To get a better understanding of the benefits, here are some features of payroll software.
1. Integrated Accounting
2. Recording Files and Payslips
3. Reporting in Payroll Software
- Timesheet reports
- Balancing audit reports
- Wage and liability audit-related reports
- Unemployment wage reports
- Form W-3, 941, W-2 and 1096
- Several reports and inquiry output formats which include email, XML, text file and printed report
Throw spreadsheets, files, pens, and emails away. The comprehensive payroll software is here!
4. Keeping Track of Earning
One of the best features of payroll software is that it manages the earnings of the employees. But for that, the following elements need to be present in the software:
- Calculation rules
- Allocation rules
- Premium pay and basic pay
- FLSA overtime pay
- Tax earnings
- Worker-specific earning codes
- Earning division on bonus tips or work performance
5. Tax Management Done Easily
- Automatic quarter-end updates on tax tables
- Pre-tax deductions
- E-media reporting for every state
- Interface for creating and transferring files to the chosen tax filing service
- Check tax deposit due dates
- Track exemptions and filing status
- Employee compensation taxes
6. Depositing Directly to Account
One of the best features of payroll applications is that the payroll is deposited to the bank account directly. The software saves huge expense on the annual supplies and processing. It can also take care of any fraudulent activities related to the employee’s salary. The funds are transferred within no time directly from the company account to the employee account.
7. Customisation at its best
Among all the key features of payroll software, personalisation plays an integral role. Through customising every check and form, the whole system of payroll software is managed. You can customise the tables and menus here. You can also customise the reports, screens, and fields to offer the best kind of service. The software can print logos of the organisation for attaching them to the reports and checks.
8. High Level of Security
9. Know about Streamlining
Mentioned earlier that the role of the payroll software includes streamlining. The worker can get access to the records or printed pay stubs through the automatic generation of the payroll system. There is an option for getting in touch with the third-party administrator and track in-house bookkeeping.
10. Zero Error, High Level of Accuracy
The best thing about payroll software applications is that every work is carried out by following a high level of skill. By installing the latest updates on the application, the features of payroll software remain upgraded. And the system does not have to pay the price of manual error. With the help of automated payroll software, there is less chance of human error. Also, the tax forms are pre-filled following the worker’s payroll details. The unbiased third-party app can keep the records up-to-date every hour even if you outsource the operations.
The features of payroll management software include quarterly audit reports, leave status and direct labour distribution documents. There are also regular payroll reports, wage file reports, 1099-file e-media report and track reconciliation reports. Therefore, features of payroll software inculcate visibility and insight into the critical functions of making reports regarding the payroll.