Have you been debating whether or not to invest in small business payroll software? If you just can’t decide whether it’s worth the extra cost, this blog can give you the helping hand you need. Whether you’re already using some type of accounting software or are completely new to automating your finances, payroll software can make keeping track of your money much easier.
Get payments out on time
One of the most important things in any business is making sure your employees are getting paid on time. Sending out payslips a few days late can really cause discontent amongst staff, no matter how much they like their jobs. Payroll software will automatically pay everyone who is owed money on whatever day of the month you choose. You won’t even have to think about holiday pay and tax deductions, because all that will be taken into account as well.
Give employees control
Payroll software allows employees to access their payslips whenever they want. This reduces the amount of admin you have to do and doesn’t leave staff feeling frustrated. Your employees will also be able to log into their accounts to update their details. This reduces the risk of outdated information causing problems with payments and taxes.
If money is a concern for your small business, then you’ll be happy to hear that using payroll software is typically cheaper than outsourcing your processes to an agency. For business owners who just have a few employees and don’t have a complex business structure, payroll software will be more than enough to handle all your needs.
Make sure taxes are calculated correctly
Payroll software does a much better job of calculating taxes than you can ever hope to. If you’ve been handling the numbers up until now, you’ll be happy to get some of your free time back. You also won’t have to worry about mistakes, giving you extra peace of mind when tax time rolls around. Missing a 1 or a 0 can have huge consequences if it goes unnoticed, so let payroll software take care of all that to avoid any hefty fines.
Easy to use
Lots of people are hesitant to make the switch to the software simply because they’re worried about learning how to use a new type of technology. But payroll software is designed to be user-friendly. Providers know that the people using their systems aren’t necessarily accountants, which is why they avoid using overly technical language and favour intuitive designs.
When is the right time to invest in payroll software?
You should think about getting payroll software as soon as you’re taking steps to hire your first employee. The sooner you start using the tech, the easier it will be to maintain good habits as your business grows. What’s more, even the one or two employees you have, deserve to have their wages processed and delivered in a professional manner. Choose a scalable service that you can easily upgrade as your need for new features grows.