Check out the best webinar software list from webinarcare website. Payroll is at the heart of every organization. Employees are the foundation of every organization, and if they aren’t paid well and on time, the organization is unlikely to flourish. Many organizations have embraced payroll software, and it is no surprise that there are plenty of options. Even though there are endless payroll software options, picking the right one isn’t easy. Here are a few payroll software features to look for.
1. Direct Deposit
Direct deposit is an essential feature of excellent payroll software. It ensures that funds from your organization’s bank account go directly to the bank accounts of employees. This type of payroll is popular for many reasons. It is safe, simple, and effective. It eliminates the risk of losing checks in the mail.
With direct deposit, employees can get their funds sooner. It is a win-win for both companies and their employees. With direct deposit, you can always have records of transactions for your bookkeeping.
2. Compliance Management
Did you know that about 54 percent of payroll and HR professionals report that their organizations spend up to $100,000 preparing for labor-related regulatory changes? Compliance management is one of the most critical features of payroll software.
Employment laws are complicated, and they are always changing. If your company is non-compliant with new regulations, you may need to pay a lot in legal fees. Instead of fretting over the changing laws, get payroll software that helps you. It will automatically update whenever there are changes in your federal, state, or local employment law.
3. Employment Self-Service (ESS)
About 73 percent of workers in the United States expect to access self-service options that they can use to handle HR tasks. With this feature, the HR manager doesn’t need to jump on the software whenever an employee has an issue.
ESS takes away the stress of being the point person for all payroll issues. It allows workers to get answers to their concerns as soon as possible. Having their own login details to the software fosters a level of autonomy.
When comparing ESS features, mobile is one of the most important considerations. Work with vendors that offer mobile-optimized sites or standalone mobile apps. Whatever you choose, make sure that it is intuitive and mobile-friendly.
4. Generate Pay Stubs for Employees
The benefits of getting software with a pay stub maker include:
- Accurate calculations
- Multiple opportunities to make corrections
- Managing extra deductions and earnings
- Simplifying the tax-preparation process
- Keeping track of valuable information
5. Time-Tracking and Accounting Integrations
An average company keeps about five records for every employee. It dedicates about 32 hours on manual, duplicate data entry every week. Consider choosing payroll software with time-tracking and accounting integrations.
When you integrate your payroll software with accounting software whenever you make payroll runs, the transaction automatically gets into your general ledger. It is the same with time-tracking integrations. Whenever employees log a shift in your company’s time-tracking software, the data automatically enters into your payroll software and calculates the wage payments.
Even though they are two different features, they technically serve the same purpose. They eliminate the need for lengthy duplicate data entry. The integrations can help your company save time and minimize the risk of errors.
Payroll software is one of the most important investments for any organization. Employees are the fuel of any company, and investing in them is always a good idea. However, when getting payroll software, it is essential to note that they aren’t all the same. Consider the needs of your business and pick an option that helps you meet them.