Tips on Using Payroll Software – Getting the Most from It
Adding payroll software to your company is one of the best ways that you can boost the productivity of your HR department, reduce human errors, speed up the payroll process, and more. It can reduce errors by as much as ninety percent and speed up payroll processing times by up to sixty percent, making payroll software a valuable investment. Once you've found the right payroll software and added it to your company, you'll need to make effective use of it. There are a number of different tips that you can use to effectively get the most from your payroll software. Simply entering the appropriate information into the system will certainly generate basic results, but keeping various other points in mind will help you really make your payroll software shine.
First of all, take advantage of one of the best features that payroll software can offer you. This is, of course, automatic tax withholding calculation. Manually calculating such information as social security withholding, state and federal payroll taxes, and more can take huge amounts of time. Payroll software will allow these figures to all be automatically calculated based on the regulations in your area and will not only save your HR department many hours, but will also seriously decrease the amount of human errors. In this way, payroll software can help you avoid fines and costly mistakes while speeding up the processing of payroll.
Next, consider implementing direct deposit whenever possible. You may even try to offer some form of incentive to your workers for signing up for direct deposit. Many companies require it now due to the amount of time and money that direct deposit can save. Not only will the printing of checks be avoided, but employees themselves can enjoy the convenience of directly deposited funds. Most good payroll software programs have direct deposit options built in, and it would be in your company's best interest to only invest in payroll software that included it.
If it's at all possible, include your payroll software into your company's overall HRMS. By combining basic human resource management systems and payroll software you'll be able to view data on a wide range of subjects, pull up information about employee pay with ease, and much more. Your managers can benefit from having so much information at their fingertips, and your HR department's job will be much easier. Payroll software is great and has many great features, but adding HRMS functionality to it makes it an even more attractive program and one that is vital to your business.
Finally, be sure that you regularly review all regulations, charges, and other issues that could contribute to your payroll software's functions. Insurance or tax regulations could be common examples of this, and even making needed modifications during open enrollment periods must be handled quickly to ensure that the payroll software is always using the correct data. If you have the chance to add automatic digital time clocks, you can take your payroll software even further. Unicorn HRO features payroll software solutions that will make managing your company payroll easier than you could imagine. Investing in payroll software is essentially investing in your company's future.