PenSoft Business Solutions
From the Oct. 2012 Review Section on Payroll Systems.
For firms managing payroll for dozens or even hundreds of companies, the per-client payroll model that many of the online systems use isn’t always cost-effective. That’s why PenSoft , which has been developing payroll systems for nearly 30 years, provides installed programs that also offer many of the benefits of online data sharing.
PenSoft’s payroll systems are offered in several versions, all of which can support multiple companies, but the Accounting Edition is specifically designed for professionals handling all of the payroll processing functions for multiple clients. It can support any number of business entities, including those with multiple departments or separate locations. The Accounting version also includes client invoicing features.
Direct Deposit functions enable the firm to manage ACH transfers or to use optional services available from PenSoft. The system includes reporting for federal and all U.S. states, with rate tables provided as changes are made. Reporting, including W-2, 1099 and 940-series, can be performed directly by the firm for all clients, or they can use another optional service in which PenSoft manages all compliance reporting. The program also offers management of employees with multi-state wage reporting requirements.
Key program areas include support for all pay types, including tipped, bonus, commissioned, advance pay, salary, hourly and contractor, with the ability to create any number of pre and post-tax employee deductions, manage retirement and medical plans, third party payments, employee paid time off accruals and other functions. Integration with a Workers’ Compensation insurance program is also offered as a pay-as-you-go option.
PenSoft has added to the system’s online capabilities over the years, and now offers options for remote client entry of payroll information, which the accounting firm can import directly into the system. Employees can also be offered an online time entry tool, as well as self-service access to their pay stubs, W-2s or 1099s. Employees can also be paid via debit card.
The company includes unlimited support with the program, and technical and accounting professionals can assist with setup of custom deductions, reporting and any other system areas. Pricing for the Accounting Edition starts at $1,629 per year.