It only makes sense for businesses to adopt payroll software. While implementing such a system can be challenging at first, the investment is well worth it in the long term. With most payroll software costs being consistent monthly subscriptions or a large, one-time fee, it is understandable why it takes a considerable amount of thought for a company when choosing the best option. This article does the work and compiles the features that some of the top payroll software companies offer within their software services and options.
This feature is a commonly requested feature for those seeking payroll software, and for good reason. Direct deposit saves massive amounts of energy and time thanks to its paperless delivery and automated processing.
This is not just convenient for the employers; studies have shown that workers prefer this method over other forms of payroll delivery, with 82% of employees choosing this option when receiving paychecks. Employees want their paychecks in their pockets as quickly as possible, and direct deposit ensures that they get their hard-earned money as quickly as possible.
The best payroll software companies offer excellent tools for both employers and their employees. Simply put, employee self-service allows workers to log in to their own profiles within their company portals and update their information. They can also view any information about their salary, hourly wages, benefits, and more. This service alone relieves HR departments of many time-consuming tasks.
Fortunately, most of the top payroll software companies also have their programs optimized for mobile access, whether through a specially developed mobile application or through a phone-friendly site.
Automatic Tax Filings
Taxes are simply a fact of running a business. Top payroll software companies include in their programs many features that allow for smoother tax seasons.
For example, many programs allow companies to factor tax calculations into payroll. This helps them avoid mistakes that may cost them on a state, local or federal level. Additionally, many systems offered by top payroll software companies can automatically create important tax documents on behalf of a company. Examples of this include W-2s and 1099s, which both employees and independent contractors will need when tax season rolls around. Not only will the forms be auto-generated, the systems can also send them to the right agencies, making filing season less of a headache.
Central Record Keeper
Payroll management systems at their core should serve as the go-to location for all employee records and documents. The best payroll software systems ensure that these records are accurate, clear, consistent and organized. This allows companies to easily access any information needed, on any employee in their company — things like first offer letters and last year’s salary reports. The ability to pull up essential documents at a moment’s notice also reduces hassle.
Whichever payroll system companies end up choosing, these are key features that top software companies are known for providing. Many companies have come to see these features as more than luxuries; they are integral to running a healthy, dynamic business.