How can payroll processing software help you?
The right payroll processing software can really improve your life, both by cutting down on work-base stress and in helping to free up your schedule. Small- and medium-sized business owners who haven’t taken the plunge are missing out.
Check out the main benefits you get from computerizing your payroll.
1. Cut down on typos.
Keeping your books by hand or in a personal spreadsheet system increases your chances of a mistake. How? Each time you write, type or even copy and paste a piece of information, you introduce the chance that you’ll make a mistake. Typos and double entries can wreak havoc on your books. In contrast, inputting information into your onsite software program happens once. The program transfers that information between different forms. It may even merge with other business software, automatically moving information from one to another.
2. Meet all your deadlines.
Payroll processing takes a bit of juggling. There are deadlines for withholding, for making payments and for correcting known errors. Missing those deadlines can mean big fines. Complications can tick off your employees and even mess with your taxes, so it’s important to get your work in on time, every time. Software programs make that easy by providing you with reminders, and if you update your program regularly, you’ll never fall behind.
3. Classify costs correctly.
Wages, salary, benefits, overages, bonuses and gifts all affect your taxes differently. The wizards used by most software programs to automatically enter new expenditures can help you decide the best way to classify each of your employee-related costs. They can keep you updated on regulation changes too, and make sure that you’re always taking enough out to cover your tax obligations.
4. Track all your write-offs.
The very best payroll programs don’t just track your employees’ wages. They’ll earmark opportunities for savings. Used correctly, your payroll software can help you track potential tax credits and deductions. There are several you can apply to payroll, including the Work Opportunity Credit, the Employment Zone Employment Credit and, for some readers, the Small Employer Health Insurance Premium.
5. Get easy access to employee files.
means that you’ll have the answer to employee’s payroll-related issues anytime they ask. You won’t have to track down someone else to sort through your own business.
6. Run reports with a click of a button.
Similarly, with an onsite program, you’ll be able to have instant access to your payroll files. You’ll be capable of running your own reports whenever you need them, without any downtime while you wait.
7. Cut your own checks and paystubs.
Outsourcing payroll works for many employers. The time and talent saved provides big savings and allows for increased productivity and earnings. Often, with the right system, you can also have instant access to records, right along with the ability to print off payment information. Keeping everything in-house may increase your equipment and ink costs, but it also gives you total control over this sensitive information, and it allows you to take on the total responsibility for delivery your employees’ pay on time.
Onsite software programs have their benefits, and payroll processing is certainly no exception to the rule. Call 770-962-1700 to talk to our professional team at Einstein HR to discuss your best options for payroll processing software.