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Payroll system is slightly different from HR System. Payroll is a process by which the employee of organization receives their salaries. For this system deals with the functions that involves balancing and integration of payroll data. It also includes depositing & reporting of payroll system information. Payroll system also takes care of wages generation, deductions and employee record keeping processes.

  1. Timesheet Entry – A payroll system must be flexible, allowing seamless integration with third-party timesheet software. Timesheet software is required to report and track equipment and materials while enabling the collection of crew, job and employee information.
  1. Job Cost and General Ledger Integration – Contractors manage job costs by integrating payroll data with general ledger and job cost accounting modules. Payroll software has to automatically track the labor costs related to a specific job and determine the net profit of a job.
  1. Certified Payroll – To generate certified payroll reports such as prevailing wage and a statement of compliance, employees’ fringe benefits needs to be allocated and accrued.   
  1. Date-sensitive/historical Reporting – The ability to pull data from any time period to create job history reports is important for doing internal and external audits or for employee and job analysis.
  1. Standard Payroll Reports – In construction, payroll software must be able to automatically create pre-check minority compliance, certified payroll, and federal and payroll tax reports.
  1. Security Controls – Security features are essential to protecting confidential salary information. Basic security features such as controlling user access and tracking user activity can become very useful to any organization.
  1. Direct Deposit – Many payroll software products produce a file that can be sent to the bank or uploaded on the bank’s website. A direct deposit is convenient for employees and is a contractor’s cost efficient and low risk means of payment.

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