Let’s start with defining what payroll processing software is. Payroll software is a solution that helps businesses manage various accounting and human resources activities related to their employees—salary payouts, tax deductions, employee benefits, compliance with legal regulations, and so on. A thought-out tool will save two of your organization’s most important resources: time and money. It will take up to 70% of repetitive rule-based tasks, freeing up your time for more important tasks.
To illustrate how you can benefit from a payroll system, let’s explore the benefits that such software brings to businesses:
As you can see, a quality payroll solution can benefit your organization in multiple ways and streamline its processes. However, to maximize its advantages, you should carefully plan out the software’s features.
Want to benefit from payroll software? AnyforSoft will create a top-notch tool in accordance with your business needs and requirements.
How to develop a payroll system that complements your company’s processes and workflows? The answer: you should carefully plan out the software’s functionality. Here are the key features used in off-the-shelf and custom payroll solutions:
Let’s discuss each feature in more detail.
Your employees should have an employee-self-service portal where they can:
That way your organization will be as transparent as possible, increasing your employee trust and loyalty.
Payroll systems should be able to automatically generate paychecks and stubs based on payroll data:
While you’re a small company, calculating wages manually doesn’t seem like an issue. However, as you scale and hire new employees, you’re bound to make mistakes in the payroll process. To avoid them, develop the automated wage calculation feature.
Nobody enjoys dealing with tax forms and tax filing activities. The requirements constantly change and all the intricacies of state and federal taxes are quite hard to understand.
Luckily, a payroll solution can automate manual processes associated with tax filing. Namely, it can pre-fill the documents for you and send them out. Moreover, the software automatically updates as tax laws in your country change, saving you from potential mistakes.
Even though your team will probably have to sign the arrangements, your system will notify you whenever it’s time to file, helping you avoid penalties for missing a deadline.
Laws and regulations change all the time. To ensure that your software can reflect these changes, you should design it with compliance management features in mind. That way, when there is a change in local, state, or federal employment law, your software will be able to update its rules and take them into account when processing payroll data.
With custom payroll management software, you will be able to generate payroll reports automatically instead of spending hours on manual work.
For any company that pays hourly wages, it is critical to track the time and attendance of its employees. A payroll solution will monitor sick leaves, hours worked, overtime, downtime, and other factors, using this data to process payroll accordingly.
Your employees should know when their pay period comes and how often it is paid: weekly, bi-weekly, or monthly. They should also be able to view their salary for a selected period and access annual statements to be able to evaluate their current financial status.
Your payroll system will likely be integrated with other custom or ready-made software solutions that you use. Before building a payroll management system, think of the integrations you want to make. That will help the development team build your application architecture accordingly.
That’s all we had to say regarding features. Now let’s discuss another critical aspect of payroll software development—priorities.
Need a hand with payroll system creation? With over 12 years of experience, we create fintech software of any complexity.
To create a quality payroll system for your organization, you must prioritize the following things:
Now you know how to develop payroll that fully meets your requirements!
Developing payroll management software is costly, but it provides a myriad of benefits in the long run. By investing in a financial management tool, you will be able to:
We believe that a quality payroll system will quickly pay off and enable you to save money and time.
So don’t hesitate—invest in payroll solution development today.
If you don’t have a team with enough expertise, you can always rely on AnyforSoft. We have over 12 years of development experience and 25% of our developers are senior-level specialists who are well versed in modern technologies, frameworks, and tools. We can create software of any complexity, from simple MVPs with basic features to sophisticated systems that support everything your organization requires.
Contact us today and let’s discuss your project!
