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Payroll Management System, as the name suggests, is an automated system that assists the account managers in processing the payrolls, accurately calculate the salaries of employees on the basis of diverse imperative factors, support tax processing and much more.
The payroll processing is much more than just cutting the cheques for the employees at the end of the month, and that’s why it is a highly time consuming activity. But, deploying Payroll software enables the organizations to not only save time, cut costs but also ensure flawlessness in the entire payroll process.
The following guide will share a deep insight with you regarding what Payroll software is all about, what features and functionalities do they offer and how they can prove useful for an organization, whether big or small.
Payroll is a complex process. Each month, every employee’s exact salary needs to be calculated and there are a plethora of factors which need to be considered, including the attendance of the employee, total benefits offered, the basic salary, total deductions and much more apart from tax processing.
The payroll administrators are required to factor in the taxes, employee exemption, pay raises, etc. Thus, for payroll administrator it becomes very challenging to carry out all the calculations efficiently and flawlessly.
On the flip side, a payroll management software is an automated solution that facilitates all the functions that are usually performed by a payroll administrator, but, with much more speed, accuracy and efficiency. The best payroll software support the various tasks that are related to the salaries of the employees, the deductions, and the employee benefits which are paid in terms of cash.
Many people often get confused between the accounting software and the payroll software, and assume that they perform the similar tasks. However, this is completely wrong as these two software differ a lot from each other. While the cardinal task of both these software is to carry out accurate calculations, but the accounting software is responsible for focusing on the income and expenses of the firm, including accounts receivable, accounts payable, taxes to be paid on behalf of the firm etc. But, the payroll management software only emphasizes on managing the salaries and payments of the employees.
A payroll software might be integrated in the accounting software to take care of both the needs through a single software.
Companies of all sizes can use the payroll management software. Yes, you heard it right.
Size is not the factor that can affect the decision that whether you should deploy the payroll management software or not. The best payroll management software ensure that you not only save time in the payroll calculations, but also save money by eliminating the need for dedicated payroll professionals and the infrastructure required by them.
Every company, whether a start-up or an established firm, whether a small scale company or a large organization, can deploy the payroll management software and avail the benefits that the software offers. Also, irrespective of the industry vertical you hail from, you can easily find an apt payroll management solution as per the needs of your firm.
Most of the payroll software offers the basic and underlying payroll functions including payroll processing, printing of cheques or direct deposits, monthly payroll slip generation and tax management etc.. However, depending on the scope and type of software, it may offer more or less functionality. The top payroll software may offer more services as compared to their counterparts.
The major functions performed by the payroll management software include:
This includes calculation of the gross pay of the employee on the basis of the factors such as number of hours worked in a month, monthly deductions and benefits, retirement fund contributions, insurance, etc. Any additional bonuses, pay raises or over time pays are also considered by these software while calculating the gross and net salary of an employee.
The best payroll software record the in and out time of the employee on the daily basis to calculate the number of hours worked by an employee in a specific month. The attendance marking system, such as biometric devices or electronic time sheets are integrated with the payroll management systems for facilitating accurate calculations. These software solutions also keep a track of the vacations and the sick leaves taken by an employee.
The employees are required to report their income withholdings on quarterly, bi-yearly or on the annual basis, in order to file their taxes. The payroll systems help the employees by preparing the tax forms for them, which they can either print or fill electronically in the submission to the apt authorities.
Employees get many jobs related benefits such as sick leave, vacation leave, health checkups, medical support etc. The payroll management systems make it easier for the employees to manage their employee benefits, keep track of how many paid leaves they have utilised and other information regarding tax audits, insurance and other regulations.
The payroll management software can generate the pay stubs of the employees with the apt details at the end of each month. If programmed to do so, these software also automatically mail the pay stubs to the employees. Also, a track of all the pay stubs for an employee is maintained, which can be accessed by employee anytime.
Not all, but many payroll management software provides the reporting functionality to the employees, including compensation analysis, gross-to-net payroll register, deduction analysis, tax reports and much more. Typically, the reporting templates are also offered; however, the users always get the flexibility to create the custom reports.
Using a payroll system offers many benefits to an organization. These include:
· The payroll administrators no longer have to worry about inaccuracies in the pay checks of the employees, as the risk of making mistakes in the calculations gets reduced significantly.
· Manual payroll is much more time consuming, and the payroll system helps you to save this time, which can be utilised to perform the most important tasks or to focus on the core activities of the organization
· When you use a payroll system, you can save money which you would hav to otherwise spend on hiring more staff for the payroll administration and the infrastructure required by them to work
· Its always very difficult for a company to stay updated with the IRS changes and the tax codes, especially when they change more than once in a year. The payroll software automatically makes the tax updates and notify you about the newly downloaded updates.
· The employee information stays secure and confidential with the payroll systems.
· The payroll systems streamline the entire payroll process, and ensure timeliness in it.
Before you go on and purchase a Payroll Management software, its vital to comprehend that which features are important from your organization’s requirements perspective and which are not. Also, you would need to understand that whether you need a dedicated payroll system or the one which is integrated with an HR Management system. So, here are a few imperative points which you must consider before investing in a payroll system:
Every company envisions growing in the future, and hiring more employees. So, should you buy a system that can cater to your future requirements or the one that is suitable as per the current needs. Well, you should look for a system which can grow itself with your company, and thus, you must invest in a scalable system.
When you are planning to deploy a payroll system, there would many other software solutions in the company with which the payroll system has to integrate, so ensure that the newly bought system is compatible with the rest of the software solutions you are already using.
Any system which is complicated in use will not be able to deliver the optimum set of benefits which it is capable of. Thus, look for an easy to use system.
While many of us now believe that cost comes after quality, and we should not look for the cheaper systems. But, at the same time, it's vital to understand that we also should not invest in an overly expensive system which offers a plethora of features which aren’t useful for you.
It’s important to look out for the references or recommendations from the previous or existing clients of a vendor, in order to enquire about the after sales service. A supportive vendor that offers faster support when required, keep on upgrading its system and offers complete user training is what you should look for.