Payroll Software

Payroll software offers a centralized suite of tools that help organizations manage and automate employee payments, achieve compliance with tax laws, and reduce operational and HR costs. Payroll systems integrate with other business software systems to help guarantee accurate, timely compensation, and allow employees to manage their personal information and payment preferences.

Payroll software benefits organizations by improving payment reliability, streamlining payroll tasks, and increasing flexibility in payment types for global employees. Companies using payroll software can also obtain deep business insights, and improve employee payment reporting capabilities.

Key Features of Payroll Software

The key features and capabilities of Payroll software include the following:

• Payroll Processing: Payroll software helps organizations streamline payroll processing by integrating with time and attendance tools to automatically pull necessary data, make ACH deposits, and print checks.
• Direct Deposit: Payroll software provides direct deposit functionality, which helps companies reduce payroll processing costs, provides employees with immediate access to funds, and reduces the risk of fraud or lost paychecks.
• Tax Calculations & Filing: Payroll software automates tax calculations and filing by automatically generating necessary forms with tax information, which helps businesses reduce errors and file taxes on time.
• Payroll Compliance: Payroll software helps organizations maintain compliance with federal, state, county, and city payroll regulations by double-checking entries against current laws, to minimize the chance of legal problems and fines.
• Mobile Apps for Self-Service: Payroll software often provides mobile access that organizations can use to run payroll and view reports while on the go. Employees can also use mobile payroll apps to manage personal information and view pay stubs.
• Reporting and Analytics: Payroll software offers extensive reporting capabilities that help organizations analyze spend, budgets, tax summaries, and other financial metrics to better manage employee resources and payroll.

Common Payroll Software Integrations

Payroll software often integrates with the following business software systems:

• HR Software: Integrating Payroll software with HR software helps organizations process payments, manage employees more efficiently, and frees up HR teams to focus on improving employee experience and building a positive workplace culture. This integration also streamlines HR and payroll workflows, improves compliance, and enhances data visibility to help HR teams work with increased efficiency and accuracy.
• Accounting Software: Integrating Payroll software with Accounting software eliminates the need for double data entry, automatically updates ledgers, and reduces the risk of manual data entry errors. This integration also helps companies improve financial efficiency by ensuring that payroll data such as deductions, overtime, and other payroll spending is accurately tracked within their business accounting system.
• Expense Management Software: Integrating Payroll software with Expense Management software helps companies streamline their employee reimbursement processes, ensure timely, accurate reimbursements, and improve HR team efficiency by automatically incorporating expenses into payroll.