Payroll accounting software is a comprehensive tool to meet all the accounting needs of companies, small businesses, institutions, multinational corporations, non-profit organizations, and other institutions. Payroll accounting software helps to calculate employee wages, tax withholdings, bonuses, salaries, and tax deductions in an accurate and timely manner.
Payroll accounting software holds many features which minimizes manual labor and large amount of paper work. It is the perfect choice to keep track of weekly, monthly, quarterly, annual pay checks, and payroll tax-related forms. It also helps to prepare comprehensive MIS (management information) reports, return forms, transaction entries, utilities, master entries, and graphical representation. By the use of payroll accounting software, you can eliminate the effort and time of manual processes and make pay processing a simpler, accurate, and quicker process. MIS reports help to provide clear information about the attendance and payroll of the workers. It also handles all state and federal withholding taxes. Graphical representation is another important feature available inmost payroll accounting software.
Payroll accounting software integrates easily with accounting systems, general ledger, and vertical business solutions. Most payroll accounting software features several options and integrates easily to your present environment. Flexibility, easy to use, reliability, convenience, and simplicity are common features. Some of the basic requirements include 10 MB disk space, versions of Windows including 95 98, 2000, NT, ME, and XP, Power PC running OS 8.6 or higher, OS X native, and CD-ROM drive.
Today, a wide selection of payroll software packages are available in the market at affordable prices. Selecting a suitable payroll software package is a difficult task as there are a large number of companies offering billing accounting software. Always implement a free trial version of the software before procuring a payroll accounting software. This will allow you to thoroughly understand the problems and advantages the software has for your company.