Are you among the 25% of small business owners who still uses pen and paper for accounting and bookkeeping?
There’s a time and place for being old-fashioned, but your employee payroll isn’t one of them. There’s too much room for errors, not to mention that your financial records could get stolen, lost, or damaged.
Even if you’re not tech-savvy, you’ll be amazed by how much time you can save with software for small business payroll. Answer these three questions to find the ideal payroll software for your company.
Does It Suit the Needs of Your Business?
First, search for payroll software that’s specifically designed for small businesses. Software for larger corporations will come with a lot of bell and whistles (and a higher price tag) that you don’t need at this stage.
Next, consider your location. If you need a payroll service Australia offers many excellent options for small business owners. If you operate your business in the US, UK, Canada, or multiple countries, make sure the software is compliant in every location.
Make sure the software can scale up as your business grows. It’s also wise to choose a provider with live customer service support in case you have questions to run into problems.
Does It Have the Features You Need?
The whole reason you’re using software for small business payroll is to make your life easier. Ideally, your software will offer lots of options that suit you and your employees.
- Cloud-based software you can access from anywhere
- A mobile app with logins for you and your employees
- East integration with HR tools
- Direct deposit capabilities
- Sales tax compliance
- E-filing of employee and/or business taxes
- Bonuses, holiday pay, and other reimbursements
- Deductions for health insurance, retirement plans, etc.
Of course, you may not need or want all of these options, but it’s worth considering what would simplify things for you and your employees. Also, if you work with different salary structures (i.e., salaried, hourly, independent contractors), make sure the software can handle each type effectively.
Will Its Features Save You Time & Effort?
The best payroll software allows you to quickly onboard new employees and set up their salary and tax information. Better yet, it should include self-service features for your employees so they can access their own pay stubs and tax records at any time.
If your employee payroll doesn’t change much (or at all), you’ll want software that you can “set and forget.” You should be able to auto-approve different features that ensure your employees get paid, even if you’re on vacation or away from the office.
The Best Software for Small Business Payroll
There’s no shortage of options when it comes to software for small business payroll. As you research different options, ask yourself the questions above and you’ll soon find the perfect payroll software for your business.
Payroll software for small businesses is an important topic, but there’s much more to consider. Keep browsing our site for more stellar tips and advice for business owners.