PAYROLL  A payroll system can also reduce

the amount of time it takes you to

The process by which employers run payroll. If you run payroll by
pay an employee for the work they have hand, you have to manually do all
completed. the calculations, tax withholding,
and tax filing. But with payroll
THE PAYROLL SYSTEM software, the system does those
tasks for you. You simply need to
A payroll system is software you can make sure employee hours and
use to run payroll. The system can be other numbers you enter are
desktop software you install on your correct before you submit your
computer or cloud payroll software you payroll.
can access anywhere with an internet
connection.  Using payroll software can help you
eliminate errors in your payroll. The
Payroll systems generally handle all software will accurately do all
payroll tasks, such as time and calculations for you. You don’t
attendance tracking, wage calculations, have to worry about punching the
employee payments, and tax payments wrong number into your calculator,
and filings. or completely forgetting a step.
When you don’t have payroll errors,
FOUR TYPES OF PAYROLL SYSTEM you have reduced odds of being
 Internally Manage Payroll System. sued or receiving penalties in the
 Professionally Managed Payroll future.
System
 Payroll Services Managed by  Running payroll with software is
Payroll System Agencies secure. The software company
 Software Manage Payroll System should handle encryption and
other security features. You don’t
TYPES OF PAYROLL REPORTS have to worry about hackers,
viruses, and lost data.
Compensation Analysis Pay Type
Salary Analysis Deduction Type LIBRARY MANAGEMENT SYSTEM
Tax Type Percent Of Sales
W-4 Withholding Check Register A Library management system is
Time Clock Time Clock Audit software built to handle the primary
Employee Check Stub Trend Analysis housekeeping functions of library.
Payroll Accrual Direct Deposit Enrolment Libraries rely on library management
Employee Total Compensation Contractor Allocation Report systems to manage asset collections as
well as relationships with their members.
WHAT CAN A PAYROLL SYSTEM DO? Library management systems help
 Paycheck Printing libraries keep track the books and the
 Direct Deposit check outs as well as members’
 Form W-2 Creation and Filing subscriptions and profiles.
 Tax Calculation
 Time Off Management Functions
 Benefit Deduction  Cataloguing
 Employee Self-Service Access  Circulation
 Payroll Record Storage  Online Public Access Catalogue
 Employee Time Tracking (OPAC)
 Tax Filing and Depositing  Reports

THE BENEFITS OF PAYROLL SYSTEM Benefits

 Payroll systems are often cost  LMS makes everyday library tasks
effective for your business. They more efficient.
tend to be cheaper than hiring a  Work can be done in less time
staff accountant.  Decreases operational costs
  Minimizes paperwork and manual apps for check writing and bookkeeping
tasks to advanced double-entry systems that
 LMS also reinforces users’ loyalty include a general ledger. Sophisticated
and satisfaction as it provides fast platforms offer extra features such as
and reliable library services. inventory, fixed assets, invoicing, and
more. Accounts receivable software
Disadvantage provides plenty of benefits as you can use
 Libraries may need to change their it to automate your routine tasks,
LMS every now and then to avoid eliminate manual errors, keep your books
lagging behind the technology. accurate, and get timely notifications to
 It requires a substantial amount of avoid penalties and more.
money and resources in setting up
new system. BENEFITS OF ACCOUNTS RECEIVABLE
SOFTWARE SYSTEM
1. Increase control over cash and
ACCOUNTS RECIEVEBLE AND ACCOUNTS
working capital
PAYABLE SYSTEM
2. Improve customer communication
3. Improve customer service and
Designed to speed the processing
satisfaction
of invoices and reduce or eliminate the
4. Shorten the sales to payment cycle
errors inherent in a paper AP/AR process.
5. Minimize credit risk
The software includes invoice
ACCOUNTS RECEIVABLE REPORTS
processing and receipts capture features.
They will most often integrate with more
 Billing statement report
comprehensive accounting and ERO
Allows you to search for and print a
platforms. Sometimes they are billed
summary of all invoices outstanding on a
strictly as an add-on to their broader
platforms. customer's account or a detailed
statement showing a previous billed
Some strictly AP/AR software may balance followed by all activity since that
be adequate for the needs of very small balance.
businesses, though generally they are
meant to be integrated into a more  Customer Aging Report
comprehensive accounting solution. The Customer Aging report shows how
long invoices from each customer have
Accounts Receivable been outstanding.

