A good payroll system needs to be customized and tailored to fit your company’s exact needs, but in general, there are several features that every payroll system should have in order to be considered strong by today’s standards. For example, the inclusion of employee benefits administration software makes the entire system much more efficient and valuable.
On this note, we present you with a list of 10 must-have features that your payroll system should include:
- An easy way to calculate tax
A good payroll system should make it easy to calculate taxes. After all, one of the main purposes of a payroll system is to make sure that employees are paid correctly and on time. The second thing you want is a complicated system that makes it hard to figure out how much tax to withhold from each paycheck. It’s also important to have an up-to-date tax code so that the amount withheld from paychecks reflects current laws.
- Support mobile devices
If you’re like most people, you’re never far from your phone. Employees should be able to use the company app or access the website through their smartphones. Some companies go even further and provide real-time access through their mobile application so that employees can make edits and see paychecks as they happen. A strong payroll system will also have an easy-to-use interface that is responsive on all devices and allows employees to log in with a fingerprint scanner or other security method as an alternative to passwords or traditional passcodes.
- Handle multiple pay types
The payroll system needs to be able to calculate different hourly rates, salaries, commissions, and more. Good payroll software will make it easy to enter the information for each employee in the system and then convert it into an accurate paycheck that reflects their hours, bonuses, overtime, deductions from wages or salary, etc.
- Easy export of data
In order to make informed decisions about your business, you need to be able to easily export data from your payroll system. This data can include things like employee hours worked, pay rates, and deductions. Having this information readily available will help you make better decisions about your business.
- Affordable without compromising on quality
No business owner wants to overspend on their payroll system – but at the same time, you don’t want to sacrifice quality, either. A good rule of thumb is to look for a system that’s affordable without compromising on quality.
- Online support and training
A strong payroll system will have online support and training available to help you with any questions or problems that might come up.
- Customizable fields allow more people to use it
When you have a lot of employees, you need a payroll system that can be customized to fit each person’s needs. Otherwise, you’ll end up with a lot of frustrated employees. Customizable fields allow you to add or remove information as needed, so everyone can use the system without issue.
- Integrates with several HR software tools
As your business grows, you’ll likely need to start using more HR software tools to manage employee data. A strong payroll system should be able to integrate with several different HR software tools, so you can keep all of your employee information in one place. This will save you time and ensure that your employees’ data is accurate and up-to-date.
- Easy transition from job to job and even across countries, states, or provinces
A good payroll system should make it easy to transition from one job to another, and even across countries, states or provinces. It should have all the information you need in one place, be easy to use and understand, and provide support if you have any questions.
- Saves time in onboarding new employees
A strong payroll system is that it saves time in onboarding new employees. New employees can be added to the system quickly and easily, and all of their information will be stored in one central location. This means that you won’t have to waste time tracking down information or inputting data manually.
Netchex is one such payroll software program that includes all these features. From serving as an applicant tracking software to HR & payroll program, it can do it all for you.