Managing the payroll of your company is one of the most tiring and complex tasks. The worst part about managing payroll is the high chance of errors. Therefore, managing payroll manually is not a good option. You need to get payroll software for your company or organization to manage payroll effectively. Payroll software programs can automate the whole system and calculate and deposit employees’ salaries within a few hours.
When it comes to getting payroll software for your company, you often look for some basic features only. However, numerous other useful features are present in your software program but you are unaware of them. Let’s move forward and explore these features of a payroll management tool.
Unknown Features of Payroll Software
Handling Stalk Holders Data
The first feature that you may be unaware of is stalk holders’ data handling. Many people think payroll management tools are only to calculate the salaries of your employees. However, every type of data related to your stalks holders can be managed by it. This data may be related to investments, income tax statements, top management salaries, or statutory reports. Not only you, but all the stalk holders have access to this data.
Management Reporting
This feature of payroll software allows it to report to the top management of the company. The key things included in this report are the total expense of payroll software and its changing costs. Top management makes certain decisions based on these reports. Reporting on employee attrition is also done by the same feature of the payroll management program.
Self Service
This feature is specifically for employees. This feature is all about uploading different payslips online. Your employees can have access to these slips and use them if needed. Apart from that, tax structures are also uploaded. Employees can make income tax declarations based on these structures.
Salary Transfer Statements
Payroll software can generate salary transfer statements and submit them to your bank as well. It is versatile enough to generate transfer slips or statements that are acceptable to your bank. Creating a transfer slip manual can be a hectic and time taking task. However, payroll programs do so in a very short time. The best part is that it generates slips in the format that is required by the bank. Features You May Never Know Payroll Software Can Have.
Multiple Currencies
This feature of the software is very helpful when you have to make international transactions. If your setup is in more than one country, then your payroll tool must have this feature. This feature allows the employer to pay all the employees across the globe in their regional currencies. Multiple currencies are easy to convert using payroll software.
Customized Pay Slips
All human resources software must have this feature. If your payroll has it, then you can create customized pay slips for your employees. The customization is about adding additional information to the slips. This additional information can be related to overtime, leaves, lateness, etc. Your employees will be happy to get more detailed pay slips and they will appreciate it.
Full and Final Settlement
This feature is very unique and is not used very often. When one or more employees leave your company, you cannot just let them go without any farewell. You need to compensate them based on their services for your company or organization. For example, if employees have given more than 10 years to your company, you have to reimburse them. Features You May Never Know Payroll Software Can Have.
The full and final settlement option allows you to calculate all the aspects of an employee leaving your company. You can use it to decide what type of compensation you have to provide your employee with. Payroll software calculates all these things based on their records saved in the tool.
Data Migration
Data migration option is available in almost every payroll software. You need to use this feature when you plan to replace your current payroll software program with a new one. However, data migration will only be possible if your new software also has this feature.
Bottom Line
Now you are aware of some secret features of payroll software. Make sure to look for them if you are planning to get a new software program. Netchex can be the right choice for you as this software has all these features. If you already have a payroll management tool with these features, make sure to use them when needed.
