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 or 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 approve all payments online before a cheque is issued 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 for government tax obligations and other types of withholdings, such as benefits premiums, union dues, and retirement contributions. Payroll software may also be used to generate payroll tax forms (i.e. T4/T4A’s, RL1/RL2, NR4’s), process direct deposit payments, submit payroll tax filing reports and remittances, generate Records of Employment (ROE’s), and withhold and pay out wage garnishments (e.g. family support payments).
Administrators of the payroll software can use of the system to have physical paycheques produced for employees who may not be enrolled in a direct deposit service. Ideally, the payroll software is equipped with Employee Self-Service (ESS) features that allow employees to view their payroll records and download pay slips (aka paystubs) to their computers or mobile devices for printing or storing. 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.
The most flexible payroll software can be configured to establish pay periods, adjust accumulators (like vacation and sick time), add new pay, earning and deduction codes, and assign workers into different pay groups. Other features of a typical payroll system include unlimited calculation of employees’ pay prior to posting the payroll, generating payroll validation reports both before and after posting, and making pay adjustments to gross to net income. Some payroll software also includes powerful payroll data analytics and and ad-hoc reporting tool to allow users to generate custom reports as needed. Payroll software typically offer reports on the payroll spend of one or multiple departments, locations, regions, business units or even its global workforce to provide full visibility of an organization’s labor cost for effective budgeting and cost control.
Benefits of using cloud payroll software
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.
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.
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.
