Choosing a payroll software that provides complete payroll solutions for your company can often be difficult. Most software can be expensive and hence, it is necessary to invest in payroll software that streamlines the payroll process and fits your needs. If you’re looking for payroll software for your company here are a few must-have features:
#1. Automatic Salary Changes:
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No company works on a rigid system, changes are always taking place in and around the company. This is the same when it comes to the payroll of an employee. Payroll is often dynamic and hence, payroll software needs to also automatically reflect any salary changes across the whole system. Without this feature, changing the salary data of an employee is quite a time-consuming task and can often lead to mistakes. Automatic reflection of salary can save this time and help in generating efficient payrolls without making heavy changes in the system. Every payroll software must be equipped with this feature.
#2. Multiple Earnings:
Anyone who has earnings knows, there’s more to earnings than just salary or wages. In most cases, the payroll received is a sum of all benefits, bonuses, overtime, compensations, and any other additional incomes that may have occurred during the month. All these need to be taken into account and hence, payroll software should allow users to add more than one earnings for each employee. If the payroll software does not come equipped with this feature, it adds another step into calculating the payroll for an employee. When this step is done manually, there’s often a chance of missing out on an expense or an income which will eventually lead to miscalculation of payroll and dissatisfaction of employees.
#3. In-Sync with benefits:
In continuation of the previous point, there’s more than one aspect that goes into generating payroll. Payroll software needs to be aligned with all the benefits that a company might offer its employees. Having this feature makes the generation of payroll much easier and faster while avoiding any errors that may occur when entered manually. Some of the few benefits that most companies provide are medical, disability, life insurance, retirement benefits, paid time off, fringe benefits, etc. There are various voluntary benefits where employers pay some portion and rest is born by employee. This syncing gives clarity to employees about the employer’s contribution towards his benefits and how much he is earning above his payroll. The software should be able to understand and process payrolls according to your company’s benefits and requirements. Benefits in-sync on payroll software is a highly essential tool.
#4. Employee Self-service:
Having an employee self-service portal on the payroll software avoids the delay and the follow-ups an employee needs to undertake to know a specific detail regarding their finances and payroll. This feature is beneficial to both the HR representatives and the employees. It provides an easy to use and accessible surface that provides information regarding the payroll of an employee. A self-service portal can also be used to file any questions an employee might have regarding their payroll.
#5. Intuitive Dashboard:
Any payroll software must have an intuitive dashboard that is easy to read and understand. This dashboard can be used to generate reports, track progress, and make plans. The most important benefit of the dashboard is that employers can see their spent on payroll and can map it to their budget. This can help them understand where their spending is increasing. An intuitive dashboard displays the current progress, status of payrolls, and other such information. Having this feature on the payroll software provides easy access to information. Without this feature, the employer would have to go hunting within the software to find the required information.
#6. Tax Administration:
Lastly, the most important feature that makes life easier for everyone, is the tax administration feature. Tax administration involves filing taxes on time, if these taxes are not filed correctly or are missed then, the company could face legal trouble. Hence, having this feature is nothing more than a blessing in disguise. The tax administration process is made simple and easy to use through the payroll software.
The bottom line? Look for the features that work best for your company, these features might also include 100% accuracy, processing payrolls automatically, report generation, time tracking, location tracking, etc. Make sure to look for these features while finding the perfect payroll software that provides complete payroll solutions for your company.
Pro Tip: Always look for a demo and try it yourself before investing in payroll software!