Importance of Payroll Software for HR
[This article was written by Charles Harden.]
Being an HR executive, you have to deal with payroll tasks beyond the basics while onboarding a new candidate. You have to make sure that employees get paid on time since you are the one dealing with complaints. Hence, you want a solution that simplifies payment methods and keeps your business compliant with requirements and IRS regulations.
Today, many human resource management systems have a payroll module that comes preloaded. There are multiple advantages to having a payroll system integrate with the HR system.
You can customize the solution when needed to cut down on tedious tasks, streamline your onboarding method, and ensure payments are appropriate and fast. Also, compliance with the confusing tax laws is more straightforward with the software that updates daily.
Best Features of Payroll Software
The payroll software solution must comprise the following features, as these can boost your organization’s processing.
- Direct deposit
Workers don’t like to wait for paper checks. Luckily, many solutions can connect with banks to disburse payments directly to employee’s bank accounts. It also reduces potential errors or lost payments.
- Processing payroll
The primary function of the solution is to process the multiple facets of payroll, including overtime pay rates and timekeeping.
Self-service portals enable staff to log in and see their payroll details. They can fix errors with data and insert their time attendance, leaving the crucial work to the payroll leaders.
- Tax filing
The right payroll software has automated calculations when tax time comes around. It can pre-fill the worker’s tax info with the data already in the system and prevent human errors.
Some accounting functions can be integrated into the solution too. It helps to simplify the complete finance method and to open your teams up for more cooperation.
For keeping your employee’s data safe, online payroll software must have proper compliance measures. Since local, federal, and state tax laws are evolving, the right payroll system ensures that your organization is always on the correct side of the law.
Such features can also provide advantages to your business, such as eliminating mundane tasks from your finance department, and more.
Minimize Payroll-related Questions
Payroll leaders will tell you that right after the staff receives paychecks, questions come rolling in. Employees want to know why the numbers changed and where is the money going if it is not getting credited to their account.
Many HR solutions have a self-service dashboard, which is the key to minimizing simple questions that your finance team gets. Staff must be given the privilege to access their payment details. Plus, if any information is inaccurate, staff can see it and contact HR or payroll to fix it.
Pay Your Employees Accurately
Your employees may like to work for your organization. But, at the same time, they also want to get paid accurately and on time. Direct deposit functions in many solutions can aid employees to get their checks instantly and not have to visit the bank to deposit a check.
The self-service portal indicates employees can receive updated information on when the money will be available. Automated payroll processing minimizes common mistakes that occur when humans enter information/details. A mistyped keystroke can bring a massive difference between 500 dollars and 5,000 dollars, and you do not want that to happen.
Simplify Onboarding Process
A robust payroll software solution can travel a long way towards boosting the experience for recruits, which affects the HR directly. New workers can leverage the self-service option to upload necessary forms to the system directly, without requiring help from HR professionals to store and manage copies.
The forms are already stored in the software, enabling them to be edited when necessary and used for payroll instantly. It also saves your HR department’s time and energy, so that they can focus on more significant parts of onboarding, like training.
Automate Mundane Tasks
For an HR executive, payroll tasks may seem tedious. But for employees, this simple thing is where help is required. Inserting data, managing leave requests, and sorting through the overtime submissions all take time away from the significant job of handling wages for staff. The payroll processing software can aid with those tasks. When the payroll gets integrated with other HR solutions, it can pull time clock details to determine how many hours workers get paid.
Payroll staff need not have to calculate deductions and taxes manually, as the system does it automatically. Your solution can also send automated emails, notifying managers to approve your time so that your finance teams don’t have to chase employees down. Moreover, automating time off requests and other data entry signifies employees can spend their energy on other complex duties.
Your employees will have more time and energy to spend on complex tasks and will get fewer questions about the method. Plus, the staff will continue to get paid on time and appropriately. Also, onboarding and compliance duties will get streamlined to make you ready for anything that gets thrown at you.
Charles Harden is a freelance content writer at SutiHR , who frequently writes articles on Cloud Computing/SaaS, HR, Business and ERP trends.