Payroll Software Key Terms

Learn significant payroll software key terms in order to fully utilize the service

Payroll software can be an integral part of any business. It helps with paperwork, calculations and even at tax time. However, there may be a few key terms you can learn to better help you maintain your business payroll in an organized and fully functioning manner. Knowing about payroll software will aid in keeping your business payroll functions running smoothly and also make the work easier for you or your payroll administrator.

 

Web-based payroll

 

Web-based payroll is online, so you don't have to download software that can become corrupted or lost in the case of a computer repair issue.

Automatic updates

 

Payroll software with automatic updates eliminates having to manually update every time there's a change in tax laws, calendar days (such as leap year) and more. This is very convenient because you're assured your software is up-to-date every time you use it.

Free payroll software

 

Free payroll software can be permanently free or free for a trial period, which usually lasts about 30 days and gives you an opportunity to use it before you become committed to purchase it.

Tax information

 

Payroll software should include tax information so that you do not have to do that separately. Tax information is important because this will figure in to your payroll figures and accounting.

Automated payroll system

 

An automated payroll system does certain tasks for you automatically once you perform the initial setup. This can include automatic deductions, direct deposit functions and more.

Human Resource Management System

 

A Human Resource Management System can help you maintain certain functions, such as organization charts and spreadsheets and payroll accounting.


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