What Are the Features of Payroll Software?

features of payroll software

Want to know the features of Payroll Software? Payroll management software is a software system that has been specifically designed to assist payroll administrators in their duties. This has made it possible for payroll administrators to perform their duties more efficiently with an outcome that is sure to be compliant with current legislation, no matter how recent.

If you are interested in switching from a manual payroll process to payroll software, you might be asking yourself; “What are the features of payroll software”? In this article, we will answer this question. 

Important Features of Payroll Software  

There are certain features that every payroll software system should possess to ensure that you get accurate results that also increase the efficiency of your payroll process. These features include: 

  • Payroll Processing: This feature allows you to relax while knowing that the right amount of leave, salary deductions, fringe benefits, and more are calculated for you. This ultimately ensures that the correct salary is paid to the correct individual, on time. 
  • Tax Filing: Payroll software will be able to calculate and process taxes for you. It should even be able to pre-file all tax deposit information, ensuring that you don’t have to do anything manually anymore. 
  • Compliance: Most payroll software should have the legislation relevant to your country embedded in the software to ensure you are always up to date with the latest legislation updates and are compliant in your payroll process
  • Employee Self-Service: All employees should be able to access their payslips and any other information pertaining to them via the payroll software system. This will ensure that they access the information themselves remotely or at the office. 
  • Accurate Reporting: Having access to reports will allow for easier and more efficient budgeting, resource planning, and financial managing to occur. 

Unique Payroll Management Software Features

PaySpace is a payroll management system that has a variety of features that makes it unique and makes your payroll process easier to complete. Some of the most noteworthy features include: 

  • Cloud-Native: PaySpace is an online payroll software system that is cloud native. This means that all of your data is stored in the cloud and is absolutely secure. 
  • Continuous Calculations: Due to the fact that PaySpace continuously calculates all aspects of payroll in real-time. This mitigates the downtime that usually occurs before a new payroll run can start.
  • Customisation: PaySpace can be customised to suit your company. Thus you are able to perform your payroll run in a way that optimises your process to its fullest potential. 
  • Online Approval: With PaySpace you are able to perform approvals online, from anywhere that has access to the internet. This reduces the number of physical documents and emails that one needs to keep track of. 
  • Complete Transparency: PaySpace is able to offer payroll administrators and employees a transparent view of how the calculations were performed to ensure everyone is privy to and understands the breakdown of their payslips. 

There are multiple other features that make PaySpace the perfect payroll management software solution for any business, whether big or small. Click here to read more about our features or contact us directly to find out how we can help you streamline your payroll process.