As the world becomes increasingly globalized with the rise in mergers and acquisitions and a highly mobile workforce, the payroll process is becoming increasingly complex and difficult to administer. Technology has come to the rescue with advanced payroll software, customized for local or global use to administer payroll processes for multiple locations with a single employee database, accessible from anywhere.
Payroll software takes away a major part of the heavy lifting process from the Payroll / HR team with very little input needed from the employer.
Basic information that payroll software requires to process payroll include employee wage information and hours. The payroll software is designed to handle all the complex and tricky calculations as well as withholdings. The software also includes features for automatic updates every time tax laws undergo an amendment. Some advanced payroll software are also equipped with features to fill out employment tax forms on behalf of the employer as well as send reminders for filing them.