What is Payroll system software? The most basic definition of payroll is that it is the process of paying employees their compensation for work done. However, it also includes tracking the number of hours worked by every employee, calculating and designating leave, setting aside funds for taxes, and other expenses such as UIF as well as a host of other tasks. All of these tasks are quite complex and require a lot of accuracy. If you own a company you might have heard of and are wondering “What is payroll system software”? Payroll software is software that has been specifically designed to make this process more efficient and accurate.
In this article, we will discuss the benefits that one could expect from payroll software as well as where to find payroll software that works well.
The Benefits of Payroll System Software
Payroll software is either designed to be on-premises or cloud-based. Most payroll software should be able to manage, maintain, and automate payments. However, there are a host of other benefits that any well-designed payroll software should incorporate. Some of these benefits and features include:
- A System that Eliminates Downtime: Traditionally, all users have to log out in order for manual backups to occur, before calculations can be made in a payroll cycle. However, some payroll software allows for calculations to take place automatically and in real-time with no downtime.
- Worldwide Compliance: Payroll software will often have legislation built into the software that is updated as new legislation is passed. However, if your company employs staff worldwide you will require payroll software that has the legislation of a wide variety of countries installed.
- 3rd-Party System Integration: Some payroll software systems allow you to link to your workflow systems which eliminates the manual integration that is often needed when working with programs such as Excel.
- Employee Self Service: Employees and managers should be able to access and capture information related to payroll. This can include accessing a payslip or inputting hours worked.
- Cloud-Based: A cloud-based payroll software system allows one to access this system from any location as long as one has the correct access and passcodes, ensuring absolute security and freedom.
- Prepared Tax Forms: Payroll systems will typically be able to automatically generate tax forms to ensure accuracy while saving time.
- Automatic Calculation: Traditionally, tax calculations were done manually. Today, payroll software can do this automatically. Other automatic calculations include retirement funds, insurance, UIF, and more.
- Record Keeping: Payroll software systems are able to keep accurate electronic records of previous payroll processes, ensuring you never lose any information.
What is a Good Payroll System?
PaySpace is a cloud-based payroll software system that has all of the above-mentioned features and more, ensuring that your payroll process is as easy, accurate, and compliant as possible. We are able to service businesses of any size and help you better manage your time. To find out more about PaySpace, contact our team.