Making payroll can be a daunting task. There are so many things to keep track of, and if you’re not careful, you could make a mistake that costs you time and money.
That’s why it’s essential to choose the right payroll software. But with so many options on the market, how do you know which one is right for you?
Below are the eight most important features to look for in payroll software. Keep these in mind when shopping for a new system, and you’ll be sure to find one that meets your needs.
A user-friendly interface is one of the essential features to look for in payroll software. After all, you’ll be using this software every day, so it needs to be easy to navigate.
Look for payroll software that is intuitive and easy to use. The layout should be straightforward, and the buttons and icons should be self-explanatory. You shouldn’t have to spend time figuring out how to use the software—it should be clear and straightforward.
In addition, the software should be customizable. You should be able to adjust the settings and preferences to match your own unique needs and preferences. And if you ever have any questions or run into any problems, you should be able to find support from the software company easily.
Automated Tax Calculations
When you’re looking for payroll software, one of the essential features to look for is automated tax calculations. This will save you time and hassle since the software will automatically do your calculations.
This is important because you’ll always comply with the tax laws. You won’t have to worry about making mistakes since the software will take care of everything. So when you’re comparing different payroll software packages, be sure to ask about their tax calculation features.
Accurate Payroll Records
When you’re looking for payroll software, accuracy is critical. You want a program to provide accurate employee hours, deductions, and payment records. This information is crucial for tax season, and it’s essential that your software can handle all of the complex calculations accurately.
Look for software that has features like automatic calculation and error-checking. This will ensure that your payroll records are always accurate and that you’re meeting all legal requirements.
Flexible Time Tracking Solutions
When it comes to tracking employee time, there’s no one-size-fits-all solution. That’s why flexible time-tracking solutions are so important. You want to be able to customize your payroll software’s time-tracking system to meet the specific needs of your business.
This could mean being able to track overtime, vacation time, holiday pay, and more. It could also mean setting up different job types for employees with varying payment rates or even for various departments or locations. And you should be able to set up limits on overtime hours and other parameters as needed.
Whatever your business’s unique needs are, ensure that the payroll software you choose has a flexible time-tracking system that can accommodate them.
Reporting and Insights
Knowing how your payroll resources are used is essential, but manually tracking financials can be time-consuming and error-prone. That’s why one of the essential features to look for in payroll software is reporting and insights capabilities.
This should include essential reporting tools like employee headers, timesheets, job costing, holiday accruals, and the ability to generate detailed reports for pay periods or specific dates.
Look for software that includes real-time dashboards and visualizations to understand what’s happening within your payroll data quickly. This will help you make more informed decisions about staffing, budgeting and compliance. The more powerful the insights you can access with a few clicks, the better.
Benefits Management & Compliance
Benefits management and compliance are something you want to consider when selecting payroll software. The ability to easily manage and track employee benefits, such as vacation days and 401K contributions, is essential for compliance with applicable laws.
Look for a payroll software solution that will allow you to schedule, track, and manage employee benefits with ease. Ensure the software’s capabilities cover all the bases—from tax withholding to healthcare deductions—to keep you clear of legal issues. To take this a step further, select a payroll system integrated with an HR platform—this way, you can easily manage employee benefits across both systems.
Having all this data in one place will make it easier for you to quickly assess employee access to various benefits and track compliance with multiple regulations. What’s more, look for a payroll system with built-in reporting features to generate reports on demand that can provide peace of mind when managing your team’s benefit requirements.
Mobile Accessibility & Integration Options
Access to available payroll data on the go is a massive upside of using payroll software. Look for a system that allows employees to securely view and manage their payslips, W-2s, and other essential documents from their mobile devices. You should also look for native mobile apps, as they tend to have more features than mobile web versions.
Integration options are also essential when it comes to payroll software. Every system should offer connect-ability with effective accounting systems, such as QuickBooks Online and Xero. You can save time by automatically transferring data between your payroll and accounting systems. Some solutions offer additional integrations with third-party applications like eCommerce platforms or customer service tools.