Many small business owners are faced with the task of managing payroll at their company. If you’re one of them, then you know that this is a time-consuming and tedious process. In fact, businesses spend time equivalent to 21 days in a year on payroll management alone.
Wouldn’t it be great if there was an easier way? Well, there is!
Using payroll software can simplify your work. It will also give you more time to focus on other important tasks like marketing or customer service. And while at it, you reduce payroll processing costs by 80 percent.
Are you looking for a way to streamline your payroll process? If so, then you’ll want to read this blog post. Here are some of the benefits that come with using payroll software:
1. Time-Saving
You’ll be surprised how much time this will free up for your business. Once the data is input, the payroll calculations are done automatically, so there won’t be any manual work on your end. In fact, some of these programs do it all — from calculating taxes to printing paychecks and more.
HR managers don’t need to worry about complicated excel sheets or filling out taxes for each staff member manually; this leaves plenty of room for other vital projects.
Payroll software can also save you time by eliminating the need for employees to fill out various forms throughout the year.
2. Easy To Use
It doesn’t matter how long you’ve been in business or what size your company is: these programs are easy to learn. They come with clear instructions on how to integrate them into other systems. If not that, they may come with in-built time tracking, LMS, and employee scheduling software.
The most popular ones have simple interfaces with drag-and-drop options and intuitive dashboards. That makes data entry straightforward, even if this isn’t something you do every day.
3. Reducing Errors
One of the most significant advantages of using payroll software is that it can eliminate errors in your calculations. When you manually calculate paychecks, consider how many steps there are:
- Entering hours worked and salary into a calculator
- Multiplying by the number of days for total gross wages
- Subtracting taxes (which comes with another calculation)
All these while trying to remember which states require overtime or withholding allowances.
Your payroll program does this work for you, so there’s no need to worry about simple mistakes like dividing an hourly wage by 24 instead of 40. Plus, most programs automatically apply relevant tax rates based on where employees live.
Errors can lead to a lot of money being wasted. Payroll software is usually pre-programmed with all the information you’ll need, from payroll rates and deductions down to time-off requests.
And error prevention goes both ways: not only does a good payroll software keep your calculations accurate, but it also prevents scheduling conflicts in shift management.
4. Enhance Compliance
One of the most critical benefits payroll software can provide is compliance. Companies that have employees in different states need to be in full compliance with their own jurisdiction, but many also extend and enforce these regulations onto their out-of-state teams as well.
Some employers might not know they’re in violations until it’s too late, which means fines or even jail time for some individuals. With payroll software, you’ll always know if there are any changes needed, so you don’t end up breaking any laws!
Payroll software helps keep your business compliant with labor laws and other regulations like minimum wages, overtime pay, child labor restrictions, and more.
Use payroll software to keep track of all data submissions, so no one has to worry about forgetting deadlines or sending information late or incorrectly.
Using payroll software is also an excellent way for a staffing agency to ensure compliance with IRS standards while saving money on taxes by automatically calculating withholding tax. This means not having to hire an accountant just to calculate the percentage of income which should be withheld from employees’ checks to avoid penalties or interest charges at the end of each year.
5. Simplify the Payroll Process
It’s not an easy task to manage payroll by yourself, but with the right payroll software, all you have to do is input your data into pre-populated fields and then watch as everything calculates for you. It feels like magic!
You may also want to change what gets deducted from each paycheck. Pre-populated fields allow you to easily edit any deduction at any time without having to worry about calculating anything. It’s just like making adjustments in excel but much less frustrating.
Payroll software simplifies the process further by allowing remote access. Whether traveling or on vacation, you’ll be able to log into your account remotely from any location.
6. Employees Can Log in To View Their Paycheck
The best payroll software systems allow employees to log in and view their pay stubs, verify that they have been paid correctly, and see how the amount on their checks is calculated.
This feature also helps to improve accountability and transparency. The software will give workers a record of their hours worked for review at any time. This is great if an issue arises because there’s no need to spend precious time looking up records in paper files or spreadsheets — everything is stored right on the computer screen.
7. Gives Accurate Reports
Reports generated by payroll software are accurate and easy to understand. If you use a payroll software, you can generate a report specific to your business needs every time.
Since it tracks all of the figures relating to your business payroll, at the end of the year, you won’t have to worry about creating complex formulas or reports in Excel.
Get Affordable Payroll Software for Small Business Today
We’ve provided a list of seven benefits you can experience by using payroll software. If any of these sound appealing to you, we would love to show you how our affordable payroll solutions will help your company grow and thrive. You never have to worry about juggling multiple tasks when everything is in one place with an easy-to-use interface that simplifies one more aspect of your role.
To learn more or get started today, just contact us!
