Five Reasons for a need of a Payroll Software

It takes a lot of time to keep track of the total hours worked by employees, stay up-to-date with tax preparation and update employee profiles. It’s time to get a new HR & Payroll system if the HR department can’t keep up with daily operations. Here are five reasons why there is a need of payroll software.

1.    Save Time: Payroll can be very strenuous with the mass amount of operations needed to keep everything in order. Calculating hours, tax preparation and employee data maintenance can take multiple hours to complete when it's done manually. Investing in a good HR & payroll system will allow information such as direct deposits pay, up to date tables, and even updating the general ledger to be automated.

2.    Reduces Human Error: When businesses manually enter employee wages, there is always the possibility of human error. Use of a payroll system to reduce human error and save the company money.

3.    Always Up-To-Date with Taxes: When tax season is approaching it can take hours to ensure that all information that has been entered manually is correct. Payroll systems will always have the tax tables up-to-date, so your business will always be compliant without the added stress.

4.    It is secure. One of the most essential features that a payroll system needs is security. Payroll contains very sensitive data, which is kept confidential and can be stored away safely with only limited user access rights. The only person who has access to this data is granted permission through role assignments.

5.    Easy Integration: It is important to have the systems talk to each other. The ERP system and payroll system go hand in hand. Payroll software can easily be integrated so that the JVs are generated automatically once the payroll is posted.