Mid-market software typically serves organizations that must comply with national accounting standards. The automated system performs all types of payments: hourly, overtime, double-time, salaries, commissions, bonuses, pay raises, retroactive pay, wage deductions, auto payments and tuition reimbursements.
It can even calculate the gross pay at the same time. With 10 years of experience in employee benefits and payroll administration, Ferguson has written extensively on topics relating to employment and finance.
Department of Labor requires employers to retain payroll records for at least three years. Calculates appropriate deductions and payments. Smaller businesses can invest in off-the-shelf, low-end software designed only for a few functions, such as payroll, invoicing and financial reporting.
Not only that, it also includes overtime hours, unpaid breaks, late, absences, etc.
And what about if you have employees or more? A computerized payroll system automatically calculates employee statutory deductions, such as taxes and wage garnishments, and voluntary deductions, such as parking fees, k contributions and medical benefits.