If you’re a small business, you probably don’t have too many employees to worry about. But that doesn’t mean payroll software can’t make your life a lot easier. Whether you’re currently outsourcing your payroll services or processing your employees’ payslips manually, software could provide you with some much-needed savings across the board. Here is why all small businesses should think about making this change.
Companies that take care of their payroll needs manually are likely spending a lot of time doing tasks that could easily be automated. Working out taxes and pension deductions can all be done in seconds by the right software, allowing you to spend your time more wisely on more important matters. What’s more, payroll software can often be integrated with your accounting software, allowing you to process all your finances in one place. This means no more transferring data from one system to the other, helping you to stay organised.
While payroll software does cost money, it’s only a fraction of what you would pay an accountant. If you currently work with a professional payroll firm, you may be able to slash costs considerably by switching to software. You don’t need to be an expert with numbers to do this, as the software is designed to be user-friendly. You’ll have complete control over your payroll and even better visibility than before.
Most payroll software has a tiered pricing structure, allowing you to select the one that suits your business the best. If you have limited needs and only a small number of employees, you can probably opt for a cheaper version.
When you’re performing calculations yourself, human error can often throw your books off balance. Even the most careful accountant needs to check their work multiple times to avoid errors slipping through the cracks. This means that small business owners with lots of tasks on their plate are even more likely to slip up every now and again. Software reduces mistakes by completing all necessary calculations for you. You’ll have improved peace of mind that all your employees’ wages are correct, reducing the number of complaints and corrections you might have to deal with later.
If there’s an area you need to maintain professionalism it’s finances. Not only will your employees expect to get paid on time, but you’ll need to keep your records organised in case the tax office has any questions. You’ll be able to quickly solve any issues with payslips when using payroll software as well as pull reports to get an overview of your business’ finances.
Depending on the type of payroll software you choose, your employees may be able to access their accounts and view their details and payslips. This way they can easily check what they’ve been paid and how much tax has been deducted from their wages each month without having to chase you or their managers for the information. Giving your employees access in this way can also make it easier for them to update their details, such as changes in address.