What is Payroll Software?
Payroll Software is used to manage and streamline the process of making payments to employees.
Companies use Payroll Software to automate such things as calculating payments, withholding tax and depositing monthly payments into the designated bank account of employees.
Once an employee’s standard payment information is entered into the software system, i.e. their wage, the number of hours they work per week and their bank account details, minimal maintenance is required.
The advantage of using Payroll Software is that it relieves accounting personnel of a lot of the administrative tasks associated with making payments to employees, that would otherwise be very time-consuming. It also reduces the instance of mistakes caused by human error.
Companies with a large number of employees rely heavily on Payroll Software and on its reporting features.