Payroll Software Features and Capabilities
Many payroll software providers offer a range of features that typically encompass:
- Automated employee salary calculations
- Automatic deduction calculations (e.g., taxes, insurance, retirement contributions)
- Direct deposit payroll processing
- Generation of tax forms
- Integration with external payroll service providers
- Issuance of off-cycle or on-demand payments
- Maintenance of individual employee payroll history
- Administration of benefit and retirement plans
- Payroll tracking and auditing
- Salary adjustments for employees
- Generation of payroll balance and calculation reports
- Employee self-service capabilities
