These solutions are designed to be user-friendly so the learning curve to set up and start processing payroll is very low. The biggest and most obvious benefit of a payroll management system is that it saves time, which, in turn, saves money. If your company is tracking employee information and processing payments manually, payroll solutions could save you time, money, and a lot of headaches by mitigating compliance risks. It should also support reimbursements for mileage, relocation for new hires, and other travel expenses, as well as any other expenditures fronted by employees.įinally, the software should prepare tax forms and reports for the employer, employees, and contractors, such as the 940, 941, 944, 1099, W2, W3, and 1099-MISC. They will then print payroll checks or execute direct deposits and export data directly to accounting software or in a format that's compatible for import to an accounting system. In preparing a run, the system will calculate payroll deductions such as federal taxes, local taxes, and state taxes (including Social Security, Medicare, unemployment, and disability insurance). This includes everything related to wages (pay type and frequency, bonuses, withholdings, garnishments, etc.): paid vacation and time-off benefits and one-time or recurring benefits such as health insurance, educational assistance, moving expenses, and retirement plans. This type of solution tracks a variety of information related to employee compensation and often includes benefits administration features.
We’ve created this guide to help you navigate the vendor landscape.
Many organizations outsource the payroll process, but you may decide that in-house is best for your company, and there are many payroll software solutions available to streamline the task.īut determining which solution is best for you can be overwhelming. Payroll software is a system that handles payroll services including payroll taxes, compensation, year-end bonuses, pay stubs, paid time off, benefits management, and organizing employee records.
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