Payroll software is commonly misunderstood as simply being used to manage salaries. While many applications are developed solely for this purpose, a lot of them have a slew of other features that make them quite useful for small businesses. Payroll software programs are used by even large corporations due to their numerous advantages.
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Most payroll programs are paid; it is a well-known truth. The ones that are offered for free have restricted features and capabilities. They aren’t particularly useful. Paid versions, on the other hand, come with a slew of extra features. Their pricing structure is also determined by their features. Hence, you must be very tactful when selecting the features to be included in the solution you’re opting for, as this significantly impacts the pricing.
To help you with this, we are sharing a list of important features that you must have in your small business payroll software. Take a look at them:
Payroll management is, without a doubt, a difficult chore. When it comes to calculating salaries and taxes, even a minor error may add up quickly. The creation of reports is another tough component of this approach. HR managers are typically required to prepare annual payroll reports for balance sheets and other financial objectives by their employers. Preparing such a report can take days. However, if you use online payroll software that allows for reporting, this procedure becomes a lot easier.
You can now access extensive, detailed reports with just a single tap. These solutions also allow customers to select from a variety of reporting formats to suit their needs.
Hiring a new employee or a group of employees can be difficult, not just for the employees but also for the hiring managers. From interviewing to scoring and screening, the complete procedure comprises multiple steps. In this case, using a payroll system that includes recruiting management as one of its functions can be beneficial. Netchex, for example, includes NetRecruiter. It is a recruiting management application that has the potential to streamline the entire hiring process for a company.
It also offers an onboarding tool that allows for paperless recruiting, which saves the hiring manager a lot of time and effort.
Time and Attendance Management
This is a feature that every payroll software package has because this information is necessary for determining the workforce’s salary. You will be able to determine the regularity and timeliness of employees and rate them properly with the help of this tool.
This is another important function to add to your payroll software for accountants. Employees are usually given bonuses twice a year or once a year. The bonus amount is determined by their performance as well as other factors such as attendance. When your company has a large number of employees, determining these factors can be difficult.
Select a payroll package that has a performance management tool to make things easier for yourself. Netchex’s performance management function, for example, can be used to assign and track assignments, conduct employee reviews, and receive valuable insights into their performance.
The Way Forward
Finding a payroll tool with all of these features can be difficult. However, we recommend Netchex to make the software search process easier for you. It’s one of the top payroll programs in 2021, with all of the features mentioned above plus a lot more. What’s the best part? It is offered at a fair price. There are several pricing options. You can either choose a plan that meets your needs and budget or make your own. This allows you to utilize only the features you need and only pay for them. Netchex also provides a demo version, which is a unique feature. Using the demo, you will know exactly what you are getting before ever paying for the product. Another remarkable feature of Netchex is that it allows users to connect with experts at any given time. From setting up the software for the company to assisting in the use of various features, industry experts at Netchex can help with anything.