Key Features Every Payroll Software Must Have
Businesses nowadays are more likely to rely on software systems to get certain jobs done. Payroll software systems are definitely included. This is unlike in the past when payroll service providers, or service providers in general, were heavily relied on. Software is the mainstream nowadays. Software systems are generally a better alternative to service providers for many reasons, including higher accessibility. In addition to this, payroll software is considerably cheaper. That is why it is so predominant today.
If you are curious to know what these features are, or if you want to know if your payroll software includes the features it should, keep reading this article in order to find out.
In order to get your money’s worth when you get a payroll software system, make sure it has all, or most, of the following key features:
Tax management and filing
Tax procedures can be incredibly time-consuming. Tax filing and management is a very important feature in payroll software systems. You can easily take care of calculating taxes and remain compliant within legal boundaries and restrictions. This is the reason why it is definitely better to get a payroll software system with tax management and filing abilities. It is the perfect solution to cut down on time wasted on technical issues such as filing and calculating. It is preferable to find software that can also efficiently store and share your info and proceed to calculate your worker’s taxes and deductions.
Mobile app option and employee self-service
An application for mobiles is an excellent way to put all info that your employees could possibly need right into the palms of their hands. This is especially useful because it allows them to access their payment history, holidays and days off, updates, and so much more.
Time attendance tracking feature
A software system that is able to conduct live tracking of employee attendance, as well as the hours that have been worked, can be considered a prime solution for businesses of any scale. This is especially useful for remote businesses in wake of the recent pandemic.
A variety of distribution choices
It is crucial that your software system can manage the payroll on a local and global scale. No matter the divisions, you can easily oversee, as well as pay, all of your workers. This includes freelancer workers, part-time workers, and full-time workers.
A highly customizable payroll software system is a good software system. It is crucial that the payroll software system can customize reports, payslips, and so on. It is very important that a software system is customized so that it fits your business. This is to ensure the absolute best performance.
Features that can also be customized to your liking include pay slip scheduling, template designs, or even choosing who has access to the software.
Compatible with cloud
A payroll software system that is compatible with cloud storage is essential. This is a key feature because cloud-compatible software, especially payroll software, is highly secure and safe. With this feature, you can be sure your data is protected with relatively high security.
Another perk to payroll software systems that are compatible with the cloud is that it enables simple access for you, or your workers, to any data you might need. It is highly accessible for remote workers as a plus.
A good payroll software system will provide easy access to make sure you are keeping up with compliance. Compliance management features are key. Such features can simply update any required legal changes. It also makes sure that any payroll info or tax data meets the newest employment legal requirements.
Analytics and reporting
With automated, accurate reports, you can be sure efficiency in your business highly increases. Profits are bound to be maximized as a result as opposed to manual reports that have historically led to many losses for their businesses.
Analytics are also automated and therefore much more accurate as a result. With AI machinery and technology, you cannot go wrong.
As opposed to manual calculations, data is hardly ever wrong with payroll software. Your finance can thus be taken care of and you will no longer need to rely on spreadsheets or paper. Of course, the data does still need to be entered correctly initially but the rest is automated.
With all of the key features mentioned above, human involvement is brought down to near zero. This allows for efficient, functioning automation.
We shall now look at some of the best payroll software systems that have the complete package of key features mentioned above. Here are our recommendations for excellent payroll software:
Paychex is the top suggestion. It offers businesses a great, inclusive system that can automate payroll procedures, tax calculations, and other functions. On top of all this, it also provides the following
- Time tracking software
- Employee Benefits Administration
- Reporting and Analytics
- Employee Screening
- Employee Onboarding
- Employee Handbook Builder
- Learning Management System
- Mobile Application
Paychex offers three subscription plans for its payroll software
- Paychex Flex Essentials - $39/month, + $5 per employee
- Paychex Flex Select – Quote-based
- Paychex Flex Pro – Quote-based
Each plan comes with a set of features, and you will need to contact Paychex’s team to get a price for the last two plans, which will be tailored to your business’s size and needs.
Intuit QuickBooks Payroll
QuickBooks comes in second place in our list of suggestions. It offers payroll software that builds onto its accounting software. QuickBooks can easily automate all of your payroll processes! Here are some of its features:
- Mobile payroll application
- Automated payroll runs
- Automated federal and state tax filing and payment
- Time tracking software
- Project management tools
- HR solutions
- Compliancy alerts and law updates
QuickBooks associates its accounting software with its payroll subscription plans, so you get the two at great prices:
- Core + QuickBooks Simple Start - $70/month + $4/month/employee
- Core + QuickBooks Essentials - $95/month + $4/month/employee
- Premium + QuickBooks Plus - $155/month + $8/month/employee
Our third software recommendation is Toast payroll! Toast is generally focused on providing food-related industries with their state-of-the-art point-of-sale system.
Toast affiliates its payroll software and management tools with its point-of-sale system. Its payroll software can automate your payroll runs, generate calculations, payments, and guarantee your business stays compliant with federal and state labor laws and restrictions.
As for the subscription, you get payroll software with the following point-of-sale plans:
- Essentials Plan - $165 per month
- New Restaurant Basics - $110 /month + $4 per employee/month
- Custom Plan - Quote-based
Last but definitely not least is Paycom. Paycom payroll software is a cloud-based system that is a great option to make HR management very much easier. Paycom caters to most businesses’ needs as it is also highly accessible and very user-friendly.
Features and benefits of Paycom Payroll:
- No setup fee
- Self Service App
- Single HCM platform for all HR tasks
- Payroll Management Features
- Human Resource Management Tools
- Time and Labor Management tools
Paycom is a quote-based service provider and that means that prices are provided upon contacting them. You can easily check their website and request a quote.
Papaya Global is unique since it is a worldwide payroll platform. The cloud-based SaaS platform Papaya Global has many key features that a payroll software should have in order for businesses to benefit as much as possible. Clients will have access to a worldwide workforce via the Papaya Global platform! Thus, why choose Papaya Global?
- An employee hired through an EOR can move to regular payroll with Papaya in as little as one pay week.
- In addition, clients can benefit from Papaya's cutting-edge security and privacy features, as well as simple access to in-house legal counsel and global payroll specialists.
- Its clients have access to and control over the costs of a global workforce.
Due to its rapid "go live" term of only 2-3 months, Papaya stands out from the competition in contrast to other integrations, whose "go live" times can reach 12 months.
Furthermore, Papaya provides a number of benefits, including comprehensive services, all three varieties of global employment options, payroll services, a global platform, compliance and more. Clients also receive the following features:
- Cross-border payments
- Employee portal
- Center of Excellence and Legal Team
- Company hub
- Knowledge base
- Global benefits, equity, and immigration
- Devoted account manager
In terms of prices, they are:
- In circumstances where the corporation has a presence in the country in question, $20 for payroll.
- If the corporation doesn't, $650 will be charged for EOR.
- Each contractor will be $25.
It is reasonable to think that Papaya Global is a trustworthy company that values its clients. In light of this, businesses should consider all of their options and do some comparison shopping before settling on the best one for them, though we heartily endorse it.
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