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Payroll is a vital financial responsibility for any organization or institution that requires accurate payment of employees and compliance with government regulations. If done incorrectly, payroll processing can lead to errors that in turn results in monetary fines and employee frustration. However, you can avoid these errors by using a payroll processing software such Make My Office. It gives you peace of mind and helps you avoid unnecessary miscalculations and noncompliance.

Types of Payroll Software

Payroll software can be classified by: business size ( small vs enterprise): deployment ( enterprise vs cloud), and target market ( industry-specific vs general). These tools may also be classified by their features and their impact on workflows.

1. Dedicated payroll management Software

These are standalone tools that include other advanced features. They feature specialized functions such as customised reporting, time-tracking and attendance, benefits management and a tax planner. When choosing a dedicated payroll app, you should ensure they can be easily integrated with other accounting and HRM systems. This type of payroll software is popular among small businesses and payroll services.

2. Integrated payroll management.

Usually accounting, HRM and Payroll have overlapping processes. Therefore, often, you’ll find that a payroll software is integrated with HRM system, accounting software and business systems such as ERP. These can be standard features or charged separately as an add-on. Integrated payroll systems cover the core tasks such as income tax calculations, payroll processing, and paycheck printing.