From managing employee deductions and bonuses to calculating taxes and salaries, manual payroll management can be challenging for your account managers. What if you had an online tool to allow you to automate these processes? Luckily, the best payroll software is available to help you achieve that.
With its ability to automate the entire payroll management process, this simple tool can help streamline workload and boost efficiency in smaller companies and larger business organisations, as well as, small and midsize enterprises (SMEs).
So what’s payroll software? Before you can look at the features of the best payroll software, you need to understand what it is. Payroll software is an application that helps manage employee payments and calculate taxes and benefits while ensuring that your business complies with financial laws and regulations.
Good payroll software should have the following key features for it to be considered beneficial for use.
Online Payslips and Online Documents
Employee self-service provides several benefits. Employees have direct access to different online documents, including P11Ds, P60s and P45s, as well as online payslips.
They can also make a few basic changes to their profiles, including things like a home address and bank account number. What this means is that your HR team can work on accountability and culture rather than clerical jobs.
Payroll software ensures employees receive their HMRC benefits, including child tax credit and working tax credit. The best software will enable employees to gain access to HM Revenue & Customs and be able to download tax notices directly. There is no need to re-enter data manually.
Excellent payroll software usually comes with a compensation management tool that helps manage and allocate a compensation budget that matches your business’s goals. One important compensation is pension.
Good payroll software will always have a pension set-up tool that includes auto-enrolment-enabled RTI and pensions. The tool should be completely automated and configured to blend effortlessly with your pension scheme or provider’s needs and requirements.
Payroll Data Integration
Payroll integration allows your business to automate the data flow process. It manages the flow of data to and from your human resources department and the payroll platform itself. That means you’ll have a seamless HR payroll data integration that helps avoid some common errors.
The ability to run correct payroll reports within a shorter period is vital. Payroll software should include out-of-the-box payroll reports that can be set up speedily for easy insights. The payroll software should include a suite of reports, ranging from cost journal export to bacs listing.
Integrates with Third Party Apps
If your business has hourly employees, you’ll require payroll software that integrates with your time-tracking system. On top of that, it should integrate with other third-party apps like attendance software. Integration with third-party applications enhances speed and improves levels of accuracy.
Investing in software with these features is no longer optional – it is vital for a healthy, expanding business. If you think online software will benefit you significantly, be sure to pick one of the best and recommended service providers. You’ll find perfect payroll software whether your business is small, medium, or large.