The Benefits of Using Payroll Software
There are a number of advantages of using payroll software. As well as ensuring that your staff are paid accurately and on time, it will also assist in automating the payroll process allowing your payroll department to reduce the amount of administration and be more efficient.
If you are working with a reputable supplier then your payroll software will be in continual development and new functionality and enhancements will be added periodically to ensure that you are compliant with the latest payroll legislation. Upgrades to your software, together with documented changes to the software, allow you to keep abreast of changes in legislation and ensure that your organisation makes the best use of its payroll software.
Most payroll software solutions will allow you to attach external documents to an employee file so that all relevant information relating to that employee can be found in one place. In many cases you will also be able to attach an employee photo to the record if required.
Inbuilt report writers will allow you to produce reports and charts to assist in company forecasting and planning.
For example, you will be able to very simply look at the costs and implications of a specified pay rise percentage across the board and adjust it in line with your budgets as required.
Your payroll system will also allow you to monitor absence more effectively and produce reports on the cost of absence to your business.
Many payroll systems will allow you to administer payments to multiple pension schemes and bank accounts too. Similar functionality should be available for deductions such as student loans and county court judgements etc.