Payroll software can allow your company to complete payroll calculations easily and efficiently. No longer do you have to rely on manually recorded hours or calculations to take place. You can now rely on many different types of payroll solutions to help you to ensure that payroll is paid out on time and without errors.
There are many advantages of using payroll software. The most obvious advantage is that it saves costs. No longer will have to employ someone to take care of your company’s accounting and payroll because payroll software solutions can allow it to be done in a fraction of the amount it would normally take.
Payroll software allows for easier organization of payroll. It can give you access to past payroll, employee hours, and much more in case errors are made or for auditing purposes. Many payroll systems offer timesheet systems. This allows for employee attendance and hours worked to be tracked and transferred to payroll solutions.
Many payroll systems will allow you to do reporting and forecasting. You can look at when you had the right amount of staff, future staffing costs, and attendance of employees. You can also use payroll systems to do scheduling based on vacation requests, annual leave and more.
Payroll software can also reduce the likelihood of payroll errors occurring because tax deductions can be done automatically. This can make sure that your company is abiding by the right tax deductions in case of an audit. Payroll software also makes sure that you have the right information for the IRS or US Department of Labor which requires tax and payroll records of the last three years.
Payroll software also minimizes the need for training. Most software will have customer support that can help walk employees through how to use the software and what to do in case there are any issues. This reduces time, energy, and wasted productivity that would be spent training employees.
Top Payroll Software
There are many different types of payroll software to choose from. You should consider your company’s needs and budget when choosing payroll software. Look for software that includes combination software for accounting, human resources and other important functions. Some of the most popular payroll software includes:
Wagepoint
- Great for small business
- Direct deposit
- Tax filings and management
- Wage garnishment
- Vacation and leave tracking
- Deployment: Cloud, SaaS, Web
- Friendly customer support available online during business hours
- Online pay stubs
- Year-end reporting
- Easy to use
- Provides great value
- Affordable
Intuit QuickBooks
- 30 day free trial
- Affordable
- 24/7 customer support online with a live representative
- Deployment: Cloud, SaaS, Web
- Multi-state
- Check printing
- Direct deposit
- Compensation management
- Flexible
UltiPro
- Deployment: Cloud, Saas, Web
- Lot of training available including online, in person, webinars and more
- 24/7 live rep support
- Check Printing
- Direct Deposit
- Tax management
- Benefits management
- Deductions management
- Vacation and leave tracking
The right payroll software can make your company’s accounting and payroll tasks much easier. It can also minimize errors, ensure timeliness and tax compliance. It can also minimize costs associated with payroll, human resource and accounting functions. When looking for payroll software for your company think of not only your needs of today, but what your business needs may look like a few years down the road. This will allow you to get the best software available that will scale with your business as it grows. Payroll software can allow your business to become more organized affordably.