Payroll is a part of your business that involves managing taxes and making payments to your employees. Although it is typically an ancillary part of your operation, payroll can be time-consuming, challenging, and incredibly complicated.

Some small businesses choose to do it manually, while others may outsource it to a bookkeeper or an accountant. These options are generally valid, but there’s another option. In-house payroll software is the option if you want to reduce your expenses and improve the efficiency of your business. An efficient payroll company like Virtual Jeannie Bookkeeping Services can be vital for your operations.
Our team of experienced professionals knows that there are many factors in deciding whether to enroll your business’s payroll into a software system. To help you decide what is best for your business, our team has compiled a list of the 8 top benefits of managing your payroll with software.

8 Reasons Why You Should Enroll in Payroll Software

1. Facilitate On-time Payment of Salary

The software will help you save the time and money it takes to pay each employee by allowing you to set the correct payment date. It will also help you credit the amount directly to the employee’s account.

2. Tabulation of Different Types of Payment Will Be Easier

Some employees in your firm are paid monthly, while others are paid on an hourly basis. Having the necessary details about these employees can be a daunting task. With the help of payroll software, you can easily manage all of this.

3. Helps in Faster and More Exact Tax Calculation

The payroll software used by HR professionals allows them to calculate the tax collected from employees. It also keeps track of all changes in the tax rates and employees’ job positions.

4. Efficient Records on Holidays, Sick Leaves, and Paternity or Maternity Leaves

You can easily track the holidays linked to a biometric swipe-in. It will allow you to keep track of the dates and times of the employees’ work. You can also pay for the paid leaves like maternity/paternity leave that your employees took.

5. Keep Up with the Government Rules and Regulations

The statutory requirements related to payroll vary in every country. It takes a lot of time to follow these regulations, but with the right software, you can easily comply with government regulations. Having the proper software can help you avoid costly penalties. Besides being able to keep track of all the regulations, good payroll software can also help you save time and money.

6. Save Money and Time on Outsourcing and Training

Most companies prefer to outsource their payroll to an accounting firm or a dedicated payroll company instead of having to deal with the HR department. This can be a costly process for small and medium-sized businesses/enterprises (SMEs).

However, by choosing an in-house payroll system, you can cut down on this costly monthly expense. There are many advantages to choosing an in-house payroll system, such as the ability to have multiple users and the flexibility to manage your budget.

It doesn’t require a lot of training; the existing staff can easily take over the system. Software companies also provide on-call support, allowing employees to call them whenever they need help.

7. Avoids Errors and Data Loss

Filling in the data of each employee could lead to human errors. The payroll software helps you track your employees and their payments more effectively. The data includes working hours, leaves, official travels, and holidays that are updated easily using software, reducing the chances of error or loss of data.

8. Management of Company Cards of the Employees

Most companies provide their employees with a company card that helps them purchase at certain stores or even travel places. Good payroll software help keep track of the limits of each employee’s card and claim the amount back online at the right time.

Perks of Having a Payroll Software:

  • Increased accessibility: It can be accessed by authorized individuals of the firm anywhere.
  • Secure data handling: The risk of data loss due to manual errors is avoided.
  • Multi-user facility: The payroll software helps two or many HR officials of the firm to access the data, leading to better management and efficiency.

Using payroll software is a great way to reduce your expenses by saving your business time and money. Our team of experts can help you decide which services are the best fit for your business needs. To learn more about switching to software with your business’s payroll, call Virtual Jeannie Bookkeeping Services Inc at (707) 664-1425.