Published on February 23rd, 2013 | by Anthonys0
Payroll Management Software – To Manage HR Department More Efficiently
Managing Payroll was a problem in the past and is still an issue today that is being faced by small and large businesses. Small business owners struggle with payroll just because they are short of staff and time. Conversely, large organizations have complete payroll departments that face problems when they have to track the payroll statistics for hundreds of employees.
The simple and effective solution for both large and small businesses is investing in a new payroll accounting application. It is a complete system that can be tailored as per the needs of your business.
Main objectives of designing payroll software
- To formulate the detailed salary documentation of every employee in the organization
- To produce Pay-In-Slip after the calculation of wages
- Proper handling of manpower
- To sustain details regarding allowances, loans, deductions, savings and arrears for each employee
- To create reports in formats compatible to users
- To produce different vital reports that offer valuable information to executives or top-management
- To maintain the records of different aspects of the salary
- The salary components are categorized based on allowances and deductions
- Forms salary slip and salary sheets of every worker
- Creates different vital reports lessening the official procedure in the organization
- Produces reports in most wanted formats
- Reports are exported in formats including HTML, Excel, Word document and RTF
- Programs are simple and menu-controlled with accessible interface
- Reports can be e-mailed directly from the software itself
Benefits of payroll software
- It is accurate and saves your time and effort
- Payments are carried out regularly on payday. Paychecks are created automatically after a precise calculation. You can have the paychecks printed, use direct deposit or have them mailed — depending on the system.
- It automatically takes heed of the critical payroll tax responsibilities and pays them on time. The tax forms are filed quarterly without fail. The FICA, state and federal taxes, W2-s forms and unemployment insurance are regularly taken care of without missing a deadline.
- Keeps track of the details of every employee including latest tax rates, holdings, tax payments owed as well as dates of tax forms to be filed. The employee records are well-organized, so that you can easily get access to their payment history anytime.
- Employee benefits like the 401 (k) retirement plan and health benefits are offered to the staff to appreciate their loyalty to the company. The payroll software keeps track of these contributions. The workers compensation insurance policy is also incorporated in this payroll system.
Consider the following things before selecting payroll software
Many software manufacturers provide a trial period for potential buyers. The various features and working of the application are given in detail on the website. However, it is wise to know how the payroll system runs before purchasing. Additionally, you will get familiar with the user-friendly interface.
There are web-based as well as desktop applications. The web based system is good for small businesses because the transactions to be recorded and tracked are not too many. Programs that are based on the internet can be accessed from anywhere and you have to only pay for the services that you need.
On the other hand, if you buy the desktop payroll software package you will have to compensate for the services that are not needed. For example, if you select software that is designed for 2,000 employees but have a staff of only 130 workers then chances are that you are overpaying.
Remember not to under-estimate the importance of payroll software because giving your employee an inaccurate salary can damage their spirits and effectiveness of your organization.
Daniel is an experienced web developer and he blogs on various tech related topics. Feel free to visit our official website to checkout some of his works on IT governance and security platforms.