Whether your business is big or small, payroll is a complicated process. There are many legalities to consider and, if one is not careful, a multitude of mistakes can occur that could negatively affect your business.
So, how can payroll software help small businesses?
It turns out there are many ways in which a payroll software system can simplify and improve your payroll process, ensuring that you or your payroll administrator never make a mistake.
Why is payroll important for small businesses?
Payroll is the process of paying your employees. However, it consists of more than just depositing a sum of money into their bank account. A payroll process also requires the deduction of employee tax, the calculation of hours worked, whether any overtime pay is required, the allocation of leave, and a host of other deductions and benefits owed to an employee. If this is not done correctly and is not in compliance with the tax laws and employment regulations of a country, it could have negative repercussions.
What is payroll software?
Payroll software allows for the automation of the payroll process. Therefore, tasks such as monthly calculations that were once performed manually can now be performed automatically. Depending on the type of payroll software, it will be based on-premises or be cloud-native. It is advisable to make use of a payroll software system as soon as you hire employees, no matter the size of your business.
Payroll software is advantageous to small business owners as it allows them to streamline their payroll process. Therefore, the task of monthly payroll becomes more efficient. Payroll software is also typically quite cost-effective as its monthly costs are low while allowing for payroll administrators to focus their time and efforts on other important tasks that they previously might not have had time for. There are also certain features of payroll software, such as error-free calculations, that ensure the increased accuracy of payroll.
Five essential advantages of payroll software for small businesses
There are a few key features and advantages that a comprehensive payroll software system can offer small businesses that will allow them to save money, reach a higher level of efficiency and increase their payroll accuracy.
- Tax filing: Calculating and processing taxes can be time-consuming and stressful. A payroll software system should be able to calculate, process and pre-file your business’s taxes for you. This will remove the manual component and any chance of human error that might come along with this.
- Compliance: A comprehensive payroll software system should automatically update any legislative changes that occur and affect your payroll. This will ensure that your payroll process is always compliant with the latest legislation.
- Payroll processing: Leave, fringe benefits and salary deductions can become complicated, and small errors could occur due to human error when this process is performed manually. A payroll software system will be able to make these calculations automatically. Therefore, the right amount of leave and the correct salary will always be paid to the correct individuals.
- Remote access: If you opt for an online payroll software system (which is advisable) then you will be able to access this system from anywhere, at any time, provided you have access to a stable Internet connection. This is fantastic for small businesses that employ staff remotely.
- Employee self-service: A payroll software system should allow for employee self-service. This feature allows employees to access pay slips and any other relevant information they might require. Each employee will be granted limited access to relevant information, and they will be able to access this system from anywhere that allows for a stable Internet connection.
A comprehensive online payroll software system
One of the payroll software systems that offers these and more features is PaySpace. As a cloud-native, online payroll software system, PaySpace can provide data security, remote access, convenience and accuracy. It has a variety of packages to suit your business’s size and needs. There is also no official training required to operate this system, making it easy for a payroll administrator to use from day one.
Running a business is already challenging enough, which is why it is a good idea to uncomplicate and streamline all the processes that one possibly can.
Established in 2000, PaySpace is the leader in cloud-native payroll and human capital management software solutions providing new, improved solutions to help businesses operate in the modern era where managers and employees have access to information at the touch of a button. Find PaySpace on Facebook, Twitter, Instagram, YouTube, LinkedIn and SoundCloud.
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