4 Payroll System Features You Need
Features of payroll software that every business owner should know about
Before payroll software was a common and modern-day business solution, the process of payroll was laborious and time-consuming for human resources (HR) departments. Pay stubs and timesheets were calculated manually and small businesses had to have payroll duties split among different HR professionals. However, digital payroll solutions have become commonplace for businesses all over the globe, especially with the goal of reducing errors, streamlining calculations, and generating payroll reports with automation. This article will outline important features to look for in a software solution for payroll processing and provide details on how payroll management software can revolutionize your business.
What does payroll software do?
Payroll software is a type of HR software that streamlines the payroll processing system at workplaces. Essentially, this type of solution can aggregate payroll data, payroll taxes, tax forms, time off, and other bookkeeping information required for employee pay slips. These types of programs can automatically calculate gross wages and deduct the proper amount of taxes and benefits premiums. Moreover, payroll software can integrate with employee bank accounts so that employees can be paid with ACH or direct deposit.
The major benefit of utilizing a full-service payroll app or software solution is the reduction in human errors during payroll processing. Additionally, automated aspects of processing payroll will save your team members time so that they can focus on other duties and responsibilities. Most importantly, using payroll software can help small business owners maintain compliance requirements, especially with taxes. Payroll software vendors often advertise that their products are regularly updated with any tax code changes so that you are always up-to-date with your tax deductions and tax laws.
What are the must-have payroll features?
As you research the right payroll solution for your business, it is important to find a system that meets your business needs. So, you should already have in mind what you need from a system, how it could benefit your company, and the pricing you would like to see in a payroll solution. Once you have this information in place, you can explore additional features that will make your payroll process much smoother and streamlined.
- Simple setup. To guarantee company-wide adoption at your business, you will want a payroll system that has easy access, can be used in-house, and is straightforward with its functions. Simple setup will also help your company learn how to use the app or payroll solution more quickly.
- Payroll processing tools. The best payroll solution will be able to track withholdings, federal taxes, employee information, income tax, and reimbursements for every pay cycle and for each employee at your business. Having the correct payroll processing tools will help with compensation administration, specifically ensuring that your employees have correct payments, benefits, and accrued time off.
- Direct deposit. Historically, processes for payroll involved cutting checks for employees. Nowadays, many employees prefer direct deposit so that they can access their funds more quickly and efficiently. This feature enables your system to directly connect with bank accounts for easy transfer of funds. Direct deposit can be set-up for employees and included in paperwork for onboarding.
- Tax support. Tax filing services are a huge plus for any payroll solution. This option will help complete and submit tax forms for all employees, especially if any quarterly filings are required. This feature can also help your team maintain compliance so you don’t miss any required deadlines.
- Employee self-service. Modern payroll solutions offer access to employees via their mobile devices or computers. From here, employees can enter a portal where they can engage in a number of functions, including time tracking or timekeeping, requesting time off, and completing documents requested by the HR team. This way, your HR department can receive paperwork more quickly and more efficiently while also having accurate data points for the amounts of hours worked in a given week.
- Customer service. Whether you are training new employees with the payroll tool or you encounter troubleshooting concerns, it is helpful to adopt a payroll solution that comes with ongoing customer service and support. This way, you have help when you need assistance using the product. This is particularly useful for payroll teams or HR departments when they are in need of additional support when payroll period deadlines come up.
- Reporting tools. One of the best aspects of payroll software for small business owners or business leaders is the ability to generate reports. Report generation can help you see HR costs, hours worked, time off taken, and other important payroll metrics that impact your business’ bottom line. These reports can be run instantly and reflect real-time data that you need to know, especially during payroll reporting periods.
Making things easier for your business
Ultimately, payroll software is designed to make payroll processing easier for your team and for your business overall. Payroll providers design software to automate the tasks that have historically taken a lot of energy and time. As you research the right fit for your company, you will want to make sure the provider can meet your business needs and provide ongoing support to your company. Because payroll software is in high demand, there are many options on the marketplace. Consider what you want payroll processing to look like at your business, consult with your HR team, and determine your best steps forward. When you invest in desirable payroll features, your entire team will benefit from the modernization and innovation of payroll technology.
Are you ready to implement a payroll software that fits within your broader payroll system? Are you ready to automate aspects of your payroll processing? Are you ready to find the best features in a payroll solution that you can bring to your company?
Heartland is ready to help.
Heartland helps nearly 1,000,000 entrepreneurs make and move money, manage employees and engage customers with human-centered technology solutions that allow them to rise above the daily grind and lead their businesses into a brighter future. Learn more at heartland.us