Various Payroll Features Of MYOB Advanced In 2021

Do you know MYOB Advanced also comes with a payroll feature? Even though MYOB Advanced is a cloud-based ERP platform, businesses are free to use only its payroll module. The payroll module is designed to simplify the payroll setup, processing, and reporting, and making payment to employees through direct deposit and check. Here is a list of some of the major features of MYOB Advanced payroll software module in 2021.

Efficient Payroll Management

One of the biggest features of MYOB advanced payroll module is that it makes payroll management extremely efficient. You get all the functionality needed for managing tax filings and paying your employees. Also, it is a cloud-based system which means you only need access to a web browser in order to set up, modify as well as access reports on payroll from anywhere in the world.

Setting Up Pay Groups

The system allows you to set up a number of pay groups as per your requirements. Setting up pay groups allows you to manage a variety of payment schedules including bi-weekly or weekly or any other. You can also set up a pay group to include a variety of deductions and benefits as per your needs.

Different Classes For Employees

You can set up different types of classification of your employees as well as setting up of defaults when an employee is set up in the system. It also offers a variety of features such as department, location, job code, PTO accrual as well as number of hours worked per year and per week.

Setting Up Tax Rates

Tax management of employees is extremely efficient as the tax tables are always kept up to date for all the states and localities. An outside service provides the tax rates so you do not have to pay anything for always up-to-date tax rates.

Setting Up Payroll Attributes

This feature allows you to track items that are specific to your location or state. It offers a whole lot of flexibility when it comes to tracking for each locality separately.

Earning Codes

The earning codes are pre-defined in the system. One of the biggest advantages of the setup is that the employees handling the payroll do not need to remember hundreds of pay codes. There are a limited number of earnings codes pre-defined in the system that are easy to implement and easy to remember.

Benefits And Deductions

Managing deductions and benefits is extremely easy with the payroll module as it allows you to easily track the deductions of the employees as well as the part that is paid by the company. In case there is a relationship between the benefits and deductions, you can enter the deduction and benefit in the system. There is additional flexibility of defining a sequence of deductions in case an employee’s income does not cover all the required deductions.

Codes For Shifts

You also have the flexibility of setting up various shift codes in order to change a particular earnings code in case the shift is not the standard shift.

Job Codes

With the help of job codes, you can set up a variety of codes for the same employee when they perform a variety of jobs. For instance, you can set up different codes for locations, departments, rates, workers compensation codes, unions and a number of other things in order to easily calculate the amount that is to be paid to the employee.

Tracking Of Payable Liabilities

You also get the freedom to create payable liabilities when the payroll is processed. The system will do it automatically when you choose the appropriate option.

Reports

While payroll processing has been made extremely efficient and easy, one of the best features of the system is that it allows you to view the payroll data at a quick glance. You can dig deep into the data at various levels. There are a number of default reports and there are also enquiry screens that allow you to take a quick look at payroll data.

Summary

To summarise, the MYOB Advanced payroll module packs in a number of features to help you easily manage the payroll for your organisation. It is a cloud-based system which means you can access the system from anywhere in the world. Also, you can choose to use only the payroll feature in case you do not want to implement the whole system.