The Payroll Management System deals with the financial aspects of employee's salary, allowances, deductions, gross pay, net pay etc. and generation of pay-slips for a specific period.
Basically, payroll software helps with calculating paychecks from hours logged in time and attendance tracking systems. The software then draws paychecks or direct deposits funds into employees’ accounts. Taxes and deductions are also calculated and withheld by payroll programs.
Here are some of the key features of a payroll software:
- Automatic payrolls
- Invoices and quotes
- Tax forms
- Reporting tools
- Basic tax filing
- Bank connections
- Vendor and contractor payments