It prints employee paychecks, provides reports to better manage employee pay records, and generates complete weekly, monthly, quarterly, and annual payroll tax-related forms and reports. Payroll software remains the key financial focus of all HR software packages, and a necessary tool for payroll departments, or more broadly, human resources.įull service payroll software calculates and tracks employee salaries, wages, bonuses, tax withholding, and deductions. Payroll software is designed to manage all elements of executing employee compensation, including wage calculation, check printing or direct deposit, and payroll tax management.
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