Payroll Software Features
Most payroll software offers main features such as tax management, printing checks/direct deposits, payroll processing, and more.
Still, depending on the software, some features may be standard, while others may be add-ons or not offered at all. Bellow, is the list with the most common features of payroll software: 1. Payroll processing
– With adequate software, processing payroll can be performed in relatively no time. Most solutions have integration capability, which, depending on your platforms for payroll and timekeeping, can link systems together to pull hours automatically, process payroll, pay rates, print checks, and make ACH (automated clearing house) deposits. 2. Time & attendance management
– This feature records the employees working time. Employees can clock in through this system or by a manual time clock system. Salaried employees can fill either a manual or an electronic time sheet. This feature also monitors of vacations and sick time. Some payroll systems have the time & attendance feature built in, but others may need integration with an attendance module. 3. Tax management
– The tax management automatically calculates the federal, state, local, and other social security-medical care taxes that are deducted from each employee’s paycheck. It also automatically updates any tax code changes and alerts the user. 4. Benefits management
– Benefits management can either be a separate module or a built-in feature, depending on the software. Employees can keep track of benefits offered, such as insurance, retirement, vacation/sick, and other benefits. 5. Reporting
– Best small business payroll software solutions deliver reporting features such as gross-to-net payroll register, tax reports, deduction analysis, compensation analysis, and more. Reporting templates are typically offered. Plus, you can create custom reports. 6. Integration
– Majority payroll software can integrate with another system, such as HRMS (human resource management system) or accounting software
. You may also have separate modules for benefits and time & attendance that can integrate with payroll solutions. 7. Mobile functionality
– It’s another feature that’s becoming more common in payroll systems. Not only can employees see their paycheck on their mobile device, but they can also launch payroll form their tablets or smartphones. 8. Direct deposit
– With direct deposit, you save thousands of dollars annually in processing costs and supplies, employees no longer have to worry about check fraud or lost checks. Plus, funds are transferred from company accounts directly to employees through ACH and are available instantly unlike traditional checks that typically have a holding period.