Payroll is an important factor in a company’s financial statement since it’ s not just about employee’s salary or wages. Payroll also reflects on the financial statement the taxes paid by the company for its employees and involves compliance to federal or state regulations. In short, payroll affects a company’s profitability since it is considered as fixed costs. Balancing and monitoring the payroll is actually a challenging task since it involves checking the employees attendance as well as tardiness, absenteeism and overtime. On top of these, deductions for Medicare, Health Insurance, Loans must be considered making payroll process quite overwhelming especially when there are hundreds or thousands of employees involved. Appropriate deductions must also be made lest employees complain about their pay.
The complexities arising from payroll transactions is compounded by constant updates in government regulations on taxes. The HR department is always beset with complaints or demands from employees regarding their pay slip. There is now a solution that would eliminate most of the hassles involved in payroll preparation by using an HR Payroll Software.
HR payroll software is an application that can also serve as employee database. It keeps employee files intact, safe and avoids tons of documents that need to be stored. More than this, HR payroll software is a solution that effectively reduce man hours utilized in preparing timesheets by simply encoding data needed on the fields in the database.
Also, errors are reduced since the application automatically computes all the deductions and gives the right figures. Most HR payroll software can be downloaded for free online. There are many free HR payroll software available for download depending upon your business requirements. Some have integrated tax deductions and healthcare deductions too making life less complicated. Most free HR payroll systems are usually compatible to use with Windows OS and can be integrated into a company’s existing system. Small business owners can largely benefit from free HR payroll software since they have limited staff to devote time in payroll alone. For a copy of your free HR payroll , contact us now for more details.