April 8, 2018

Payroll Management

Any business that has more than one employee must have a payroll system. Paying employees consistently and with no delays not only impacts their morale, but it also reflects the company’s financial stability. Moreover, it is a requirement for compliance with federal and state laws. While this is a complex process, having an efficient system helps streamline and centralize the payroll method.

 

 

 

In essence, the payroll management process refers to the administration of an employee’s financial records which includes the salaries, wages, bonuses, deductions, and net pay. These records must be maintained and kept by the employer for federal requirements, especially when it pertains to payroll taxes such as Income Tax Withholding Records, Social Security (FICA) Records, and Federal Unemployment Tax (FUTA) Records.Features of Payroll Management Software

    1. Automatic payrolls
    1. Invoices and quotes
    1. Tax forms
    1. Reporting tools
    1. Vendor and contractor payments
    1. Integrations
    1. Basic tax filing
    1. Compliance
    1. Employee access
    1. Bank connections