Today, small businesses are always trying to find ways to cut costs, save time and become more efficient. With the introduction of specialist software, small businesses can do just that. Payroll software can make it easier for businesses to accurately produce pay checks, and removes the manual labour of calculation.
Let’s take a look at the four main benefits of using payroll software for small businesses.
Time Saving and Flexibility
Payroll software truly puts the employer in charge with their payroll processes. By utilising payroll software, you can print checks when you need them making the process as flexible as possible. This therefore cuts out data entry or courier delays which affects the efficiency of your business.
With payroll software, you can also easily and quickly make modifications to your payroll, such as changing dates for commission pay-outs, bonuses and overtime without referring them through your payroll department or outside company reducing the chance of mistakes being made.
Payroll departments, both internal and external, can present privacy issues. Staff can easily peer into the accounts of their fellow employees risking hard feelings and complaints, for example. This also puts a company’s private details at risk, especially in today’s world where information can be uploaded to the internet in seconds.
By using automated payroll software, you can greatly limit the number of staff that have access to this information reducing the risk of privacy breaches.
Modern businesses need to adopt modern practices in their day-to-day running. Payroll software can easily automate a number of tasks, such as tracking clock-in time and attendance, integrating this information straight into the payroll production. This greatly simplifies the process of payroll preparation. Altogether, automation makes payroll easy and fast to prepare, as well as having a greater degree of accuracy compared with the manual calculation of payroll.
Small businesses that currently do not utilise automated systems can begin by purchasing payroll software. Automation products designed to work with the payroll software can optionally be bought and installed at a later date as the businesses begins to modernise its systems.
By using automated payroll software, your business can greatly reduce its costs by removing the need to employee an expensive payroll department, or the outsourcing of payroll management to an outside company. After purchasing the software, businesses only need to pay for optional tax table subscriptions, compared with the ongoing expenses of employment and processing. Also, unlike external processing companies, the cost doesn’t increase with the number of checks printed of service changes made.
About the author: This guest post is written by Chris Johnson, a software expert advising small businesses from different industry sectors and on behalf of IRIS Payroll Software.