Payroll accounting is related to calculation of salaries, wages, commissions or bonuses. Payroll Accounting Software deals with the calculation of employee remuneration or payroll.
Calculating wages is no mean task. A whole lot of deductions and compensations are made in the gross pay before the net pay or take-home salary figure is determined. You can also opt for professional payroll services.
Since salary is of prime importance to employees, any mistakes in calculating the remuneration work towards demoralizing the workforce and can hence prove quite critical to the well being of the organization.
Thus it is advisable for any business enterprise to go in for payroll accounting software. Not only are these efficient and fast but are very convenient to use. Payroll accounting software consists of an exclusive module for doing payroll calculations easily.
Payroll processing module
Like other full-fledged payroll accounting software, the payroll processing module is
- Generates payroll checks for salaried, hourly or time card-based work
- Tracks sick days, vacation, last review, next review, last raise
- Tracks employee goals, objectives, and history
- Manages emergency information and direct deposit information
- Transfers all information directly to the general ledger
- For the payment of taxes, it transfers payroll tax information to accounts payable
- Print checks and employee reports, In addition, it lets you define six user-defined deductions.
If payroll accounting software or a complete business accounting software solution is your calling, get in touch with companies that provide payroll accounting services