The Most Important Payroll Software Features for Enterprises

Small companies with ten or fewer employees can get by with a manual payroll process. However, if a business employee fifty or more people, then payroll preparation takes time and the delay could well lead to dissatisfaction. The solution is to go in for Payroll Software. Today one can get software that automatically calculates payments to employees in addition to a host of other functions. One can opt for basic payroll calculation software too or a sophisticated one with the latter proving to be far better.

Desirable Features in Payroll Software

Payroll Software Features

Larger enterprises will find that payroll management software with a host of other features will suit their purpose quite well and contribute to overall efficiency and cost reductions. This could be termed as HR Software with the following features.

• Basic payroll salary software should naturally have payroll calculation as the main function with direct credit to bank accounts.
• Calculation of deduction, reimbursement of expenses, overtime, deductions for leave, statutory deductions.
• Time attendance linked to the payroll calculation to automate the feature.
• IT declaration.
• Form filling and statutory filing of returns with various government departments.
• Human Resources Information System.
• Self-service features to let employees view salary slips online and to submit leave applications or to raise issues online through a self-service portal.
• Onboarding and onboarding management.
• Appointment letters.
• Termination processes and payment finalization.
• Performance management, memos.
• High-security features.
• Integration into accounting systems.
• E-filing of returns and generation of forms.

Then there are additional hr and payroll software features such as:

• Facility to import bulk details of employees.
• Statement generation and bank statement exports.
• Statutory reports generation, PF challan, statements and IT deduction certificates.
• Analysis and reports.

In-house or cloud based?

 The payroll management software may be offered in various versions. One can install the software in a networked environment and employees as well as HR personnel could be assigned login IDs. The drawback to this type of Payroll Salary Software or HR management software is that it can be used only on the premises. Besides, there is the matter of upgrades and software maintenance that can contribute to the cost of the software.

Also Read: An Ultimate Guide to Payroll

A better option for HR management software is to opt for the cloud-based software as a service model on a pay as you go basis. There are several benefits to this model. One is that an enterprise does not have to pay a high amount upfront. Fees are paid on a monthly basis.

The second advantage is that the software can be accessed from anywhere on any device. The third advantage is that upgrades and maintenance become the responsibility of the vendor. The vendor not only takes care of technology but also IT and related tax matters so that enterprises do not find themselves at fault and end up paying penalties.

Ease of use

 Not all employees in HR are IT savvy. Therefore, while choosing the payroll software or HR software it is important to observe how easy it is to use even by those who are trying it out for the first time. Typically, the hosted software works in a browser-based environment and presents a login screen followed by a dashboard according to the user type.

Administrators have more privileges and can have an overview of everything. Employees accessing self-service section get access only to relevant details. The layout and navigation structure needs to be intuitive and logical.

Not all enterprises work the same way when it comes to HR and payroll. Therefore, choosing a vendor who can customize modules will make the payroll software easier to use and give maximum returns for money.