Blogs - A Great Payroll Software Features
A Great Payroll Software Should Offer...
Payroll management is a major component to the success of any business.
The payroll management is not fun, but it is definitely essential. Ensuring accurate Salary calculations can take significant valuable time.
But actually, if you have the right tool to complete your payroll efficiently, it can be truly great.
Here are some of the features of great payroll software.:
Payroll Calculation in One Click:
Software should automatically calculate the payroll of all employees in one click. Like (Basic Salary + Fixed Allowances + Over time) – (Fixed Deductions + Loan Installment + leave deduction). No Matter, if you have 20 employees or 200 employees.
Overtime and Absents:
Software should let you define overtime formulas to calculate per hour OT rate. Based on that, you should be able to enter the overtime and absents details OR import from excel file for all employees. Accordingly, the software should calculate their salaries.
Cash Advance Handing / Loan Management:
It has become very common now days that employees take cash advance or Loan from company to pay back by installments. Software should give you option to define loan amount and deductable from his salary automatically every month until full amount is recovered.
Salary Statement and Pay Slips:
Payroll system should prepare monthly salary statement. Should have option to email pay slips to all employees in one click. Should be able to print selected pay slip or all for the month.
Additional Allowances and Deductions:
For many employees, you may need to pay extra allowances for the month. For example, sales commission for the month, car expenses or bonus etc. There might be various kind of deductions you may need to make from employee salaries for the month. The Software should allow you the flexibility to add allowances and deductions for each month as well.
One size does not fit all, and that is especially true when it comes to reporting for your company. The option to generate and save, export reports with the information you need to see is important, and any great payroll software should allow you to do so.
Create WPS Sif File Automatically:
You are almost done with payroll calculations but an important task is still pending and that is to create a salary information file called sif file or wps sif file to transfer salaries. The SIF file is used to transfer salaries to employee’s bank accounts. The Software should be able to create wps file automatically for selected month.
Experienced support staff:
Many software companies provide support for their software, by telephone, email or other methods. No matter what method of support is given, EasyHR payroll software is supported by professionals who know the program and understand payroll procedures.