As the world becomes increasingly globalized with the rise in mergers and acquisitions and a highly mobile workforce, the payroll process is becoming increasingly complex and difficult to administer. Technology has come to the rescue with advanced payroll software, customized for local or global use to administer payroll processes for multiple locations with a single employee database, accessible from anywhere.
Payroll software takes away a major part of the heavy lifting process from the Payroll / HR team with very little input needed from the employer. Basic information that payroll software requires to process payroll include employee wage information and hours. The payroll software is designed to handle all the complex and tricky calculations as well as withholding. The software also includes features for automatic updates every time tax laws undergo an amendment. Some advanced payroll software are also equipped with features to fill out employment tax forms on behalf of the employer as well as send reminders for filing them.
Payroll Software offers businesses significant advantage in terms of reducing costs and liability, and increasing efficiency and effectiveness of the payroll system by minimizing the possibilities of human errors. Key benefits include:
1.Helps businesses to organize, simplify and integrate complex business processes into a single system.
2. Diligent compliance systems lead to reduced risk of liability through oversight.
3. Ensure accurate and reliable processing and reporting of financial.
4. Ensure privacy and confidentiality of payroll data through controls.
Given below are some must have features of a good payroll software aimed at efficiency and accuracy of the entire payroll process
1.Simple and easy to install. It saves time and expense on training new employees .
2.Flexibility to customize as per your business requirement. Every organization operates in a unique way. An effective payroll software should be customizable to create custom categories of income and deductions and apply the pertinent tax laws for calculation of the same.
3.Include features for online filing of tax forms from data generated through the payroll software
4.Generate custom business intelligence reports exportable to PDF, Excel, or Quickbooks format.
5.Validating mechanism to ensure accuracy of data and calculation
6.Control mechanisms to protect against data hacking
Well designed and implemented payroll software can be a huge time-saver making it much easier to manage complicated calculation, constantly changing tax laws and ensure all your payroll data is available in one repository.
Advances in technology is leading to a growing trend towards web based payroll software allowing for further streamlining of payroll operations and greater cost savings. Web based payroll software also allows easy access to management to data for better, and faster decision making. They also do not need expensive on location hardware and software applications leading to significant cost savings for business. Web based payroll software also make it possible to apply updates easily and seamlessly, while also ensuring data reliability and security and disaster recovery remotely without the need for onsite IT support.