Payroll Software

Although there are several interpretations of the word “payroll,” it usually refers to the complete process of paying employees. There are many moving pieces in payroll, and their functions go far beyond ensuring that employees are paid accurately and on schedule. Payroll involves adhering to constantly changing tax filing and wage regulations, paying payroll taxes, keeping track of necessary paperwork, managing benefits, making sure there is enough cash on hand to pay for payroll costs, and even maintaining employee satisfaction.

Payroll software integrates with other important business processes to guarantee that employees receive their direct deposit, paychecks, earned wage access, or pay cards accurately and on time. It helps to reduce operational complexity and reliance on multiple suppliers, payroll systems, and partnerships with a global solution from a single payroll provider.

An online payroll solution includes many pros such as eliminating time-consuming tasks, and instead, simplifying operations, enabling automation, improving employee morale, minimizing compliance risk, hands-on customer support, and more. The best payroll software will also be user-friendly, and include several add-ons such as an employee portal for easy access to employee information needed for other administrative duties, and more that makes this a better option than doing payroll and HR in-house. But it does also include some cons, such as loss of some control over the payroll process, often paying additional fees for services you don’t need from big-box providers, and although the task is passed onto a third party, you are still ultimately held responsible for how it’s done, and for its accuracy.

Some payroll challenges include compliance with laws and regulations, managing a hybrid workforce, manual methods, and complex systems. With the right HR and payroll technology solution built for the specific needs of small businesses or established businesses alike, you can streamline and simplify the entire payroll function for your business. A single, automated system with paperless workflows and centralized payroll- and HR-related data allows you to:

• Accurately calculate payroll, taxes, benefits, and more — and pay employees on time
• Easily locate, manage, and update employee and payroll data and share it with other areas of the business
• Stay compliant with pay and tax laws wherever you have employees
• Gain much-needed visibility across your workforce, run payroll reports, and analyze your people operations
• Grow your business as needed without worry that the system can’t keep up