Outsourcing your payroll can cost $25 to $200 each month, if not more. And hiring an expert in-house can cost you a full-time salary and benefits.
If you want to save money, consider a payroll management system. You can use the right software to track and deliver payments for much less than hiring help.
Keep reading to learn some of the benefits of payroll software.
1. More Affordable
Using a payroll management system can be more affordable than hiring a payroll manager. Hiring more staff usually requires more pay but also more benefits packages and other costs.
While you can also look into outsourcing payroll management, that can also cost a lot. The right software is going to be cheaper than hiring a new person or outsourcing the work.
You and your current HR employees can use the payroll system to get the job done without increasing expenses.
2. More Efficient
If you want to cut payroll management costs, software can also help. Managing payroll manually can take a lot of time.
By using payroll management software, you can ensure you follow the same process each payroll cycle. You can use the system the program puts in place to easily track payments.
While it will still take some time, it won’t be the same as if you recorded everything in a spreadsheet.
3. More Accurate
Inputting payroll data into a document can lead to unnecessary errors. Switching to a payroll management system can help you enter information accurately.
You may still have some errors, the right payroll software can prevent most small issues. Then, you can focus on other aspects of your business rather than employee pay.
There are tons of programs out there for payroll, so click here to start your search.
4. More Secure
When it comes to saving money and time on your payroll management, you have two options. Outsourcing your payroll to an HR firm can be useful, but payroll software is much safer.
Sending your payroll info to another company means they have access to your private data. You can probably trust another company with that, but you never know.
Using a payroll management system will make your business more efficient and more secure. If you ever need help, you can outsource, but you won’t have to rely on that to run payroll.
5. Access to Support
Especially as you start using a new program, you may need help navigating it. The best payroll management software will provide some sort of customer support.
In some cases, the support will primarily be tutorials or a pre-written knowledge base. But you may also have a phone number or email address where you can send questions.
The software company can then answer your questions to help you use the program to help your business. Any level of support is better than none, and that’s something you won’t get if you manage payroll manually.
6. Easy to Use
Even if you have access to impeccable customer support, you should select a payroll management system that’s easy to use. When the software is simple, almost anyone with computer experience can run payroll.
So if you need to run it one week, you don’t have to worry about doing it incorrectly. And if you hire someone new to your HR department, you won’t have to spend much time training them.
Easy systems are more cost-effective, so they can help your business no matter the size. Then, you can make sure you can grow your business without payroll holding you back.
7. Easy to Manage Schedules
One of the most important parts of payroll management is employee scheduling. You need to make sure that you pay employees for their time.
If someone takes vacation time, you’ll need to account for that too. The same is true for medical leave and other schedule changes.
A good payroll management system will have some sort of calendar that you can use to track and manage employee schedules. That way, you can translate those schedules to paychecks.
8. Get Reminders
If you don’t spend most of your work time on payroll or HR, a payroll program is even more useful. When you focus on other tasks, it can be easy to forget about payroll manager tasks.
You can set your payroll tax management system to remind you of certain responsibilities. Whenever you log into the program, you can see a list of things you need to do, from submitting taxes to paying employees.
Even if you have one person focus on payroll, they can forget things. Using a payroll manager can help anyone who works with the program regularly or once in a blue moon.
9. Create Payroll Slips
If you’re looking at a free payroll management system, consider that they may not let you create payroll slips. Those slips can help you and your employees keep track of finances.
Even if you use direct deposit, a paper slip can help. That way, your employees know how much money to expect in their accounts and how much you had to take out for taxes and other deductions.
Payroll slips aren’t too hard to create, but a program will make them even easier. As long as you enter the information correctly, you can print payroll slips to send out on payday.
10. Stay on Top of Taxes
If you don’t use a payroll management system for anything else, consider that it can help you stay on top of taxes. As a business owner, you have to pay taxes regularly.
You can use a payroll program to determine how much you need to pay in taxes and when. The reminders feature can tell you when it’s time to pay the IRS, and the software can organize everything for you.
That way, you won’t have to worry about missing payments or running into other tax-related issues.
Finding a Payroll Management System
The right payroll management system will vary from company to company. But almost any business can benefit from using one.
Whether you need help tracking taxes or sending out accurate payments, you should use the software to save money and time.
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