How Small Businesses Get More Bang for the Buck with Payroll Software
Payroll software streamlines the payroll process allowing you to free up time for your HR or accounting department. The smaller your business, the more sense it makes to use payroll software. It allows you to cover a number of time-consuming tasks that might be taking you away from the core needs of your business. Not only do you waste less time, but you will also see fewer errors, be better prepared to ensure taxes are being handled properly and even have insight into more efficient ways to manage employee hours. Here’s how you can get more bang for your buck with your small business payroll software.
Take Advantage of Self-service
Many small businesses will begin using payroll software but still depend on the owner, accounting or HR to manage all aspects of payroll. However, payroll software is designed to allow employees and managers to access a number of things including their own profiles. This means they can take some work off the hands of other departments and allow staff to self-manage:
- Profile information
- Tax file details
- Review pay slips
- Leave balances
- Submit time off requests
- Check their hours
- And more
Remuneration Reviews
Your small business payroll software can be used to review and assign pay, benefits, compensation and staff bonuses. You can use the system in collaboration with authorized managers providing full visibility and control. The system can then be used to share information confidentially with team members when changes are made.
Tax Compliance
Your software is key in tracking and paying taxes. With so many rules to worry about, you want to know you are not inadvertently breaking any. Your system can manage all aspects of taxes ensuring the correct amounts are deducted and paid into the proper accounts. Forms will be generated for employees, so they are provided with their slips in a timely manner at the end of the year. You will remain compliant with government policies and easily send the information required to the tax office automatically.
With small business payroll software, you can collect the federal withholding tax from employees, and make a payment online using the Electronic Federal Tax Payment System (EFTPS). This varies based on your state, as each has its own electronic or manual process for state payroll tax submissions. For federal tax filings, they must be submitted to the IRS.
Considering that Tax Cuts and Jobs Act has seven tax brackets, you can easily make errors. As well, tax rates and taxable income levels are adjusted with tax rates used to determine supplemental and backup withholding rates. Familiarizing yourself with these rates is challenging and payroll software ensures you are using the correct numbers based on the income tax year.
Streamlined Records
Technology makes it easy to store and review data. You won’t have to struggle with paperwork and outdated modes of managing personnel files. Instead, you can share, store and review data quickly and easily. Data is found using automatic searches and you can collaborate across departments to share relevant information in real time.
Save Time and Money
Integrated payroll solutions work seamlessly with other HR platforms so you can manage all aspects from hiring to benefits and payroll to HR. This means you streamline your entire HR process and save time and money because:
- Staff become more productive
- Fewer errors are made due to easy use and collaboration
- Tasks become more focused with less time spent on administration
- Staff control their records saving time and improving accuracy
- Approvals are easier for holiday and vacation time
- Logging hours is more efficient and backed up daily
- No more duplicate files to avoid errors
- Less time adjusting payroll errors
System Integration and Customization
Workforce management integration allows you to take full advantage of a customized system for your business. You will have full automation of workflows across your business operations allowing you to gain greater efficiency in onboarding, performance reviews, and payroll taxes. This can all be managed with an easy transition that causes very little disruption to your workplace.
A customized platform is designed to integrate with the processes already established within your organization and make them more efficient. You choose across multiple categories to find what you need, and the software will include those specific capabilities. You pay for what you need and don’t have to worry about paying for functions you will never use.
Finding a payroll software for small business needs is easy. However, these tips will help you leverage all the functions to get more bang for your buck.
About The Author
Kayla is the Marketing Manager at Paypro Corporation overseeing all inbound and outbound marketing and sales efforts. She has 7+ years of experience working within the B2B and SaaS based solutions space and thrives on creating messaging and campaigns that introduce products and services to those who need them most.