Payroll Processing Before Payroll Software
Growing businesses of the past found payroll to be difficult to process efficiently. Without payroll software, manually processed payrolls required accuracy, revisions whenever employee changes took place such as firings, layoffs or new hires.
Generally, it was the duty of an in-house bookkeeper to process payroll. The cost of salary and benefits for this employee added to business expenses. The biggest problem was the time it took to process a payroll for businesses with hundreds of employees. Then, there were regular changes to payroll taxes that required major revisions to payroll versions. All of which increased the cost of manual payroll processing.
Small Business Software
To Lighten the Burden And Decrease Processing Costs Payroll software is, without doubt, the most timely, cost-effective method of processing payroll no matter how small or large the number of employees may be. Other benefits to small business software include regular updating of payroll taxes that integrate quickly and easily with the each version update.
Today, a payroll for a small business with under 50 employees takes less than 30 minutes to process, including check printing. With this speed of processing, the former burdens attached to payroll also make it more cost-effective. In addition, payroll software is user-friendly so it reduces the need to hire a full-time bookkeeper. In fact, payroll software is so user-friendly it can be processed by an administrative assistant with a minimum of instruction.
Monitoring Employee Records And Changes
One of the best features of small business payroll software is the ability to monitor a change in each employee’s marital or tax status as well as increases in salary. Once an initial change is entered, the effect of the change transfers to all areas of the payroll format. The ripple effect is less work in processing. In addition, total payroll records for compliance are also updated.
Employer Payroll Software Benefits
In addition to timeliness and cost-effective payroll processing, there is another benefit of small business software employers find most helpful and convenient. Employer payroll management reports offer the business owner an opportunity to view the overall effects of payroll on the operating budget. These payroll management reports allow the employer to determine when and if significant changes need to be made to staffing or salaries that impact budgeting. In addition, payroll management reporting creates an instant view of the major impact of salaries on future budgeting. This type of reporting can be viewed on a daily, weekly, monthly, quarterly, annual or year-to-date basis.
Why Payroll Software Is An Essential Purchase For Growing Businesses
Payroll software is an essential purchase for start up of new businesses as well as for growing businesses for several reasons: . Ability to control payroll costs . Manage payroll reporting for compliance purposes . Reduce payroll processing staff . Provide significant payroll management reporting . Timely, secure in-house payroll processing on a custom payroll schedule
Payroll Software For Efficiency And Convenience
Efficiency is another reason payroll software is essential. Small business software for payroll is the most efficient means of processing payroll for growing businesses. From input to check printing, the process is virtually seamless. Added conveniences like secure authorized check signing, imprinting of bank routing and micr numbers and business name and logo are available with small business software for payroll.
