Essential Features of Payroll Software for Accountants

Modern payroll software is one of the most important tools accountants can have in their tech stack. But what are the key features of payroll software for accountants – and how do you make the best choice when it comes to choosing the right provider?

Here’s our overview – using Capium’s payroll software features as an example throughout.

Key functions of payroll software

Getting the right payroll software is essentially all about making managing payroll processing simple. A robust payroll solution will automate complex or routine payroll processes, from tax calculations to direct deposits, allowing firms to reduce time spent on manual tasks and focus on delivering value to clients. Our robust, automated payroll management software integrates with other accounting systems, keeping accurate financial records, making updates seamless and keeping compliance simple. Additionally, cloud based payroll software is often integrated into broader HR systems, providing accessibility and automatic updates. Maintaining accurate financial records through the use of a general ledger is crucial for effectively tracking payroll expenses and other financial activities.

What are the essential features of payroll software?

There are several core features that all payroll solutions for accountants should have in a robust payroll system. They include:

Customisable payroll reports are also essential, as they allow businesses to gather tailored insights that cater to specific needs, moving away from generic solutions to focus on important data such as wage patterns and tax implications.

Automated tax calculations and filings

Capium’s payroll software automates the tax filing process, including tax calculations and filings, saving time and reducing the risk of errors. This feature ensures compliance with the latest tax regulations and deadlines, allowing accountants to focus on strategic tasks.

Integration capabilities

Our payroll software also integrates smoothly with other accounting tools and modules within the Capium ecosystem, ensuring data synchronisation across platforms and streamlining HR and payroll functions. This reduces manual input and errors, increasing efficiency.

Customisable reporting tools

Customisable payroll reports ensure that no two reports look the same, and our customisable reporting options allow accountants to tailor payroll data according to client needs, providing insights into payroll costs, employee data, and tax liabilities, which helps you and your clients make informed decisions together.

Enhanced user experience and accessibility with cloud based payroll software

One of the key benefits of advanced payroll software is that it’s usually intuitive for the user and designed to be as accessible as possible. We’ve built in the following features to make the most of that:

• Mobile application availability – making it easy for both you and your clients to manage payroll on the go
• Self service employee portal – to make it easy for employees to view payslips, manage personal information, access tax documents, and view pay stubs
• Ease of use and interface design – our interface is intuitive and easy to navigate, helping manage payroll efficiently, even for large teams.

Simplifying payroll management and payroll processing

Payroll software is all about simplifying the payroll process, making it easier to manage and execute your work for each client. Capium software does that in a variety of ways, with features like:

• Direct deposit and payment options – making sure employees get their payments promptly
• Comprehensive time tracking features – built in to calculate wages based on hours worked, overtime, and other variables – keeping things as accurate as possible.
• Automated updates – meaning you can stay compliant with tax regulations
• Robust security measures – with built in data encryption and GDPR compliance.

Offering scalability and support for business growth

Modern payroll software can play a key role in helping businesses of all shapes and sizes to scale and grow – largely because it allows you to manage growing client bases without any disruption in service.

As your business evolves, our payroll software adapts with you – adding new features and regulations, and making sure you’re using the package most suitable for your needs. When it comes to analysing client data, our analytic tools can help provide insight into employee costs, productivity, and payroll trends, helping you advise clients on workforce planning and cost management.

A huge part of making sure your tech stack grows with you is how third-party integrations affect your entire software ecosystem, which is why our software links payroll with accounting systems, allowing for seamless financial tracking and reporting, saving you time on manual reconciliations.

How to go about choosing the best payroll software

Selecting the best payroll system for your firm is a big decision – and it makes sense to focus on choosing a provider that offers comprehensive payroll software features, compliance assurance, extensive integration, and a solid support service.

Ensuring the software meets your firm’s unique demands – from what you need it to integrate with, to the level of data security you require – is a decision that will be personal to you. However, the features mentioned above should give you an indication of the key aspects to consider when selecting your payroll software provider.

• Ensure the payroll software offers comprehensive features for managing payroll processes effectively.
• Look for compliance assurance to keep up with tax laws and regulations.
• Consider extensive integration capabilities with existing HR and accounting systems.
• Prioritise a provider with a strong support service for troubleshooting and assistance.
• Evaluate the software’s ability to meet your firm’s specific data security requirements.