Key Features to Consider in Payroll Software

Running payroll can be tedious and is often a thankless task. So if you’re not already using Payroll software, now might be the time to start! Payroll software simplifies payroll to just a few clicks which saves you time, admin and hassle by calculating gross wages, deductions and entitlements for you.

Benefits of payroll software

Some of the benefits of using payroll software include:

1.      Time tracking

To accurately calculate wages, employers must be able to record the working hours and any overtime. Payroll software that allows you (or your employees) to record their working hours and overtime means that wage calculations will be accurate.

2.      Calculates employee deductions

Employers must process payroll deductions, including: 

• KiwiSaver 
• PAYE
• student loan repayments
• insurance premiums
• mandatory deductions, like child support payments.

Payroll software can manage all these deductions and calculate the employees’ correct net or “take home” pay.

3.      Complies with payroll regulations

The IRD requires employers to keep payroll records for every employee and contractor. As an employer, you need to keep comprehensive records of wages, time worked, leave and other details. Payroll software generates and stores these records for you.

4.      Provides employees with pay slips and keeps employee data secure.

With payroll software you can send your employees their payslips and then also send this information onto the IRD at the same time you run your payroll. The best payroll management systems use state-of-the-art security to protect sensitive employee data. They can run updates for you, automate your account security and remediation activities, and inform you immediately about any suspicious or fraudulent activity they detect.

5.      Provides anywhere access

The best online payroll management systems provide 24/7 access so that you can manage payroll queries on the go.

If you’re not already using a payroll system, it can be a bit of a daunting task to know which payroll software to use and what to look for. When you’re comparing payroll software systems, here are some additional things to consider:

1.      Enables employee self-service

Some cloud-based payroll systems come with an extra benefit: employee self-service. For instance, employees can submit their bank, tax and KiwiSaver fund details through a secure self-service portal. Employee self-service takes a heap of work off your shoulders and empowers employees to manage their details.

2.     Integrates with your existing accounting software

Look for payroll management software that can integrate with your existing accounting software as well as any other software you use such as onboarding, rostering, leave requests and time tracking, so you can operate more efficiently, reduce repetitive data entry and prevent errors.

3.      Provides analytics and reporting

Payroll software drives better decision-making with comprehensive analytics and accurate reporting that you can control and customise.

You can access key information online, including leave, personal info, payslips and timesheets, whenever and wherever you want.

If you need help deciding on the right payroll software for you, get in touch, we’re happy to help you find one that works for you.