P11D software helps large and small businesses manage their employees’ taxed benefits via an application. Though most larger companies use some form of P11D application, versions of P11D small business software may be used for small to mid-sized companies to manage taxable benefits. P11D software simplifies the payroll process and saves the company time and money. Payroll staff are no longer required to manage employee tax requirements using spreadsheets or by hand. By entering pay and tax rates, as well as time worked, tax calculations are automatically performed within the application. In addition, P11D software ensures that automated calculations are correct and the employee information submitted to the HMPC is accurate. Chances for mistakes are greatly reduced by using a P11D program. Don’t risk the scrutiny of inspectors. Use a P11D application to ensure all employee data submitted to the HMPC is correct.
Several companies create and distribute P11D software. P11D applications may be specifically designed for larger enterprises, or may be specifically designed as small business software. Depending on the brand of P11D software you opt to utilise, submittal to the HMPC may be accomplished electronically, on paper or on disc – or possibly via all three modes. Some P11D programs are even web-based and allow users to manage accounts online. A P11D application is quite possibly the best investment a small to mid-sized company will make in terms of small business software.
Most P11D programs also provide the necessary statutory forms for company use. No need to order or obtain forms from traditional sources. Simply locate the form from within the P11D program and print. Because forms are stored within the program, your payroll department will not be required to store paper versions. When a form is needed, the form is simply printed using the P11D software.
P11D software also includes the ability to easily generate and print payroll and tax reports. All P11D programs are shipped with a number of useful “canned” reports. Some P11D software allows the user to create and generate customized reports, as well. No more tasking the payroll department with report design and generation. Simply use the canned reports, or create a customized report using the options provided by the P11D software. Save the report to reuse whenever the information is needed.
Finally, most P11D applications will allow the user to create P11Ds for multiple companies. If you own several small business, owning P11D software will simplify the payroll process for all of the businesses you own. Keep all of your data in one place with a P11D application.
To streamline your small to mid-sized business payroll process, consider purchasing P11D small business software. An investment in a P11D software application will surely be one that will benefit your business or businesses, whether you own several large companies or a single small business. Your payroll process will be simplified and more accurate across the board, which will save any business owner time and cost.
Note from the Editor: This was a guest post.