The Enterprise Accounts  Customer History Report

Receivable System (AR) tracks and The Customer History Report returns all
manages monies owed to an agency by Accounts Receivable activity for a
its customers. Invoices created by the customer. This report is available in the
system electronically update the general search results of the Customer lookup.
ledger balances in the Agency Financial
Reporting System (AFRS) and payments If there has been a payment, credit or
received are then applied to outstanding write-off against an invoice, clicking on
invoices. the Unpaid Amount will bring up another
report, Unpaid/Unapplied Amount
The system also has tools available Report. This will show the documents used
for handling varying degrees of to apply payments, credits or write-offs to
delinquent balances including reports, that particular invoice.
assessment of interest charges and
collection letters.  Customer Invoice Report
The Customer Invoice menu option
ACCOUNTS RECEIVABLE SOFTWARE allows you to search for a customer
invoice by billing organization, processing
It is typically used to perform organization or user ID and print the
accounting and financial functions. The
invoice.
solutions range from simple single-entry
 Item Sales History  Invoice Aging Report
Tracks item sales, returns, costs, and An invoice aging report provides a
profit margins in any of the periods for complete list of every unpaid AP invoice
which you keep item statistics. Use the on the books. This includes invoices due
report to identify successful items, items for payment, those not due and those on
with a high rate of return, and items that hold due to invoicing errors or questions
do not sell well about invoice charges. Aging reports
group invoices by the date they're due
Accounts Payable and whether they are on hold. This allows
a business owner to identify missed
Accounts payable software refers payments or know when a payment will
to systems that are used for accounting be due, how many days a payment is
and financial processes, these solutions past due or when it's time to step in to
range from basic single-entry apps for resolve issues that require an invoice to
bookkeeping and check writing to be put on hold
advanced double-entry programs that
offer a general ledger, and accounts  Reconciliation of Accounts
payable and accounts receivable Shows all accounting activity relating
functionality. Sophisticated platforms to issued payment vouchers for debts
offer fixed assets, invoicing, inventory and over a given time period.
other advanced features.
This allows a small business owner to
Accounts payable software can confirm that the company is making
help your organization to get rid of payments to correct vendors and that
manual tasks, keep your numbers the business isn’t carrying any delinquent
accurate, save time by automating open liability accounts.
routine tasks, get reminders and
notifications to avoid penalties and more.  History of Payments Report
It lists all business expenditures within a
Benefits of Accounts Payable Systems given reporting period within accounts
1. Time Savings payable.
2. Efficiency
3. Streamlined, accurate processing Represents total funds spent by a
4. Oversight business on this various liabilities, including
5. Record Keeping private loans, utility payments and raw
material purchases.

ACCOUNTS PAYABLE REPORTS This is important when adhering to an

annual operating budget and
 Voucher Activity Report attempting to control spending.
AP payment vouchers are a common
and often integral part of the accounts STUDENT MONITORING SYSTEM
payable process flow. They function as a
sort of middleman between the time a Student information systems (SIS)
vendor or service provider invoice comes store and track all student information,
in and the time the invoice is paid. Each including grades, attendance records,
includes the payee name, terms, amount and more. The software functions as a
due, payment due date and a payment digital drop box for school-related
authorization signature. At any time information. SIS software has become a
during the month, a business owner can vital tool for educational institutions as
run a voucher activity report using well as parents and students, who use it
specific criteria – department, date to gain access to student information,
range, specific vendor or all vendors and make payments, and communicate with
suppliers – as a quick check to assess school functionaries.
total expenditures, see what has already
been paid and what remains open for SIS products are used by teachers,
payment for the month. students, and parents to access all
relevant information pertaining to a
student’s schooling.

KEY BENEFITS OF SIS SOFTWARE

 Improve management of
prospective and enrolled student
data
 Increase communication between
divisions
 Maintain data of stakeholders
when transferring records between
departments
 Provide a unified resource location
for relevant stakeholders, including
alumni, faculty, support staff, and
donors Student Information Systems
(SIS) store and track all student
information, including grades,
attendance records, and more. SIS
products are used by teachers,
students, and parents to
communicate all relevant
information pertaining to a
student’s schooling.
 Standardize data formats among
divisions
 Ease the transfer of data to
external institutions
 Reduce the time spent on
maintaining and organizing student
records

WHY USE SIS SOFTWARE?

 Information storage
 Facilitate communication between
parents and teachers
 Facilitate communication between
students and faculty
 Facilitate interdepartmental
communication
 Handle student admissions
 Improve security
 Billing and payment processing
 Reporting

SIS Software Features

 Information management
 Reporting
 IEP creation
 Admissions management
 Billing and payment
 Student information management
 Student portal
 Parent portal
 Registration and scheduling
 Gradebooks and transcripts