Welcome, 2018. The year of change, the year of implementation, the year of growth. There are many programs and software out there that are made to help make your life easier, but which ones will really benefit your business? I’m sure the lists are endless but why not start with something as important as your payroll?
Payroll is an indispensable part of maintaining your company and without it, it’s unlikely you’d be able to keep your business moving forward. After all, even the most passionate, dedicated employees generally choose a career with a paycheque in mind.
However, payroll processes can be a little more time consuming than you may realize. The investment required to calculate cheques, properly manage withholdings, enter payment amounts perfectly, and process direct deposit and cheques can take an entire pay period to properly complete.
Rather than dedicating a whole team to your payroll needs, payroll software and outsourcing solutions can alleviate the costs, time requirements, and guesswork involved in standard payroll processing. Here are five ways payroll software like PaymentEvolution can improve your productivity.
- Payroll Automation Saves Time
Payroll performed by hand can be an extremely long and drawn out process. Handling all of the small tasks that go into precise payments with everything else on your plate can be very taxing, siphoning away resources from more important jobs simply to take care of back office monotony.
Rather than handling payroll with paper cheques and manual calculations, payroll software can replace the significant, time-consuming steps in the process, saving you countless hours each year. The tedious parts of managing payroll, like applying taxes withheld and organizing employee timesheets, are done for you, leaving your hands free to focus on what matters most.
- Payroll Software Saves Money
As with all back-office business functions, payroll processing can take up a significant amount of time every week. And, of course, time is money. The time your employees spend on payroll equates to salaries, insurance, payroll tax, and retirement account contributions, creating a significant cost burden.
Luckily, payroll software can make all the difference. With a sleek, simple interface, payroll processing doesn’t take thousands of dollars in employee overhead costs; instead, it requires a few clicks of the mouse. From timesheet uploads to tax calculations, automated solutions make it more affordable than ever to pay your team.
- Payroll Services Offer Better Management
In a big organization, payroll processing can be chaotic at best. With all of the many moving pieces and parts that go into paying your team, staying on top of employee needs and company deadlines can be harder than it sounds.
When you want to be sure payroll processing is moving smoothly and on schedule, payroll software is a perfect solution. Providing a simple way to take a holistic view at the overarching processes, like timesheet collection, tax calculation, and verification practices, payroll automation streamlines management, giving you the tools you need to ensure nothing slips through the cracks.
- Payroll Processes Take the Guesswork Out of Taxes
Payroll taxes can be notoriously tricky. With various levels of federal and jurisdictional tax rates as well as elective withholding for things like retirement savings, every employee requires a unique approach to tax calculation. This leaves a large margin for error, especially for employees with variable paycheques who may face fluctuating withholding rates from one week to another.
Payroll automation takes the guesswork out of taxes, calculating every form of withholding down to the penny. With the ability to automatically incorporate policy changes affecting tax rates and employee benefits, payroll software ensures issue-free tax prep.
- Payroll Automation Eliminates the Risk of Errors
Mistakes are a part of human nature. From time to time, even your payroll MVPs will slip up, creating potentially costly or litigious situations your company can’t afford to face.
Rather than implementing a laborious verification system, let your payroll software do the hard part. With a sophisticated approach to error elimination, including reconciliation with bookkeeping and HR tools, payroll automation can catch problem areas before it’s too late, ensuring you never send an incorrect paycheque again.
Cheers to the New Year
With PaymentEvolution payroll, you are able to streamline your payroll process to just a few easy clicks. With electronic payments, automatic reconciliation, and paperless pay slips, your business is on track to becoming efficient and most importantly cost effective. There is no better time to start than in the new year, where you have a completely clean slate and can start a zero. Start your free trial today!
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About the Author – Dene Paquin
Dene Paquin is the Marketing Manager at Enkel BackOffice Solutions, a Vancouver based accounting firm that provides day-to-day bookkeeping services for small- and medium-sized businesses. Enkel strives to provide fellow entrepreneurs with a better system for managing their bookkeeping, cash flow, and financial data so they can focus on growing their businesses.