Payroll 101: Overview of Payroll Tools and Technology
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The document provides an overview of payroll tools and technologies that can simplify payroll processing amidst employee turnover and regulations. It discusses various options including in-house payroll processing, the role of bookkeepers and CPAs, and the benefits of online payroll services and human capital management (HCM) software. HCM software features include time tracking, leave management, payroll processing, and handling of various deductions.
Payroll 101: Overview of Payroll Tools and Technology
- 1. PAYROLL 101: OVERVIEW OF PAYROLL TOOLS AND TECHNOLOGY
- 2. Payroll is often complicated by employee turnover, changing regulations, and other factors. Fortunately, various payroll tools are available to simplify the process.
- 3. Most Common Payroll Tools
- 4. In-house Payroll Processing Most Common Payroll Tools
- 5. This option is most viable for extremely small workforces – that is, fewer than 10 employees with little variation in weekly schedules. In these cases, onsite employees can generally use payroll software to manage the process. In-house processing can also be more costly than a high quality, scalable outsourced payroll. In-house Payroll Processing
- 6. Bookkeepers And CPAs Most Common Payroll Tools
- 7. These individuals typically prepare payroll and tax records, but may not offer tax filing services. Responsibilities ultimately lie with you, the employer – not bookkeepers or CPAs, so it is crucial to ensure these professionals remain up-to-date and flexible regarding changing regulations. Bookkeepers And CPAs
- 8. Online Payroll Services Most Common Payroll Tools
- 9. These payroll professionals handle everything from direct deposits to automatic deductions, paychecks, and more. Online payroll entities enable employers to manage and monitor payroll from a secure web browser at any time of the day or year. Additionally, employee vacation, sick time, and other data can be integrated into the system. Online Payroll Services
- 10. Are You Utilizing Human Capital Management?
- 11. Referred to as Human Capital Management (HCM), this software is capable of managing Human Resource matters in addition to payroll processing. With the growing popularity of cloud services, these platforms can also operate within clouds. Are You Utilizing Human Capital Management?
- 13. Time Clocks This feature can pull relevant information directly from the system, whether the system consists of badge readers, time clocks, attendance recorders, or security access authorizers. HCM Software Features
- 14. Pay Types Software tools can accommodate a variety of pay types and labor classes, based either on flat amounts or percentages. They can also be programmed to changes in pay rates, such as those based on performance and probationary periods HCM Software Features
- 15. Leave Tracking As the term implies, this feature enables the tracking of available paid time, such as sick time, holidays, vacation days, parental leave, and bereavement. Requests for time off can also be submitted and recorded through this software. HCM Software Features
- 16. Payroll Processing This feature allows for payroll processing based on a number of factors, including departments, work locations, earning types, deductions, benefits, and tax categories. Payments can be programmed to include both paper checks and direct deposits. HCM Software Features
- 17. Deductions As you know, payroll deductions sometimes vary widely among employees. Common deductions include student loan payments, garnishments for child support, union dues, and retirement plans. HCM Software Features