Accountants are in charge of taking care of their clients’ finances. This often includes managing payroll for those employed by clients, preparing taxes, analyzing financial risks inherent in a company’s structure, and providing advice concerning financial matters. Payroll software may be very helpful for accountants. They can use it to manage some of a client’s most impactful finances.
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What Is Payroll Software?
Payroll software for accountants is software that organizes, manages, and automates payroll processes. Accounting payroll software can automatically send employee paychecks to the employee’s account for direct deposit. The software also can keep records of all payments made. Some payroll software may also have tax features, as well as time and attendance and pay structure.
Benefits of Using Payroll Software
There are many benefits to using payroll software for all businesses, both large and small. Software can help ensure accurate payroll, which is important to keeping employees happy and reducing turnover. Payroll software can also automate many payroll tasks and processes that accountants would have to perform manually, thus saving both time and money.
Eases Payroll Distribution
Payroll distribution should be consistent, reliable, and easy for everyone involved. Payroll software generally allows accountants to offer their clients direct deposit options and paper paycheck options. When employees can count on a paycheck being distributed at a specific time, it improves contentment with the company and in turn makes the company more content with their accounting services.
Assists with Taxes and Compliance
Taxes can be tough to calculate and file on time, but errors can result in penalties for clients. This can reduce an accountant’s credibility and cost money if taxes are covered under guaranteed services. Payroll software generally comes standard with tax calculation features and can also be used to file taxes with just a few clicks.
Additional information that can assist with compliance may also be compiled in payroll software, depending on the structure and size of the company. If employers must report benefit options or labor information, accountants can use payroll software to assist with these tasks. This may make an accountant or firm more valuable to clients.
Provides Self-Service Options for Employees
Payroll software can often be set up to allow people employed by clients to access their own payroll information. This can save managers and HR professionals employed by clients from having to research for employees while empowering employees to manage and review their information as needed. Payroll software generally provides employees access to pay stubs, information about paid time off, benefits, charitable donations, deductions, and any other relevant payroll data.
Makes Adding New Hires Easy
When using manual accounting systems, adding new hires to a client’s payroll can be tough. Payroll software makes it easy to add an employee to payroll and set the rules for compensation. In some cases, payroll software may even integrate with applicant tracking software, allowing employee information to be imported into payroll with just a few clicks.
Offers Customization Options
Since accountants usually work with more than one client, sometimes across several industries, customization options in payroll programs can be helpful. Clients may pay employees weekly, biweekly, or monthly, offer bonuses, offer commission, pay vacation, or pay based on performance. These situations can add complexity to payroll, but payroll software customization options allow accountants to manage all rules quickly and easily so that paychecks are accurate every time.
Provides Analytics and Reporting
Analytics and reporting functionality allow payroll information to be viewed in a variety of new ways that can be instrumental in company growth and can prompt lucrative changes to policies. Offering these insights can deepen the relationship between accountants and clients and make services provided even more valuable. By using payroll software to its highest potential, accountants may assist companies in reaching their potential.
How to Choose the Right Accounting Payroll Software
There are a lot of different options out there when it comes to payroll software. Each has different pros and cons. But which is the best payroll software for accountants? The first step in choosing the right software is to know exactly what features are the most important to your company.
Direct Deposit
Offering direct deposit is a win-win scenario for both the company and employees. Employees save time by not having to pick up a paper check and then deposit it at their bank. Companies can automate the direct deposit process and save both time and money by not having to print out physical checks. Direct deposit is a feature that is now almost expected by employees and any company that doesn’t have it looks like it’s behind the times.
Tax Filing
Taxes can be complicated, especially since there are different types of taxes that companies are responsible for at different rates from local to state, federal, and even international levels. Companies must also file tax documents for their employees, including W-2s for employees and 1099s for independent contractors. Tax filing features in payroll software can help ensure that taxes are filed correctly and on time, eliminating the risk of fines and penalties due to tax errors or tardiness.
Compensation Management
Not all employee compensation is in the form of standard payroll. Payroll software should be able to manage bonuses, benefits, pay raises, workers’ comp, and more. Your payroll software needs to be able to manage all types of pay and compensation. The ability to manage all kinds of payroll, not just traditional payroll, will benefit your overall payroll strategy.
Employee Self-Service Portal
An employee self-service portal is an important feature that can save accountants a lot of time. Employees can log into the portal and manage their own personal information. They can also check paystubs, their W-2s, and even the number of PTO days they have remaining. With the portal, employees can find out all of this information on their own instead of having to ask HR.
Compliance with Laws and Regulations
A major component of accounting and managing payroll is remaining compliant with regulations and laws regarding payroll and taxes. A HRIS can help manage compliance, keeping on top of any changes in legislation that may affect your payroll or taxes. Remaining compliant with all laws and regulations will help your company avoid fines and penalties.
Reports and Analytics
Your HR payroll software can collect data from all payroll actions and both analyze and generate reports from that data. This can help you see big-picture patterns and trends as well as other insights. These reports can help you identify problem areas and adjust the budget accordingly.
Is your company in need of a HRIS to manage payroll and tax compliance? Let us help you find the software that will best meet your business’ needs. Stop by our software match page to get started.
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