Payroll management is a key component to the success of any business. While payroll management may not be fun, it is definitely necessary. Ensuring accurate employee pay and payroll taxes can greatly affect your business. Because many business people feel intimidated by pay calculations and payroll tax requirements, due dates, etc., they may feel the words ‘great’ and ‘payroll’ contradict each other. But really, if you have the right tools to complete your payroll efficiently and pay taxes on time, it can be truly great. Here are some of the hallmarks of great payroll software.
Employee payment methods
Some employees don’t have bank accounts for depositing pay checks. Others would like to have their pay split and deposited into checking and savings accounts. Still others just want a check they can bring to the bank and cash it. A great payroll system allows for multiple payment methods. Setting up and using a variety of payments methods can make your payroll processing more efficient, and also keep employees happy by paying them in the method they prefer.
Employee time entry
Most businesses have different employee types, and there may be a benefit to having employees record their time using different methods. For instance, salaried employees may not record their hours, but factory workers might use a time clock or online entry to record their time. Great payroll software allows you to pull in payroll data time in several different ways, so employee pay is accurately calculated and there is no need to double enter time data.
Have you ever wanted to understand your labor expenses better? Perhaps you want to compare department labor expenses by location, or you want to know how much labor costs were for a certain project or profit center. This is where time tracking comes in handy. Great payroll software gives you tracking options, so you will always be able to run reports that help you understand the details about your labor expenses.
Tax filing tools
Thanks to technology, we can use computers to help us calculate payroll tax information, and also to pay payroll taxes. Great payroll software includes tools to help you generate tax forms and file your payroll taxes more easily. This includes the option to generate tax forms from information within the payroll system. A great system also has the capability of filling in the actual form on the system, and allowing you to file forms electronically or print them on plain paper. These payroll tax filing tools can help your company become more efficient, and also spend less time and money on payroll tax processing.
One size does not fit all, and that is especially true with reporting for your business. The option to generate and save reports with the information you want to see is crucial, and any great payroll software will allow you to do so.
Updates that really matter
As we all know, tax tables change, payroll laws change, and things can happen more quickly than a business has time to deal with. That is why it is important to choose a great payroll software application-one that quickly responds to the changing tax tables and laws so your payroll software is up to date when it’s time to run payroll. Payroll software that keeps up with the times will benefit your company in the long run, by saving you time, and reducing the possibility of costly errors.
Experienced support team
Most software companies provide support for their software, via telephone, email, community forum, or other methods. No matter what method of support is offered, great payroll software is supported by professionals who know the program and understand payroll.
Choosing a great payroll program can reduce the hours spent processing payroll, ensure accuracy, and save your company money.