For financial advisors, handling multiple clients in different regions or states requires comprehensive payroll software. They need payroll software to help keep their advisory firm organized and all of their clients compliant regardless of their location. They must avoid taking any shortcuts when it comes to finding a trustworthy and in-depth program for their firm’s clients. Whether they need multi-state geolocation support or a more scalable program, it’s important to try a software demo or free trial to learn about the benefits that will help clients the most and eliminate any redundant work.
Advanced Micro Solutions Payroll Software supports “live” or after-the-fact payroll throughout the entire year. AMS Payroll is an add-on module to the base W-2/1099 Forms Filer program. Client’s data can be transfered to the state or federal quarterly unemployment forms along with all year-end W-2 and 1099 documents. AMS software supports users in all 50 states, plus the District of Columbia and Puerto Rico.
How to Choose Payroll Software for Financial Advisors
A couple of factors need to be considered to fully navigate the payroll software selection process.
Integration Options – Make sure that your payroll software integrates with any of your existing accounting systems or HR software. Confirm with a provider that your suite of financial tools will not become difficult or impossible to utilize. Minimize errors and expedite data input with payroll software that offers its own full accounting suite of tools.
Compliance Management – Adhere to the most recent tax laws and regulations with payroll software. Look for a system that automatically updates to reflect changing tax codes and any new labor laws. The best payroll software for financial advisors reduces the risk of any clients facing non-compliance penalties due to keeping track manually of local or federal requirements.
User Experience – Spend less time learning new software practices with a user-friendly system for your firm. Eliminate extensive software training and steep learning curves when you get an easy-to-use, intuitive program. Use a clear interface and seek guidance for more efficient and accurate payroll management.
Customization – Customize all payroll reports and data inputting with trusted payroll software. Cater to your clients’ specific needs or industry standards with the right system. Ask a vendor about custom report options and how their software provides tailored insights for its users.
What are the Best Payroll Software Features?
Do not assume that vendors create identical payroll software for financial advisors. Consider the specific and basic tools that your clients need from software. These tools will likely include:
Easy Automation – Look for software that automatically calculates your clients’ federal, state, and local payroll taxes. Speak with a potential provider about whether they include and update state and federal tax tables as you need them. Learn about the different ways payroll software can distribute compensation. Consider software that processes employee direct deposit payroll information along with check printing.
Multiple Federal Payroll Forms – Confirm that any payroll software supports all of the federal payroll forms your clients need now or may realistically need in the future. Look at software like AMS’ payroll software for financial advisors. It supports forms like the 941, 940, 943, 944, and 1040 SchH. Make sure to also get software that includes SUI forms for all 50 states, plus the District of Columbia and Puerto Rico.
Encryption and Security – Protect your clients’ sensitive data and your firm from leaks or any cyberattacks with comprehensive software. Explore the ways that you can save reports so that no one loses important information. Certain full accounting suite software allows users to create encrypted PDF files. Email reports to your clients directly from W-2/1099 software once you set up the encrypted documents.
Electronic Filing – Save time and money that you spend on resources for your firm with an E-Filer that integrates with payroll software. Eliminate needing to send Form 1096 and other mailing documents with just a few simple clicks.
Get AMS Software Today
Get started looking for payroll software for financial advisors sooner rather than later. Download our free 1099-etc Demo software today and start building a full accounting suite of tools to serve each of your firm’s clients. Our add-on modules, along with AMS Payroll, include: E-File, 1042-S Filer, Forms Filer Plus, Affordable Care Act Filer, and Software Generated Forms. Invest in our payroll software if your firm needs an affordable and scalable system. We support up to 1,999 payers and up to 9,999 employees per payer. Print over 30 different check types individually or by a date range when you include the Software Generated Forms module.