Without any doubt, handling payrolls is the most time consuming as well as error-prone tasks faced by the organizations at the present time. It is also worth noting that payroll mistakes can turn extremely costly to organizations as labor regulations & litigations are gradually increasing.
More than 40% of organizations are fined every year with an amount of $850 or more for payroll errors. Hence, it is very important to have the right tool for payroll management. A payroll software helps an organization to have a constant control throughout the payroll procedure. Most HR personnel search “payroll management software” or paystub generator to find a good payroll software for their company. This article is particularly for them!
Take a look at 5 ways a Payroll software helps avoid human mistakes-
1. Tax Filling Feature
Payroll management software provides mid-period rate changes as well as calculates the payroll on its own. Every new day, regulations & guidelines of state, federal as well as local taxes are changing. Therefore, it is very essential for organizations to know about all these changing laws & regulations.
And if by any chance an organization is unaware of it, then they may have to pay hefty penalties or face certain lawsuits. In short, companies can save a lot of unpredictable costs and expenses using payroll management software.
2. Real-time Calculation
Payroll management software accurately calculates what every employee is getting paid. It also tracks the extra working hours of employees that automatically get added to their respective overtime account.
Payroll software will not only cut down the possibilities of computing errors but also provide error-free reports and data.
3. Integrations With Other Systems
Payroll management software helps to streamline communication, reporting, tasking and various other business responsibilities. All these tasks are automated and thus, there is no chance of any type of error.
From extracting reports in just a click to quickly integrating other business applications and systems, a payroll management software accomplishes every need of a company with zero error.
4. Alerts and Notifications
This is one of the most helpful features by payroll management software. HR personnel can receive certain notifications and alerts of various flagged problems present in the payroll system. Also, the payroll software sends a notification when an employee is approaching overtime.
This feature enables the company to resolve an error quickly, thus preventing penalties or interest charges.
5. Employee Self-Serve Portal
A payroll management software also provides employees an easy access to view as well as make certain changes to their personal payroll data online.
The employees can freely report any issue and more importantly, the company can quickly solve it before it turns into a big problem.
All these are the 5 important features a payroll management software has. Today, a large number of organizations are switching from the manual method of payroll processing in order to prevent errors. One should always choose the right payroll software for an ease automation of payroll processing.
Punit