The payroll process might seem like an easy and straightforward process. You need to calculate your employee’s working hours and make a cheque, right? In reality, it is not so simple. According to stats, every year, the IRS fines a lot of small businesses with billions of dollars because of errors in payroll. With the delay in releasing salary, or improper deductions in the total amount, it can happen in many ways. And it can significantly affect the employees for whom monthly wage is the only source of income. Which, as a result, can also hamper the productivity of your business. So, ensuring accurate and timely payments is very necessary for a firm. Also, various other deductions and statutory compliance, under labor law, and different rules and regulations are essential. Hence, to ensure your employees are happy and you are a proper law compliant, you need to have a good understanding of what the payroll management software is and how to run it effectively. Let’s get started.
What is Payroll Management Software?
Payroll software is an easy-to-use accounting tool that aims to tackle and simplify all aspects of payroll management. It automates and speeds up the payroll process of your organization while enabling the managers to customize paychecks for employees easily. It also makes tax filing more comfortable and efficiently customize and suits your business desires.
What Benefits does Payroll Software Offer to your business?
Payroll software assists in various aspects related to payroll management like
- Increasing the efficiency of your business by automating and simplifying the set-up task.
- Withholding taxes
- Printing and delivering checks
- Compensating employees for timed work
- Allowing the user to add several employees or generate n-number of payslips within one simplified system.
- Saves a lot of time by automating several tasks, which eventually increases productivity.
What Benefits Does Payroll Management Offers To Your Employees?
- Keeping track of working hours and Calculating wages
- Calculating the deductions of various with holdings such as taxes, insurance, and retirement contributions.
- Manages all the information related to employees very efficiently so that at the time of requirement, the employee can access that very quickly.
- Reinforces the faith of your employees in your financial integrity by timely providing them with a salary.
- It has easy to use features so that any employee of your organization can operate the software seamlessly.
Hence, one of the most critical tasks is processing the payroll. Employees need to be very satisfied with being paid consistently. Thus, an ideal Payroll Software plays a crucial role in maintaining the financial stability of the company. Now, before digging further on the features of a Payroll Management Software, let’s have a look at the top Payroll Softwares prevailing in the market.
What are the Top Payroll Management Software Available in the Market?
With 99% user satisfaction, Gusto is regarded as one of the best Payroll Management Software available in the market. It offers flexibility and scalability to your organization. Apart from easy integration in a well-regarded accounting system, Gusto also provides on-premise and cloud options to address the needs of all types of businesses.
OnPay is a popular payroll software because of its easy to use and extensive features. It offers highly-scalable solutions and is perfectly suitable for small and medium scale industries. Apart from that, it can efficiently manage the crucial payroll information like working hours, bonuses, tips, reimbursements, and so on.
Xero, apart from directly helping in payroll management, also delivers a short accounting and online bookkeeping set. This feature of Xero helps the firms to keep an eye on their cash flow from starting to end. It also offers many advanced functionalities such as invoicing and quotation, expense control, purchase order receipts, and so on.
This payroll software simplifies many payroll processes and turns them into a smooth, user-friendly process. Besides that, BambooHr also offers detailed information on tax deductions, color and visual rich graphs, and easy-to-read pay stubs.
greytHR is a fully cloud-based payroll software that offers 100% statutory compliance. This great payroll software automates different aspects of HR management like payroll management, leave management, attendance tracking, and so on. It also offers mobile apps for the employees and managers so that they can easily access the software whenever they need it. So with these ready to use payroll software, you can quickly turn your HR Consultancy into a more successful business venture. Let’s now discuss the various features that payroll software should possess.
What are the features of Payroll Management Software?
Payroll software, with excellent and easy-to-use features, is beneficial for both the employees as well as for the businesses. To get a better understanding of its benefits, let’s discuss its features one by one
1. Leave Management- Offers each employees to track their working hours and allows them to submit leave claims so that managers can monitor leave balance and take it into wage calculations.
2. Reimbursement Claims- The employees can easily apply for various reimbursement claims such as medical, housing, transportation, etc. using this intuitive module.
3. Payroll Compliance– It offers employees to seamlessly access the system and keep all their data such as payroll history, pay stubs, W-2 forms, etc. at their fingertips.
4. Keeps Track of Earnings- The employees can manage their total earnings by carefully calculating the working hours, deducting the exact amount of tax, and calculating overtime pay if present.
5. Self-Service Portal- It provides easy access to the relevant information to all your employees so that they can keep track of their tax deductions, salary payments, and other information in one place.
1. Secure Data- Keeps all your data secure by providing the facility of data encryption. This software offers a password verification facility to obtain your sensitive information.
2. Payroll Management- It allows the company to customize or change the payroll calculations and ensure timely payment of all employees via their preferred mode of payment.
3. Compensation Management- Easily handles all the direct or indirect payments of employees, including their compensation, cost of living, bonuses, etc. in regards to the work they perform.
4. Tax Management- Reduces the tedious work and human errors by automated tax calculations and automatic filing, ensuring timely payments of taxes without incurring penalties.
5. Integrated Accounting- It helps your business to quickly post all the payroll entries and different sub-heads of payroll management to your general ledger without using much time.
So, these were some of the great features that make Payroll Management Software useful and profitable for the business. We shall now discuss some more advanced features that make your business stand out from the competitive world.
Advance Features of Payroll Management Software
1. Cloud-based Service- The cloud-based service provides flexibility to your firm to operate the software from anywhere, with the shortlisted devices, hassle-free.
2. Easy Set-up and On-boarding- This feature offers a smooth and seamless onboarding for your employees. It is easy to set-up and is maintainable.
3. Easy Reporting- Using this feature, a user can generate multiple reports very quickly, as per his/her requirements. These reports, unlike the manual ones, have a high level of accuracy.
4. Third-Party Integrations- Supports seamless integrations with other third-party software to facilitate productivity and efficient working of your business
5. Customization- All these features can be easily customized as per the user needs. Therefore it is the most suitable software for any firm irrespective of its size.
These extravaganza features simplify a lot of tasks for your HR Department and are a must-have if you want to generate more revenue and increase the productivity of your firm. Hence, developing a system with such great features undertake some time as well as cost. So let’s check out what are the costs and time involved in developing software like that.
What are the Costs and Time Involved in Developing Payroll Software?
Payroll Management is a prominent software for businesses. It simplifies many complex problems for your HR department and helps you to save a lot. Therefore, making such software requires some time as well as capital. So let’s have a look what are the factors that need to be considered before estimating the time and costs in development
- Size of the Firm
- Technology Used
- The complexity of the Project
- Features opted
- Customizations (if required)
- UI/UX development
Apart from the above-stated points, developers’ cost and Website integrity costs are also considered. Moreover, if you wish to get a Mobile App, then time and prices will vary. We, at Matellio, believe in providing cost-effective solutions with best-in-class features and enhanced quality standards. We have certified professionals and excellent QA support to ensure that nothing hinders your company’s efficiency.
A payroll software is essential for your business. It effectively focuses on your payroll tasks and helps to simplify them by automating various aspects of HR management. That, in turn, helps to increase your employee satisfaction by developing a sense of trust within them. So, if you are thinking of upgrading your payroll process and still have doubts, then you can consult with our expert team members. We provide 360 degree HR solutions to help you grow your business, and optimize your productivity. Contact us at Matellio to know more.