Hr and payroll management software can manage both employees leave and salary. So use of this software by human resource department is now not an option but mandatory. We need to explore why this software becomes an obligation now.
Different features of hr and payroll management software will explain how this software becomes indispensable to HR department. Here are those features:
- Managing payroll: Hr and payroll management software can automatically calculate employees daily, weekly, bi-weekly, monthly salary. This is one of the major benefits of this software. In order to compute wages the module consolidates wage related items like attendance, salary grade, benefits, reimbursements, leaves, advances withholding taxes, terms and policies etc. You configure the software with your rules. Then the system takes over the payroll process. You can customize the software according to multiple salary structure and benefits or even specific employees and contractors.
- Managing leave: leave feature of the software allows employees to submit leave claims and monitor their leave balance. On the other hand managers can review leave appeal and notify employees either approved or decline.
- Bonus management: This module manages various benefits and bonus claims by employees.
- Income tax calculation: Hr and payroll management software can calculate income tax based on government tax rules.
- Time and attendance tracking: To manage attendance this software has time-tracking feature. This module tracks absence, leave. This data then use in salary calculation. Some advance feature of the software let you manage employees attendance of multiple shifts.
- Reports, payslips: This is another useful feature of hr and payroll management software. The software generates payroll reports like salary statements, benefits report or leave summary.
- Record keeping: This software acts as central repository of employees records and related documents.
Types of payroll software
Hr and payroll management software can be classified as deployment (cloud vs deployment), business size(small vs enterprise), target market(general vs industry specific).
Cost of Hr and payroll management software
Price of hr and payroll management software vary from vendor to vendor. But there are some underlying similarities. Many vendors for example charged by number of payee or user. If the Hr software is integrated with accounting software then price may depend on the number of invoices or quotes. Here are a few examples of HR and payroll management software and cost:
- BambooHR – Pricing is by quote to match your needs with the right set of features.
- Xero – It offers three price points starting at $25 per month with its most expensive plan at $60 per month. Its basic plan allows only for five invoices, quotes and bills and twenty transactions, while its premium plan has no limit on the same items.
- Wave – A free small business online accounting with professionally templated invoices, estimates and receipts. Being another solid Xero alternative the solution offers credit card payments, income and expense tracking and deposit and pay stub payroll.
- Gusto – A standalone payroll software built for the small business owner. The solution also integrates with benefits and HR functions like employee onboarding, time-off tracking and document management.