Oracle NetSuite Payroll is an optional module of the popular NetSuite package of business software. Going hand-in-hand with NetSuite’s SuitePeople HR application, its aim is to simplify payroll processing both to save time and increase accuracy with its system of automated checks and balances. The software is marketed as an easy-to use, customizable solution to your payroll needs.

NetSuite Payroll operates in the cloud and claims to reduce payroll running times by up to 84% due to its automation of processes and reporting procedures. It also boasts an impressive array of functionality to ensure that your company meets its legal requirements, maintaining an up-to-date implementation of differing tax regimes between States, as well as incorporating Federal and Local taxes. It lets you print checks locally, as well as supporting multi-State employees. Payroll previews highlight variances from past runs and allow you to spot errors before processing, preventing costly corrections at a later date. NetSuite Payroll allows you to automate of all your company’s end of year filing, as well as enabling you to file taxes at year-end for your contractors and employees. All of these features make it much easier to ensure that your business remains legally compliant.

A particularly powerful feature of Oracle NetSuite Payroll is its relationship to the NetSuite package as a whole. Payroll details are shared in real-time with other NetSuite applications used by your organization, which, if you also use their financial software, enables more detailed and accurate reporting and allows an up-to-the-minute view of your cash flow. An ability to group employees by department and location and to set pay intervals in whatever way you choose (from daily all the way up to annually – as well as the facility to run additional off-cycle payrolls at any time you choose) helps you to manage your budget more effectively. More than 100 reports and key performance indicators are included with the software, and these are fully customizable for your needs, and you can also design your own from scratch. Native integration with NetSuite’s accounting package is a distinct plus as it eliminates the need for manual reconciliation between separate bookkeeping and payroll software. Payroll updates the General Ledger in real-time meaning that all of your payroll expenditure is automatically reconciled and immediately available to anyone producing financial charts and projections. NetSuite also offers a number of other optional software modules for your business, such as CRM, ERP, HR, stock management and multi-channel commerce consolidation.

Oracle NetSuite Payroll gives your employees a self-service area on which they can view their previous paychecks, update their payout method and personal details, and check their W-4 information. This affords your staff a greater sense of control over their financial affairs, and the integration with SuitePeople HR also allows employees to request time off and perform other functions without the need to speak to someone.