Imagine you are living in an era where banks are not in existence. You would pay the employees hot cash counting one bill after the other. Don’t you feel you are living in the ancient period? Similarly, managing payroll manually today looks like consciously taking stress. Yes, you can automate payroll and stay worry-free from doing complex tax calculations and syncing with the time-off requests made by your employees.
Investing in the right solution is the supreme deed for growth. Warren Buffet, the chairman and CEO of Berkshire Hathaway says, “Never invest in a business you cannot understand”. Investing in payroll software gives you an edge over the competitors. Without understanding it you are probably not going to invest. If you are not investing you are losing .If you are overwhelmed with manual calculations and complex spreadsheets, probably now is the time to invest in the right payroll software for small business.
Having a complete payroll solutions would help you climb up the ladder faster than your competitors. Time is money and using payroll software can help you save a lot of man-hours which otherwise could be utilized in something that is profitable for your business.
What is payroll software?
Payroll software is used to enhance and help you with better payroll management. It is an automated platform that repeats the tasks of computing employee working hours, days, leave taken, salary, and also pay delivery through direct deposit in the account or any mode that the company sets. Unlike humans, it makes zero errors.
Historical trends prove that manual payroll management leads to mistakes. Payroll mistakes cannot be accepted and the IRS charges heavily for such mistakes. It could be devastating in some cases.
Align, before investing in payroll technology
Selecting payroll software needs some education. Before going for any random payroll software that pops first as an ad, look whether the solution provider is stable in the industry. Check for their success stories. Also, the policy alignment of the software and the business is crucial.
The foremost factor that influences your buying payroll software is the budget. Look for providers who would charge you on a per-employee basis and allow unlimited payrolls. Going for technology means hiring an AI that works multiple times faster, and efficiently than a person. The market holds tremendous software budget ranges. Look for the one that suits the business needs and budget.
Investing in payroll software has extensive add-ons to the organization and its development.
- Hassle-free payroll management
Payroll software assists payroll managers to ease out. It looks for every detail about an employee and makes a paycheckon time. The employee need not worry about the payday nor the HR. Everything is fixed prior. The employee can also check for the status of their pay in the software. The employees need not stop by the payroll manager’s office all the time.
- Tax management
Subscribing to payroll software prevents the business from paying fine bills to the IRS, which also brings a bad reputation among the employees. The software can withhold taxes like federal tax, medicare tax, and social security tax. After withholding, they would report through W-2, 941, or 944 forms. Finally remit the taxes to the IRS, the state, or local agencies.
- Cloud-based software
Cloud-based technology allows the employer and the employee to access the data from anywhere. It enhances the experience of work from home. Besides, the cloud comes with cybersecurity and protects the software from hackers, unlike the computer-based one.
- Safe and secure data
Storing the data and files on paper or a computer does not give security. Moreover, it is not easily accessible on the go. The integrated HR and payroll technology would keep up both. The data stays secured and accessible only through correct credentials.
- Assist the HR and accounting team
Integrated access between a complete payroll solution and HRMS (Human Resource Management System) adds an advantage for HR, accounting, and payroll departments to work as a team. The software comes with an Employee Self-Serving (ESS) option and allows them to view their working hours and pay, benefits provided by the company, and can fill up W-2 forms as well. Accessing self-service reduces error. The automated task of payroll management and many other tasks increases the work efficiency of the employees and saves more time.
- Pay transparency motivates people
Transparency in payroll management encourages the employees to provide quality work for the organization. The employees would understand that more quality work equals higher pay. Also, transparency promotes equality and healthy relationships between the employer and the employee.
Payroll software gives complete payroll solutions to the business. Moving to a high-end technology is not a luxury for the company but is the basic need to run the business error-free, safe, efficient, and importantly gain employee’s trust. Also, the software provides you comfort, so that you spend your energy on the business.