The process of paying a corporate’s employees is known as payroll, which includes the tracking of hours employees have worked, the calculation of employee’s pay, and the distribution of payments via bank transfer directly to their account or by cheque. On the other hand, the corporation also carries out accounting functions to record payroll, taxes withheld, incentives, overtime pay, medical leaves, and paid vacations. It is necessary that Corporates must also reserve and record any amount of money to be paid to the government for Health insurance, Social Security, and unemployment taxes. There was a time when corporate payroll services in Houston were managed manually by an accountant, but now because of a shortage of time and rapid growth of businesses, there are 2 basic ways to manage payroll,
In-House Corporate Payroll Services Using Payroll Software
Outsourced Corporate Payroll Services
In-House Corporate Payroll Services
Payroll software is an answer to many problems of HRs or payroll professionals to manage the entire life cycle of payroll activities from one extreme to the other.
Top 5 Functions Of Payroll Software
1. Automating Payroll Without Any Errors
Carrying out payroll functions manually gives rise to unintentional mistakes that could cost you a fortune. Payroll software helps you automate simple and complex tasks. Good payroll software keeps the payroll process simple, organized, and efficient.
2. Tracking Payroll Expenses
For any corporation, payroll is a frequent expense. As your corporation grows, payroll cost also increases, thus you need a clear view of one of the biggest contributors to your profit & loss statement month to month. Payroll software can create all these reports right from employee salary registers to their statutory, to their bonus payouts, allowing you to track expenses down to their last rupee.
3. Error Free Tax Preparation
Tax laws keep changing from time to time. Corporations need to stay updated so they can make accurate tax deductions. Mistakes in tax returns can result in penalties. Payroll software helps them to adapt to changing tax laws.
4. Integrates With Related Business Apps
Payroll staff needs to coordinate with numerous teams to get inputs for payroll processing every month. The payroll process is complex and has to be completed in a specified time frame. Growth in the business makes the payroll process tougher. Secure integrations with relevant business apps allow them to access data from numerous teams in one place and make payroll processing easy.
5. Secure Payroll Information
A payroll system is a place for sensitive information about your employees like salary, taxes, bank account information, and much more. Payroll software can strengthen the security of your payroll data with a feature of controlled access. You can easily eliminate unauthorized access. Through secured access payroll staff see only what they need to with reference to their roles.
Top 12 Must-Have Key Features Of A Payroll Software
1. Choose Software That Fits Your Budget
Payroll software offers several different pricing plans. choose one which fits your corporation’s budget.
2. Convenience And Ease Of Use
Don’t make the mistake of choosing a complicated payroll software that will result in draining your time and energies. Remember that the best user experience often generates the best results.
3. Simplified Employee Onboarding
In a corporation account’s department, there is a considerable amount of paperwork every day. Corporations payroll software allows you to enroll employees into payroll quickly, giving you the complete profile data of your employees from a single location. That information may include basic information, salary details, taxes, and payment information.
4. Custom Salary Components For Employees
The chain of command of a corporation ranges from top management to trainees. Good payroll software allows customization of salary, benefits, deductions, refunds, etc according to every corporation’s policy.
5. Payroll Processing At The Push Of A Button
When everything is ready to process payroll, the software should complete heaps of payroll processing activities in a single click. This conveys that the salary calculation will be automated, taxes are calculated as per the latest taxation laws, salary statements, salaries should be taken care of by default.
6. Online Timely Salary Payments
Paying salaries on-time is necessary for your corporation. Payroll software that is integrated with banks can help you transfer salaries securely and on-time to all your employees.
7. Employee Self-Service
Self-service portals in payroll software allow employees to download their payslip report and tax worksheets, submit their investment declarations and proofs, claim reimbursements, and receive timely notifications on deadlines.
8. Attendance And Leave Management
Good payroll software should allow you to manage your employees’ leave and attendance data easily. By automatically fetching attendance and leave data from a Human Resources Management System, you can accelerate payroll work.
9. Choose A Cloud-Based Payroll Software
Choosing a cloud-based solution can be extremely convenient, especially if your corporation is scattered all over different cities and countries. Cloud technology gives your corporation and it’s employees easy access to data no matter where they are. It’s also a great option if you want to save on costs as cloud-based solutions are normally billed monthly based on your usage.
10. It Must Guarantee Data Security
As payroll includes sensitive information about your employees like salary, taxes, bank account information, and much more. so a payroll software should be compliant with the International Security Standards.
11. Choose A Payroll System That Is Scalable
It’s always possible that your corporation will expand and hire more employees. This means that you need payroll software that’s highly scalable.
12. Must Have A 24/7 Customer Support Feature
It is recommended that you always choose payroll software that offers both online and onsite support. Through this feature, you can get the most value out of your solution.
Outsourced Corporate Payroll Services
Payroll outsourcing in a corporation means letting an external source handle all payroll related activities. Outsourcing of payroll functions is normally done to reduce cost and save time required to deal with financial tasks related to payroll.
Benefits Of Outsourcing Payroll
Outsourcing Payroll Saves Time
It Improves Productivity
Avoid IRS Penalties / Mistakes
It Has A Team Of Experts
Human Resource Information System (HRIS System)
Avoid Technology Advancement Costs
Offer Direct Deposit
Worry/Peace Of Mind
In Conclusion, No matter whether you use software for in house payroll management, or outsource your payroll management. It’s perfectly clear that implementing a good payroll solution can bring plenty of benefits to your corporation.