Choosing a Payroll Software is never been easy as there are a lot of Softwares in the market. All these CRM softwares have different Features and are industry specific. Payroll softwares are designed to ease the work of HR and Accountants to make the salaries of the employees. So here we are discussing Few important features that your payroll software must have.
1. Payroll Processing
Payroll processing is a function of the Payroll Software. These systems offer integration capabilities such as linking to the Performance management system, leave application, Attendance, Pay rate etc. All these Softwares saves a lot of time in the payroll Processing and make the Task easier.
2. Direct Bank transfer
This feature is a win-win for both the employee and the HR department. Transferring payment directly to the employee’s bank account will shed the chances of paycheck loss and fraud. It saves the company time and offers better management of Cash to the employees.
3. Tax Calculations
Payroll software are often capable of calculating the taxes and automatically Deduct the amount from the total pay. It avoids the risk of human error and additionally pre-fill the tax form based on employees payroll information that is already available in the system.
4. Accounting integration
With all other integrations, this software is integrated well with the Payroll software. This can serve both the Accounting and HR teamwork. It minimizes the chances of miscalculations, incorrect data entry, and payroll woes.