It can be challenging to keep up with the latest features and systems in payroll software.
These are the four essential features your payroll software should have, regardless of whether you’re looking for new software or need to assess your current process.
- Direct deposit
Direct deposit is the new normal. This is where the direct deposit can make a wrong impression on your employees. This suggests that you are not meeting employee expectations and payroll management software standards.
Employees without a direct deposit must wait until they receive their paycheck at their workplace and then take it to the bank. The bank will then wait until funds are available to them.
Printing checks can also be costly for your employees.
According to a 2013 Network Branded Prepaid Card Association Report, check-cashing fees can be as high as three per cent per paycheck. Many banks require direct deposits to their checking accounts. This is done to make sure there’s money in the account. Without direct deposit, employees may be required to pay a monthly maintenance charge to get a checking account.
Direct deposit eliminates the need to sign and distribute paper checks. This can be costly and time-consuming, especially if there are multiple locations. You will save a lot of time, effort, and money by eliminating the need to do these paper checks.
- Payroll card
A payroll card allows employees greater flexibility and receives their paycheck funds via a preloaded debit card. It’s the best alternative for direct deposit; whether the payroll card is used to pay a single check or to deposit a portion, it’s the best.
Payroll cards work in the same way that direct deposits, except that funds are added automatically to your employees’ cards via your payroll system. This eliminates the need for employees to cash checks and allows them to make purchases, withdraw cash at ATMs, or pay their bills online.
Employees who have to check accounts can use it as a secondary way to get paycheck funds. This will allow employees to better budget. An example is that an employee could easily add $100 to a paycheck and have it transferred to a card to pay his child while he is away at college. When an employee gets paid, the card automatically funds the amount.
- Self-service portal for employees
An employee self-service website is the best payroll tool after a solid payment method. It allows employees to access all their payroll data, including W2 forms, pay stubs and paid-time-off balance.
This access is not available to employees. They will need to contact you or your HR administrator for this information. You may have to give up revenue-generating and strategic projects to meet their needs.
These interruptions are often urgently needed. Let’s take, for example, an employee who wants to buy a car after his vehicle was damaged in flash flooding. The bank asked him to submit two of his most recent paychecks as proof that he is earning income to be approved for a car loan. The bank will need to collect the documents from the employee who hasn’t been keeping his paystubs.
Employees can access an employee self-service website and instantly print their paystubs. This places the responsibility on the employee, eliminating disruptions.
- Notifications and alerts from the system
System notifications and alerts are the last and most crucial payroll features that can significantly impact your payroll and HR efforts.
Notifications and alerts are essential because they remind you to enter your payroll data for each pay period. Payroll software must be kept current with any tax law changes to ensure smooth transitions to the new year and tax filings at the end of the year.
Not only will it streamline your payroll process, but alerts about birthdays and anniversaries can also be a valuable tool in your employee retention efforts. Let’s say Barbara is nearing her fourth anniversary at work. Her manager will notify the payroll system that Barbara is approaching this milestone.
You can also customize your reminders.
You should choose who receives the notifications through your payroll software. A notification about Barbara’s anniversary at work might be helpful to her manager but not to the accounting department. As a payroll manager, you have many choices for your payroll reason and how to run them. Software that can be secure in-house or cloud-based programs issues a good chance to run your Payroll Software. But if you need to take full advantage, check out reliability full-service choice and outcome. These are the device of a standard payroll management service source. As automate helps you with different tasks in general, HRMS Automation will make it easy for you.