9 Must-Have Payroll Software Features
25% of employees revise their Form W-4 at least once a year. 60% of businesses experience fluctuations in payroll from one pay period to the next, and only of employees are confident that their paychecks are accurate. These statistics confirm that when it comes to the importance of payroll efficiency, a reliable, and accurate payroll provider has become a need rather than a want for small and large businesses.
It’s common to assume that all payroll software features are the same. In fact, many business owners choose a payroll management provider based on price alone under this assumption. Unfortunately, they often discover too late that it doesn’t meet the needs of the organization and is lacking critical payroll functions.
Below are the nine must have HR and payroll software features for your business. When building the business case for payroll services and comparing solutions, take into consideration these key features of full-service payroll systems:
- Automated tax filing and compliance: This feature ensures that all tax obligations are met and filed on time.
- Direct deposit options: This feature allows employees to receive their paychecks directly into their bank accounts.
- Employee self-service portals: This feature enables employees to view their pay stubs, tax forms, and other important payroll-related information online.
- Mobile access: This feature allows employees and managers to access payroll information and perform tasks on-the-go using a mobile device.
- Time and attendance tracking: This feature makes it easy to track employee hours and attendance, which is important for accurate payroll calculations.
- Customizable reports: This feature allows managers to generate various reports such as payroll history, employee information, and compliance reports.
- Support for multiple states and localities: This feature allows the service to be used by companies with employees in multiple locations, and ensures compliance with local laws and regulations.
- Compliance with state and federal laws and regulations: This feature ensures that the service is up-to-date with the latest laws and regulations, and that the company is in compliance with them.
- Dedicated support and customer service.
Having a fully integrated time and attendance system within payroll is important because it ensures accuracy and efficiency in tracking employee work hours, calculating and distributing their pay, and managing payroll data. With this integration, manual data entry is reduced, errors are minimized, compliance with labor laws is increased, and the risk of discrepancies between time and payroll records is eliminated. Additionally, it provides a streamlined process for calculating and updating employee time-off balances, and improving the overall process of payroll management. This improves employee satisfaction through timely and accurate paychecks.
TreeRing’s fully integrated and feature-rich Time & Payroll services checks all the boxes, providing businesses with access to best-in-class time management and payroll, from time entry options to calculating taxes to issuing payments. This ensures that employees’ time and payroll requirements are handled correctly, and efficiently, minimizing the risk of errors and penalties.