Payroll software exists mainly as a tool to calculate salaries and taxes. It also helps Human Resources departments print and deposit paychecks and generate reports about different classes of employees. Yet payroll software can do a great deal more to make employees’ and managers’ lives easier. Here are some new features of payroll software that can add convenience, reduce costs and subtract wait time for submitting taxes and payments.
Employee Self-Service Helps Minimize Cost
Employee self-service (ESS) features allow employees to log in to the software to view their personal payroll, benefits and leave information. Employees can also update or change personal information, such as their banks and account numbers for direct deposit, their W-4 form, their home address, and their contact information. When employees are allowed to change this information themselves, this reduces a company’s overall expenses, as well as its need for Human Resources staff. GetTrek and e-Pay offer this feature.
Cloud Solutions Make Mobile Access Easier
Payroll software that allows employees to login from mobile devices makes it easier to enter and keep track of important data. The presence on the cloud also reduces the need for in-house equipment, storage space and IT staff for updates. The presence of the software on the cloud creates a backup in the event of a natural disaster. Employer On the Go and eWorkforz are two companies whose systems have this in common.
Ability to E-File W-2 and W-3 Forms for a Closer Deadline
Some payroll software systems are compatible with ezW2 software. This feature allows HR staff to e-file W-2 and W-3 forms in a matter of seconds. The new filing date is January 31, 2017. The date has been moved up from last year’s deadline of the last day of February for paper filers and March 31 for electronic filers. HalfPriceSoft offers ezPaycheck for this purpose.
Easy Management of Payroll Benefits
Payroll software allows businesses to add fields to help HR staff manage a variety of employee benefits, including cafeteria plans, vacation time, 401(k)s, retirement plans, union dues and health insurance. The software can also modify pay period deductions to account for unique situations. These might include people who take unexpected time off, half-time employees and catch up payments for older employees. CYMA Payroll and TRAXPayroll Solutions programs have this feature.
Issuance of Payroll Cards
Payroll cards are prepaid debit cards that contain employee wages. This has become an increasingly popular way to pay employees. Take care, because a number of states regard payroll cards as a voluntary option. For example, Pennsylvania requires that the employee elect to receive payment in this manner. PrimePay and ADP both provide this service.
Internal Time-Off Requests
A number of payroll software systems allow employees to request time off and managers to grant or deny these requests. These systems then help a business by recalculating the amount of hours or days the employee has worked and changes that correspond to their taxes and benefits. BenefitMall’s PayFocus and SimpleXPayroll have this feature.
Other helpful and little known features of payroll software systems include allowing employees to deduct charitable donations from their paychecks, wage garnishment, coordination of time and attendance data, direct deposit, and variation of period for payroll (for example, weekly, bi weekly and monthly). Companies can compare the different systems and select which one their company’s size and needs on this Payroll software list.