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5 Payroll Software Features That Drive Your Overall Payroll Efficiency

The benefits of a payroll software/service can assist your company in more than just better overall productivity and profitability.

Whether you are investing in your first payroll software/service or evaluating your current one, these features will help you stay in control and empowered:

 

Direct deposit

This payment method is currently the most popular, for the following reasons:

  •  It is safer – It eliminates the risks of loosing checks or check tampering fraud (which can result in losses upwards of $150,000).
  •  It is cheaper – It allows you to cut down on the cost of supplies and labor involved in preparing paper checks.
  •  It is simpler and faster – It is easy for your payroll team to use and offers employees quick and easy access to their income.
  • It is bookkeeping friendly – Every transaction is digitally recorded for bookkeeping purposes.

Compliance management

Payroll can get complicated due to the various and fluctuating employment laws that surround it. Your payroll software’s compliance management feature will ease this burden and help you avoid the steep penalties that result from failure to comply.

This feature updates your processes when any local, state, or federal employment law changes are enacted, ensuring that your time entries, payroll data, and tax returns are in line with the national and local employment laws.

Integration of accounting and time tracking

When your accounting software is integrated with your payroll software, every payroll run cycle is automatically entered in your general ledger.

Integration of payroll with time and attendance allows data portability for automated wage calculation.

Tax preparation

Tax preparation

According to the National Small Business Association, one in three small businesses spend more than 40 hours every year calculating and filing their federal taxes; and 63 percent spend more than $1,000 every year on federal tax administration, even before the actual taxes they owe are calculated.

Having your payroll and tax preparation needs addressed in one package that guarantees reduced errors means hours and dollars saved.

Employee self-service (ESS)

This is another time-saving feature, and it frees you from the task of addressing routine payroll-related inquiries and requests.

On the employees’ side, the ability to log in to their payroll software gives them quicker access to information and shortens the turn-around time on changes requested.

This feature is optimized when made mobile and offers users an intuitive experience.

A payroll software that comes with game-changing features will give you even more value when it’s complemented by highly capable human support.

That is what Payroll Systems has to offer.

Contact Payroll Systems today to see how you can leverage our easily scalable payroll and HR solutions—from paperless new employee onboarding, paperless benefit enrollment, timekeeping systems with companion mobile app, physical clocks, and customized job costing and labor distribution reporting.

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.