Maintaining an efficient payroll system is an important consideration for most companies, regardless of their organizational size or the amount of people they employ. At the end of the day, if you don’t pay your employees on time, they’re not only going to be unhappy but you could also face legal complications. Payroll systems allow companies to work out how much tax they should be paying on behalf of their employees, and human resource departments are able to respond quickly to members of staff who have experienced payment errors and irregularities.
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Key Features of Payroll Software.
Whether your orginisation is a small business, a non-profit orginisation, or a multinational corporation, you must have an accurate and timely way to account for payroll expenses, withhold and pay government taxes, and generate the proper reports required by law. This, more often than not, means the implementation of payroll software into your accounting system. Without payroll software, the detailed elements involved with this task could quickly become overwhelming.
Payroll Processing. A payroll processing function is a given in any payroll software. Most payroll software in the market offer integration capabilities, such as linking the system to leave applications, timekeeping, overtime pay rates etc. This saves a lot of payroll processing time from having to manually input the necessary payroll information.
Direct Bank Disbursement. A direct bank disbursement is likely to resonate well with both your HR department and employees. By disbursing monthly salary payments directly into employees’ bank account, it saves your company time and money from having to issue paper cheques. Additionally, it mitigates the risk of a lost cheque or fraud cases.
Tax Calculations and Filing. Payroll software takes the tedious paperwork out of taxes computation and filing. With automated calculations, it reduces the risk of human calculation error. Additionally, the system can pre-fill in the tax forms based on employees’ payroll information that is already available within the system. This alleviates the unwanted situation of submitting tax forms with missing employee information. Furthermore, automated filing ensures that your company and employees’ taxes are filed on time. This can prevent the company from incurring penalties due to late submission.
Payroll Compliance. The payroll software contains all the confidential employees’ personal details and important payroll information. Additionally, technology is constantly evolving and hackers are becoming more sophisticated in their ways to hacking into payroll databases. Thus, a robust payroll compliance system has to be in place to prevent data leak or loss of critical payroll records and employees’ personal information.
Accounting Integration. With integration capabilities of payroll software, accounting functions can be integrated into the payroll system as well. This can save both the accounting and HR team hours of time from having to manually key in monthly payroll details. Likewise, it minimises the chances of miscalculation and incorrect data entries.
Payroll Software Benefits
A good payroll software can help you carry out your pay run with greater speed, efficiency and confidence. With the following benefits:
Work out payroll calculations and deductions quicker
Generate accurate payslips
Calculate bonuses, expenses, holiday pay, etc with minimum effort
Send returns and print other forms for employees
Automate certain tasks, such as year-end reporting
Reduce the burden of compliance
Remove the need to understand complex tax legislation
Store data such as payslips and annual reports in a secure, easily accessible system
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