As a Small Business, managing your employees' finances seems like an easy job, but as your business starts to grow and expand, you get more and more employees and what was once easy starts to become more and more difficult.
Therefore, a good payroll software is necessary to the success of any growing business. The automation of payroll tasks will make managing your finances a breeze.
Let's look at the top 10 benefits of using payroll software that will convince you to make the switch today:
1- Saves Money
When you use a reliable payroll software, you will no longer need a professional payroll service. The Software will also make fewer mistakes, and we all know how expensive mistakes could be
2- Saves Time
Although there is a learning curve till you get used to using the software to manage your company's payroll, once you do get used to the software, the speed of which the software will manage the payroll tasks cannot be challenged. Automation in anything comes with its perks, and speed is always one of them.
3- Ease of Use
Learning any software can be difficult at first, but you know that it really doesn't take long before you know all the ins and outs of the software. It's the same with payroll software, as you can quickly and easily configure the software and its options and features.
With just a few clicks, you will be able to process the employees' payroll and publish payslips and bank transfer statements.
4- More Accurate
As the number of your employees go up, the paperwork needed gets larger and larger and with this comes more possibilities of making mistakes. However, when you use the right payroll software, you will find that it is increasingly difficult to make such mistakes. That's thanks to the automation of the entire process and to the comprehensive validation procedures and checks.
5- Never Miss a Tax Update
It's very easy to miss the latest tax updates. It happens to the best of us, and we know how hard it can be to keep track of everything, especially when those updates can just go unnoticed till it's too late.
This won't happen when you use a payroll software because the software will always notify you the instant these updates arrive, making sure you are always up to date.
6- Create Payslips Easily and Quickly
This is a feature that may not be available on free payroll software but that is important for most businesses. If your software has it, and most commercial payroll software does, then you will be able to generate payslips to all your employees easier and faster than ever before.
7- Employee Management
This feature is available with some software solutions (mostly the more premium ones). If your payroll software has an employee calendar, it will let you manage leaves, absences, and overtime super easily. It can also track what type of leave the employee is on and for how long he should be, it can also let employees submit forms for leaves and allow management to accept or refuse them.
This feature just makes tracking employee work hours very easy and the best part is that it will take all of it into consideration when calculating wages.
8- More Secure
When you use a payroll software, your employee data will be safer than it is when a third party (as when you hire a professional payroll company).
Your employees' confidential information is valuable, and you are never 100% secure when you use a third party to manage your payroll, and to you the truth, neither it is when you manage the payroll in-house whether through employees or the software. However, if you paid attention to the security of your IT system, you can be sure that the data is as secure as they could be.
9- It Never Forgets! (Documentation and reports)
Keeping a large amount of data for payroll is not only difficult, but it can be near impossible for a large business. Going through piles of paper to get the data to create a report is something that belongs in history books currently.
A Payroll software keeps all this data digitally, it records everything and can generate reports when needed in minutes at most.
Some solution also offers cloud-backup, so that your data is forever saved even in the case something happens to your computer.
10- Customer service is only a phone call away
A good payroll software company will provide comprehensive support services as part of the package. In this case, any software issue that you may encounter can be solved by a phone call or even a chat with customer service representative on their website.