What is Payroll Software?
Payroll Software helps to streamline payroll processes to ensure that employees are paid out in an accurate and timely fashion.
Payroll software should include the ability to:
- Calculate and pay workers’ salaries
- Calculate and deduct any withholdings, such as insurance, retirement contributions, payroll taxes, and so on
- Follow rules related to overtime pay and minimum wage and local and national workplace laws
- Deposit or print paychecks
- Manage employee data, such as bank/payment information
- Generate payroll reports, such as salary/wage statements, benefits reports, leave/vacation summaries, and so on