5 Key Features of Payroll Software

Are you thinking about using payroll software for your business? If so, then it pays to know a little bit about it first. You can get all the information you need from one of the excellent payroll courses available to attend, but for a brief overview, read on to discover five key features of payroll software.

 

Calculations

One of the main features of payroll software is that it will help you calculate all the necessary deductions for your employees, including tax and NI. It will also calculate the NI contributions you need to make as an employer. You will still need to input the initial details (such as which deductions apply to which employees) and make changes if your employees’ salaries alter, but once the software has the details, it can keep on top of the calculations for you.

 

Keep records

It also acts as a means of keeping records, so you know what hours your employees have worked and when they have been away. It also means that you will be able to easily access all your payroll information easily, which can be useful if you are due to have an audit or other inspection.

 

Produce reports and payslips

Payroll software can also generate payslips. You will still have to print them out and deliver them to employees, but having the software create and input the data saves time. It can also produce end of year reports for you so you can see at a glance your outgoings and other information.

 

Manage employee benefits

Many companies also have benefits such as loan or pension schemes. Payroll software can deal with the automatic calculations relating to these, as long as you input the initial data to set it up.

 

Administer employees when leaving

When employees leave your firm, the payroll software can generate the necessary documents and paperwork so both you and your employee will have everything you need before parting ways.