Use Your Payroll Software to Improve Efficiency and Reduce Costs
Payroll software is necessary for the management of employee information, hours worked and all of the associated necessary information required by payroll and paying your employees.
While a basic payroll system can meet your needs in the beginning, your business may outgrow its functionality as it grows and expands. As your business grows, so will its payroll needs. Consider these features within payroll software programs that can help decrease staff resources, and reduce the costs of paper, printing, check stock, envelopes and postage.
Payroll Software Features to Help Improve Efficiency and Reduce Costs:
- Direct Deposit Payment
Transfer pay electronically to employee bank accounts, rather than issuing printed checks.
- Publish Pay Advices
Distribute direct deposit pay advices electronically, rather than printing on paper and handing them out.
- Electronic/e-Filing of State and Federal Reports
File tax forms and reports electronically via the internet instead of purchasing all the associated materials, printing and sending them.
- Time Clock/Time Capture Device Import
Import employee time from a time clock/time capture device electronically, rather than entering the information by hand.
- Leave Calculation and Reporting
Maintain accrual, payment and reporting of vacation, sick leave, and PTO with the ability to print accrued, used and remaining on employee pay stubs.
- Local Tax Tracking
Set up and track local taxes or tax groups, rather than keeping track of that often complex information in a spreadsheet.
- Multiple State Tax Tracking
Track and pay taxes in multiple states, and track tax requirements for mobile employees working in multiple states.
- Benefit/Deduction Tracking
Track benefits such as 401K, cafeteria plan, and other benefits/deductions and employer matches within your payroll program rather than using an external spreadsheet.
- Wage Garnishment
Wage garnishment can be complex, depending on many factors. Track and pay complex wage garnishments in your payroll system. If your program cannot do it, you will need to manually calculate every payday and enter it into the system.
Many businesses that are outgrowing their payroll program or seeking time and cost-savings contact Red Wing Software, seeking a better way to handle their growing payroll needs. CenterPoint Payroll Software is an in-house payroll software program that can accommodate all of these functions and many more. Check it out to to improve payroll efficiency and reduce your costs.
For more information on payroll and other financial software be sure to check out our Top 10 Financial Management Software report as well as our comprehensive financial management software resource page.
[This post originally appeared on Ezine Articles and is republished with permission.]