As its name implies in its simplest form payroll software is a software that automates the process of paying employees. Whether they are paid by the hour or are on a salary. This payment typically takes place weekly, bi-weekly, semi-monthly or monthly depending on the contract of working agreement the employee has with the employer. Worklinks provides employers with a reliable, easy to use and highly efficient payroll software to ease the process of complying with employee standards and labor legislation while accurately calculating and disbursing employees’ payments on time.
The use of automated payroll software is increasing rapidly and has now become a central component of human capital management systems, or HCM for short. When compared to paper-based processes, payroll software provides users with a fast and efficient payroll process with the added benefits of reducing errors and enabling managers or employers to approval all payments online before a check is cut or a direct deposit is made to each employee’s bank account.
Features of payroll software
At the core of a payroll software is its ability to automatically and accurately calculate deductions made due to government tax and other types of withholdings.
Withholdings such as insurance, taxes, and retirement contributions are accurately and automatically calculated with the use of advanced payroll software. Payroll software may also be used to generate payroll tax forms (such as W2’s in the USA and T4’s in Canada), process direct deposit payments, and withhold and pay out wage garnishments.
Administrators of the payroll software can make use of the system to have physical paychecks produced for employees who may not be enrolled in a direct deposit service. Most payroll software also come with employee self-service features that allow employees to view their payroll checks and download pay slips (aka paystubs) to their computers or mobile devices. Payroll software self-service may also be used to allow employees to update their personal information such as address, email or telephone number; add or modify beneficiaries, dependents and emergency contacts, and even change their marital status for benefits programs.
Payroll software can be configured to establish pay periods, adjust accumulators, add a new pay, earning or deduction code, and assign workers into different pay groups. Other features of a typical payroll system include unlimited calculating of employees’ pay prior to posting the payroll, running payroll validation reports before and after posting, and make pay adjustments t gross to net income. Some payroll software includes powerful payroll data analytics tools. By doing so, payroll software may be used able to generate custom reports such as an audit report. Payroll software is also used for giving visibility to organization’s labor cost by reporting on the payroll spending of one or multiple departments, locations, regions, business units or even its global payroll cost.
Benefits of using payroll software
It saves time
Accurately calculating overtime, vacation leaves, deductions, withholdings, employee benefits and all the other payroll-related calculations is a labor intensive job when performed manually. Using a robust automated system, you will undoubtedly quickly begin to appreciate how payroll software can save you a lot of time and energy.
It is cost-effective
Most cloud-based payroll software offers solutions that are cost-effective when compared with the enormous benefits it provides. Payroll software upgrades usually come as an automatic update feature. By choosing cloud payroll software, you will also save by not needing to invest in technology infrastructure or resources.
Payroll software is secure
Reputable cloud payroll software is designed with built-in, high-level security features that ensure tight controls to safeguard personal information and confidential data of employees is kept safe; only authorized users with the proper credentials (i.e. user name, password, etc.) are able to gain access to the software.