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Payroll is essential business software, which makes it all the more important that the software companies get it right. Payroll systems are often the first software a new business purchases, the most often used piece of software, and one of the most complicated.
The payroll process requires minute calculations from time cards and careful attention to the state, local, and federal laws. Businesses hoping to reduce the manual labor associated with payroll have driven growth in automated features, meaning that the more advanced payroll systems not only save businesses time every pay period but decrease the chances of expensive payroll law violations.
The increased automation in payroll system software has driven a change within the human resources overall. HR professionals and payroll managers no longer spend half their working hours on payroll tasks. They can now pivot toward financial and people tasks that will make a difference in the financial future of the company, like leadership training, investments, or building company culture.
Over the past decade, cloud technology has transformed the payroll software space. Companies and individuals no longer spend time on the most time-consuming payroll tasks like time cards, printing checks, or combing through time cards for individual changes over the time period. Instead, payroll professionals ensure that direct deposits send correctly, watch for exception and edge cases, and manage automated processes.
Benefits of payroll software to payroll managers
A payroll office is host to those who need solutions to all sorts of financial issues. Payroll managers make sure employees get paid on time every other week, but their jobs don’t end there. In addition to the tedium of calculating hours worked and mandated deductions, payroll managers handle compliance, HR, and payment-related tasks like taxes, benefits, and file updates.
A payroll manager could be a dedicated accountant or a small business owner who also handles payroll. Regardless of who it is, payroll software offers a lot of benefits to the payroll manager.
Making a mistake in the payroll system can turn into a nightmare. If your workers are accidentally paid too much, this could mean your business won’t have enough working capital—making the logistics of running the business that much harder. Your employees want to get paid correctly and on time. A mistypes keystroke can mean the difference between $100 and $1,000.
Payroll software reduces the chances of errors occurring by taking out a lot of manual work and human effort. It also supports direct deposit functions, meaning employees get their check immediately and don’t have to make a trip to the bank. As an added bonus to payroll managers, taxes and deductions can be calculated automatically with a payroll tool.
Payroll data is particularly sensitive. These files contain personal information such as mailing addresses and social security numbers, and financial information such as banking numbers. Paperwork and spreadsheets are not smart places to keep important information.
In investing in a quality payroll software, payroll managers ensure this information is secured by data encryption and password protected, so it can’t be accessed by anyone outside the organization.
Keeping track of every local, state, and federal law that governs how you withhold money from employees’ paychecks is a tall order for payroll managers. It’s difficult to stay compliant when laws change frequently.
A good payroll software will monitor those laws and other regulations and alert you if they change. It can also provide in-depth information about how to comply with the new standards, saving payroll managers time and effort.
Keeping payroll managers happy means making sure they have the tools they need to stay compliant while also reducing their workload.
The Payroll Software GalaxyPayroll software exists within a galaxy of HR software that controls and tracks the hiring, management, benefits, and payment of individual workers within a company. These pieces of software can be found within integrated systems like a human resources information system (HRIS), or companies can buy each piece separately. However you get them, your company needs software that performs these functions.
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