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Payroll Software - Why Pay Others For the Work You Do?

Why Pay Others For The Work You Do?

Before you spend any more money on your payroll service, take a look at how much money you could save bringing your payroll in-house.

No matter how big or small a business is hours upon hours can be spent managing the financial aspects of the company, including payroll. Payroll particularly can be very time consuming--there are so many aspects to consider: full-time hourly employees, part-time hourly employees, seasonal employees, salaried part-time employees and the list goes on and on. Let us not forget the vacation pay, bonuses, direct deposit, manual checks, and then there are taxes! No wonder utilizing a payroll service seems like such a great idea.

Stop for one moment and look at how much money and time you spend using that payroll service. Most often, you keep all of the payroll records on-site, the daily postings, the hours each employee works, vacation and sick pay information, and much more. All of that information is entered, recorded and most likely the data is generated into a report. These reports are then sent to the payroll service so you can have checks generated for pay day or direct deposits set up. Every time a new employee is hired, or leaves the company or their life circumstances change and they need to adjust their work schedule, you handle the information. That takes a lot of time and effort--your time. Once all of the data is entered, the check writing or direct deposit is the easy part.

Out of curiosity, I recently looked online to see what the definition of a payroll service was; the US Census website defined a payroll service as; Payroll service involves obtaining information on hours worked, pay rates, and other payroll-related data from client organizations on their workers and using that information to generate paychecks, payroll reports, and payroll tax filings. The operative word here is: obtain.

Before a payroll service can help you, the business needs to collect all of the information to send on to the payroll service, that is your time. It seems as though you have already done the hard work, just think if you had the right payroll software to take that data and process it yourself. Many businesses can save money and add that profit to their bottom line by processing their payroll in-house.

Here are some things to look for when shopping around for payroll software:

·  Flexibility: In order for you to benefit from using payroll software, you will want a system that can be flexible to handle your specific needs. There are many payroll software programs available in the market today, you can find standalone programs that you can use with your general ledger or if possible, payroll software that fully integrates with an accounting system is even better.

·  Versatile, Easy Setup: The purpose of payroll software is to save you processing time and money. Look for a program that has tools and wizards to help you easily set up your payroll software the right way. Software that gives you the ability to modify the reports you need and gives you the information you require.

·  Options. Options. Options. Choose payroll software that is capable of handling many aspects of payroll reporting, not just collecting information to print a check. For instance; software that can handle piecework pay, seasonal pay, shift differential pay, hourly pay or even a combination of any of the aforementioned payment methods can save you significant time by doing the correct calculations for you.

·  Automated W-2, State and Federal Forms: Processing time and money can be saved if your payroll software offers automated W-2 and State and Federal forms with e-filing. Data from your payroll is automatically added into your required forms for fast e-filing or printing on plain paper. If possible, choose a full-service W-2 and 1099 fulfillment option as an added resource.

·  Technology: When choosing your payroll software; look for software that is built with the newest technology like a Microsoft.NET framework-based application. By doing so, it ensures the data security and reliability crucial for payroll data.

·  Experience, Expertise and Customer Care: Take care to look for a payroll software company that is experienced in development and has the expertise necessary to create software that is easy to use and can handle your needs as you grow. Finally, take a look at the support and customer care the product offers. Is there personal attention offered? When you call for telephone support, do you actually talk to a person and not a recorded auto attendant?

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Does Your Small Business Need Payroll Software Solutions?

Most small businesses don't necessarily require a whole software package just to do payroll. Unless you actually enjoy spending hours upon hours doing boring calculations that seem to go on forever, that is. And those calculations might not even end up being accurate, which could get you in trouble not only with your employees, but the government as well.

How can you make things easier on yourself, as a business owner, when it comes to keeping the books? Well, if you can get a good small business payroll system going, that would sure make things run smoother.

Most small business payroll software packages are easy to use. And they can cut down on how much time you have to devote to your daily payroll related tasks, and if time is money then that saves you money too! Instead of hiring a whole other person just to keep your payroll straight, or find a payroll company to do it for you, just find a program with the features you need and install it. Save yourself money and do it yourself. Most of these payroll software packages are easy to figure out how to use.

And these small business payroll software also offer other benefits when compared to outsourcing your payroll to a payroll service. You never have to worry about your data getting into the wrong hands. Sending your payroll out over the internet or giving your data to a payroll firm means trusting those companies with sensitive data in order for them to complete their service for your business. If you purchase and set up your own payroll database, it's a one-time-only fee that you can run on your own computer, and you won't have to worry about your data leaking anywhere along the way. You never have to worry about whether your information, your employees information, or your businesses' information will ever be misused.

All you have to do is make a list of features that your business will require in a small business payroll software package, and find one that offers those features at a good price. You might also want to consider purchasing a full-feature payroll package that will offer even more tools to help you complete your payroll tasks. Some software companies will even bundle their account and payroll software packages together at a discounted rate.

A good payroll software package will automatically calculate how much your employees are earning, how much taxes need to be deducted, etcetera. Some packages will also give you the option of making custom payroll designations that will give you another aspect of control over how your payroll works.

And if you need to print payroll checks, there are programs that will let you print those payroll checks along wit their pay stubs with the click of your mouse. You also want to keep an eye out for programs that will allow you to create, print, save, and send tax documents or forms like the 941, W2 and so forth.

Before you purchase a small business software package, make sure that the company you're dealing with will offer you good technical support, and has a good track record. Another good thing that many of these payroll software companies offer is free, periodic updates of their product that will allow your business to keep up with changes in taxation and so forth as they occur.

The right payroll software package can work magic for your small business and let you keep pace with the growth and expansion of your business. So take some time to look around for the right payroll software package, read as much as you can about them, check out demos and free trials, and pick the best payroll software package for you!

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Features of a Payroll Software

Why should a company use payroll software?

Payroll is the sum of all financial records of salaries for an employee, which includes wages, bonuses and deductions. To ensure that all employees receive their wages or bonuses, companies usually use calculators or, thanks to the technological advances, software that can reduce the burden of understanding complex payroll legislation and payroll systems operation to do what we call a payroll.

Payroll software facilitates the automated calculation of gross wages or salary due to an employee based on hours worked at set hourly rates of pay or a set periodical salary. Payroll Software automates the application of payroll legislation to make the necessary tax deductions to transfer the correct net pay to the employee either by means of cash, cheque or credit transfer. Employers are obliged under legislation to then remit PAYE, National Insurance, Pensions and attachment order deduction to the relevant HRMC, pension provider or court on a timely basis.

Payroll Software is an important tool to the benefit of the company providing crucial audit, management and financial reports detailing payroll costs by employee and/or cost centre/department. Software will sort and track personnel records assisting the HR function of the business.

Payroll reports play an integral role of the financial planning and budgetary process of a business forecasting necessary payroll costs and investment to meet the needs of the business into the future. These reports will be implemented to make the key business restructuring decision to reduce workforce and employee numbers when necessary.

Additional Features of Payroll Software

A key advantage to using Payroll software, apart from the automation of complex payroll tax deductions, is the major reduction of time invested in the process. Automated payslip production (email payslips), time import from clock-in systems, HMRC returns/submissions from P45, P46, P30 and P35 to HMRC, and credit transfer files to online banking facilities all facilitate an efficient payroll function within the business. The investment in payroll software leads to a reduced investment of staff training and time into completing the entire periodical payroll process.

Characteristics to look for when buying Payroll Software

When you want to buy payroll software you should pay attention to the following characteristics: electronic filing, costs and updates and customer support/maintenance contracts.