Still processing your company’s payroll manually? Let’s take a look at four benefits of adopting a computerized approach using small business payroll software.
Time Savings
Intuit – the company behind the small business accounting software QuickBooks – claims that using payroll software can reduce time spent on payroll by up to 60%. That’s a lot of time – time you’d be able to devote to other important aspects of running your business. Maybe you’d even get to eat lunch once in a while.
Accuracy
Even the best of us make mistakes when faced with a mountain of calculation. But computers rarely register a calculation error. After all, computation is what computers are designed to do. As your business grows, as the number of tax changes increases, as deduction and withholding requirements become more complex, so will your payroll calculations. That means more room for error – especially with a manual payroll system. But small business payroll software has been developed to tackle these tasks easily and quickly.
Security
What would happen to your company – to your employees – if your payroll records were lost in a fire? What if a disgruntled employee gained access to your payroll information? While no system is 100% secure, a computerized payroll processing system has several security advantages compared with a manual system. First, data is typically password protected and encrypted, making it virtually impossible for unauthorized users to gain access. Second, data can easily and quickly be archived off site. Of course paper copies of manually produced payroll records can be stored off site as well, but the process is a lot more time consuming and cumbersome. And the risk with time consuming and cumbersome tasks is that they’ll be put aside for more urgent matters. The best small business payroll software provides for automatic off site data back up and storage. It’s almost as easy as “set it and forget it.”
Compliance
Changes in tax withholding rules are becoming increasingly common. And the actual withholding rates and tax tables change all the time. Regulations concerning other payroll deductions such as medical savings accounts, retirement savings, and workers compensation insurance are revised frequently as well. Effective small business payroll software can help you stay in compliance with the large number of rules and regulations which govern payroll processing. The best software will update itself via an Internet connection so that you are always working with the most recent tax tables and withholding figures.
Convinced? I hope so. Small business payroll software is one of the best investments a small business owner can make. For a relatively small cost, small business payroll software can save you a great deal of time and provide you with peace of mind.
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