Important Uses of Payroll Accounting Software
Payroll is a business-critical operation for every organization – people must be paid accurately and on time.
A good computerized payroll system can help you:
work out payroll accounting calculations quicker, for example, tax and National Insurance deductions, sick pay, student loans, and others
store data such as payslips and annual reports in a secure, easily accessible system
Payroll software can also reduce the burden of understanding complex payroll legislation and payroll systems operation. This can, in turn, reduce your administrative costs.
Linking payroll software with time recording
Payroll systems can be linked to timesheet systems that record employee attendance or time worked. This allows you to automatically transfer information about hours worked into the payroll system and make payroll calculations much simpler.
Using payroll software for reporting
By using basic payroll data, together with data on attendance and hours worked, payroll systems can provide a wealth of reports. This allows in-depth analysis of staff costs for the business as a whole, across departments and even individual jobs and contracts.
Storing personnel records
Most organizations will also keep other data about employees, such as records of annual leave. By getting payroll systems that record these additional types of information you can avoid the need for a separate software package.
Using payroll system to plan future costs
As payroll packages can provide forecasts, you can use these to plan staff costs and budgets by entering hypothetical numbers to see the exact total cost of an employee.