Keeping up with frequently changing payroll legislation and maintaining compliance can be tricky for companies, particularly during tax season. Government reporting at the federal, state and local level is often dreaded by business owners, but payroll technology
can make this unpopular task seem less intimidating.
"Tax calculations and printing of professional payslips will reduce a significant burden for small business owners and assist them to focus on managing costs and running their operations," notes ITWeb
.Standard codes and reports
With payroll software
such as Sage DacEasy Payroll, companies can rest assured that the handling of what is likely one of their largest expenses is being automated, ensuring payroll compliance regulations are being upheld and reports are accurate and complete. For users' convenience, Sage DacEasy Payroll includes standard codes (Hourly, Salary, Sick, Vacation, etc.), as well as common reports such as the Employee Vacation and Sick Time Report, Department Report and Transaction History. By using these reports, users can attain compliance with basic employment conditions pertaining to annual leave, sick leave, maternity leave and other allowances, and generate bonus, commission, sick or vacation pay either by itself or in conjunction with regular pay. Codes can be modified as necessary, and new ones can be added.Analysis and forward-planning
Sage DacEasy Payroll also facilitates analysis and future planning by providing companies with instant access to earnings, deductions and liabilities information for the month, quarter, next quarter and year. Additionally, there is the option to create custom reports by using the DacAccess feature.Comprehensive tracking
Successful payroll management is all about tracking, and payroll technology can facilitate detailed monitoring without the need to dedicate extensive resources to the task. Sage DacEasy Payroll provides the following tracking capabilities:
- 12 user-defined liabilities
- Up to 12 user-defined fields
- As many as 30 user-defined earnings and deductionsAutomated calculations
For companies with different types of employees, payroll calculations have the tendency to get complicated. Payroll software can remove much of this confusion by separating hourly, salary and contract labor employees and calculating payroll in accordance with several different pay schedules, including weekly, biweekly, semimonthly and monthly.
Ultimately, payroll technology is a viable way of maximizing accuracy, expediting payroll processing and mitigating error while freeing up time for workers by reducing the need for manual involvement.