Few business processes are as important as employee payroll. The process is often complicated, however, by the need to move time and attendance, compensation and other employee data between disparate systems. This often requires multiple imports and exports of data and labor-intensive manual entry of information.
ERP and financial software provider NetSuite has revamped its payroll software-as-a-service (SaaS) with new features that promise to streamline the payroll process, thanks to built-in employee self-service capabilities and a fully integrated payroll interface that automatically enters time, salary and payroll data, eliminating the multiple batches that are often required for every pay run.
The service natively supports NetSuite's cloud accounting, expense management and commissions software. It also automatically calculates earnings, deductions, contributions, taxes and paid time off, and it administers payments to personnel via direct deposit, printed checks, or purchasing cards. In addition, it automates payroll tax filings with U.S. federal, state and local jurisdictions and facilitates creation and delivery of year-end tax forms.
Reducing complexity in payroll environments helps companies focus their resources on more strategic areas such as innovation and customer service, said Joseph Fung, vice president of HCM Products at NetSuite, in a statement.
Among the payroll software's new features:
- Improved editing capabilities that allow payroll managers to make adjustments to information at a line-item level without recalculating the entire payroll batch
- Ability to suspend payroll batch runs while in progress so revisions can be made with automatic resumption from the point of change
- More flexibility in managing automated processes so managers can adjust automated deductions and contributions within a payroll batch without creating separate data sets
The new features will be available in early 2015, according to NetSuite.