How Will Payroll & Benefits Administration Software Make Payroll Records more Accurate?
Even though there are software packages that offer payroll functions bundled with time and attendance programs, there are also payroll programs that are bundled with benefits administration programs. Together the two systems can track payroll expenses such as actual pay, payroll taxes, bonuses, and accrued leave. When payroll functions are accomplished through payroll software programs, the result is a more accurate payroll. Each employee’s taxes will no longer be calculated by hand. They will, instead, be processed using pre-programmed tax tables, Social Security percentages, and compiled withholding data that isn’t dependant on the payroll clerk’s memory. Benefits Administration software will not only keep track of each employee’s salary, but will also record how much vacation time has been accrued, how much has been used, and how much remains. Some programs will also show any “use or lose” leave that needs to be taken before the fiscal year ends and erases any stockpiled leave days
