to another, have different tax rates, different reporting and remittance rules hence messing up with this can be quite costly.
Right payroll software will guarantee you accuracy in terms of calculations and filing taxes hence save your money.
Human Resource- most software have a HR module as an added on feature. With this feature you can access information on employment history, store important documents, manage employee benefits and track employee census as well.
Integrated HR software will streamline your workflow by storing your HR information and payroll in one section hence saving your costs, workload and time at once.
Feature soft good payroll software
Not all the software in the market is suitable for your business. Go for software that is easy to use and more reliable. For more reviews on the best software that you can purchase for your business lets discuss at length here.
- Tax calculation feature- make sure that you go for software that has this feature since it automates and updates calculations relating to tax at each financial year accurately.
- Tracking and recording fully- good software should have an ability to track employees information in terms of time in and out and integrate their payments at the end of pay period to save workload and money
- Easy access- cloud based software can be a better option since you can access it at any time and anywhere you are. Hence you can even be able to continue with your business operation with ease without necessarily being physically in the office. It’s very efficient especially in this time where the world is hit by COVID-19, so working from home can be safe for your health.
- Multiple levels of access- a good system will enable employee’s access their information on payroll deductions, fringe benefits, wages, time off balance and tax related information. They can also make adjustments on their own, on their personal payroll account, download documents and save important documents as well.
- A scalable architecture- we all want our businesses to grow in terms of productivity and investments as well. To achieve this need then buy a package that will be easily scaled up to suit your business growing requirements so that you can succeed.
Can payroll software help you save money?
The answer is definitely yes. The most important thing is that you have to choose the right software for your business and in the long run most of the work that was being done manually will be done by the software hence saving money costs and time as well.
Doing maximum research about the right software will enable you to have a good preferable cloud based and you will use less time to process the payroll. With that you will do what you do at your best and enable your business to thrive.
A tech Bayzat.com is a good example with a payroll management system. Since they installed the software the company is handling transactions with ease and efficiency, they can track expenses and do repayments across your business in UAE. Ensure easy payroll processing, generate and distribute payment at the end month, do additions and deductions are calculated automatically and be ready for your approval.
It’s true with no doubt that the company is efficient and more organized since it uses unified HR and payroll systems. It’s highly recommendable in India.