What Features Should a Payroll Management Software Have?
Tired and fed-up of all the spreadsheets and paperwork just to beat the deadline for the bi-monthly payroll?
It is a known fact that payroll management is one of the most exigent, tedious and time-consuming HR processes.
It tackles detailed computing, maintaining and organizing records of employee’s salaries, calculating deductions, bonuses , commission and total net pay.
It also includes evaluating and updating the company’s payroll database to ascertain the current status of employees and their personal information.
Payroll officers or perhaps an HR staff have been the ones tasked to manually input payroll information and process payroll.
Well, they used to, but not anymore.
As businesses flourished, the employee population also increased and it has made manual payroll management even harder as it already was; thus making manual payroll management inefficient and nearly impossible.
Thanks to the power and might of technology that took matters into its own hands.
Cloud based HR and payroll software is a great keeper of records and it saves your HR staff from a whole lot of trouble from working long hours in putting up employee contracts, deductions, work hours, pay rates and tax filings.
Not only is it physically taxing for HR personnel but it also takes up too much physical space and storage in the office.
It has a surplus of functions to save HR staff from the physical stress as well as it provides unlimited storage through the cloud.
With a reliable HRIS, processes are streamlined so inaccuracies are avoided.
Read on to know more about the must-have features that a payroll management software should be able to offer.
Must-have features that a Payroll Management Software
Built-in With Integral Accounting Features
It is not worth migrating to the cloud if the payroll management software does not have built-in accounting features.It can save time for both the accounting department and the HR team as it can efficiently and automatically take care of all that is related to all payroll.It also prevents errors and avoids the risk of putting critical data in the wrong file producing erroneous results and miscalculations.For instance , putting a small “0” or perhaps displaying a decimal may result in a great loss to the business. It would cause major repercussions just for a very minor negligence.An efficient and smart payroll HRMS software can save time and ensure accuracy.It also helps the business from incurring penalties as the HRIS complies with all regulatory requirements.
Reporting and Auditing Feature
The payroll HRMS software should be able to handle significant tasks in reporting as well as provide customized criteria in reporting. It should also be able to grant access to people who handle the specific reports for ease and smoothness in reporting. With this said, the payroll HRMS software can readily provide the reporting feature one can truly make the most of.However, just a heads up! Before making the software purchase you have to make sure that the reporting feature is in place before deciding.With a dependable cloud based HR and payroll software you can now ditch the files, papers, pens, emails, and spreadsheets because a reliable payroll HRMS software can perform the reporting with ease.
Easy HR helps your HR team manage employees through robust record-keeping and payroll functions.
Mostoften employees would need to have access to their payslips and salary statements. The payroll HRMS software should be able to generate reports like salary benefits, leave summaries, salary statements and payslips.Printing payslips is also part.It also has options to print and download other forms. The payslips and files recording feature is able to handle essentially all employees’ documents and records.
Value added Features
A well established HRIS has value- added features like provision of organizational charts, employee profile, offer letter, tax memorandum and the like.
Management of Employee Earning Feature
The cloud based HR and payroll software is able to manage employee’s earnings inclusive of allocation rules, basic pay and premium pay tax earnings, deductions, overtime pay and performance bonus.
Bank Direct Deposit Feature
One of the best cloud based HR and payroll software features is having the bank direct deposit feature.The software has the built-in ability to transfer funds from the company’s account directly to the employees’ accounts.This saves the time and cost of processing plus prevents unscrupulous activities in manipulating payroll.
Calculation of Tax Filing Feature
This feature is heaven-sent for accountants!It enables the payroll hrms software to submit and file employee taxes before the deadline in order to comply.This feature has no added costs and take note, with these additional tasks like automatic quarter-end updates, e-media reporting, compensation taxes, track filing status and exemptions, you cannot say no to the cloud.
Customization plays a significant part in looking for the perfect payroll system feature. It manages the entire payroll system by customizing every form and check.One can also customize menus and tables according to the needs of the business. HR processes would not be time consuming and tedious anymore. With these helpful features to consider, it is now easier to spot the best HRIS to help carry a tiresome burden of payroll processing.
Since payroll is an integral part of any business, EasyHR makes things happen for you in handling and streamlining all types of payroll tasks.
EasyHR is perfect for small to medium-sized businesses that are struggling to upgrade payroll management and don’t even know how and when and what to start.
EasyHR is a leading-edge HRIS software that helps your HR team manage employees through robust record-keeping and payroll functions.