Payroll tracking software is necessary for easy and accurate payroll distribution. But, as with all accounting tools, not all payroll systems are created equal. For businesses on the hunt for a new payroll software, there are certain features you don’t want to miss. If payroll tracking is your priority, invest in a payroll software that includes the following assets:
Flexible Payroll Processing
When shopping for a payroll tracking software, consider your company’s specific payroll processing needs. Software should be able to process both “live” and after-the-fact payroll. For clarity, after-the-fact processing means that values are recorded for compliance reporting after the pay has been issued.
Sometimes, employees forget to report hours. Other times, they do so incorrectly or inaccurately. Employers should be able to correct mistakes in pay without trouble. In choosing a software tool that allows for after-the-fact payroll, you’ll be able to adjust as necessary.
Additionally, businesses are increasingly relying on contracted labor for certain tasks. Contractors are often paid monthly or via a lump sum at the end of a project. In most cases, these types of payments don’t fall neatly into a “live” payroll processing option. AMS Payroll, our accounting and payroll software, is extremely useful for businesses who utilize both employee and contract labor, as well as for those who have nontraditional payment requirements.
Back-End Data Storage and Integration
Payroll tracking systems should always include a process or tool to back up software-generated data. Businesses are required to keep payroll records for at least three years after initial processing. Your software tool should make this as easy as possible. AMS Payroll automatically calculates all required federal, state, and local payroll taxes, then provides an easy export option to the W-2/1099 Forms Filer. This data is then automatically saved, ensuring generated and edited information is never lost. Tracking payroll is important, but recording and saving that data is just as necessary.
End-of-Year Tax Filing
Employers must track and record payroll to facilitate accurate end-of-year tax filing. At the end of every tax year, employers must distribute the appropriate W-2 and 1099 forms. Those forms include wage information for the amount paid over the course of the tax year. Payroll tracking software needs to be accurate in order to prevent fees and fines from the IRS. Your tracking software should also seamlessly integrate with a W-2/1099 filer to ensure no data is lost or altered when working through end-of-year taxes.
Consider Payroll Tracking Software from AMS
Advanced Micro Solutions provides simple, affordable, and effective tools for small businesses. Our base platform, a W-2/1099 Forms Filer, connects with each of our six add-on tools to create a fully modular accounting suite. This allows users to only pay for the services they need. AMS Payroll easily exports data for end-of-year filing and back-end data storage. It can also process both “live” and after-the-fact payroll. Payroll software should be accessible. That’s what you’ll get with Advanced Micro Solutions.