If you just have a handful of employees working for you, why would invest money in an expensive payroll software? Getting payroll software will cost a reasonable amount of money, but do you really think it adds any value to your business?
Let’s get an answer to this question by asking another simple question-
How much time do you run your company’s payroll right now?
If your answer is anything more than 5 minutes, you need to continue reading this blog.
Here are some ways a payroll software can benefit your company and save your time and efforts.
1. You Can Pay Your Employees through Direct Deposit
If you are not using any payroll software currently, then there’s a good chance you’re paying your employees using mobile banking, writing checks, or even handing out cash to.
Checks and cash payments are outdated modes but with mobile banking, your employees can take a picture of your check and get the money deposited into their accounts quickly. That certainly isn’t much of a task, but it can cause a minor inconvenience to your employees.
In special circumstances, when your employees are unavailable in the office on their payday, and you are handing out cash/checks, their salaries may get delayed. This can cause serious issues for your team because they’ve their own expenses and have bills to pay.
By using payroll software, you can quickly and easily deposit your employees’ salaries directly into their bank accounts without any hassles. You don’t have to write checks or keep loads of cash ready with you by the end or start of the month.
This is also an eco-friendly approach because you don’t have to worry about having ink or paper in the printer as you can simply email your team their pay stubs through the program.
This way, your employees will be content because they will always get their salaries directly into their bank account on the payday.
2. You Can Calculate Tax Withholdings Automatically
Is calculating your employees’ withholdings gotten problematic for you lately? Have those complicated formulas completely stopped making sense to you?
We understand – figuring out every employee’s withholding balance can take a while.
But if you have a payroll system, you can happily bid goodbye to this kind of tedious, scary math forever. With a system, you can easily choose each employee’s filing status, allowances, along with any additional withholding. The program is ever ready to do all the calculations on your behalf.
So if an employee starts contributing to a 401(k) or changes their allowance pattern, you won’t have to work in it from scratch. Just update the employee’s profile in the payroll program, and the software will take care of everything.
3. Missed an Important Tax Update? Don’t Worry!
Tax rates often have an annual cycle; therefore, states tend to change their rates frequently on a yearly basis. Honestly, that’s too much to keep track of regularly. By chance, if you miss something, your entire company can land in some trouble with the IRS.
Payroll software gets updated automatically every time tax rates change, so you can be sure you are not missing anything.
4. Time Tracking and Attendance
Every employer wants to make sure they pay their employees for the number of hours they work in a day, week, or month. To track time using a system, choose a payroll program that offers a time clock feature. With this feature, you can save yourself from adding up your team’s working hours and always get the correct number of hours in just a few clicks.
The software will automatically pull in the employee hours every time you run the payroll system. You will be able to view if anyone is regularly absent, habitually late, or working unnecessary overtime.
5. Time Saving
To grow your business, you have to focus on activities that generate more revenue. Consequently, you don’t allow your employee/s to spend hours mundane, mechanical hours running payroll.
By installing a payroll software, you will only spend a few minutes to run the payroll in just a few clicks.
Get Your Own Payroll Program
We hope after reading this, you are convinced to stop spending unnecessary time on running payroll. Choosing the right system will be a cost-effective decision that will help you invest your time in growing your business.