Whether you like it or not, finances rule your business; from budget to finding payroll software options, your company revolves around what is in the bank and how it's doled out to those who deserve it.
And while doing it all by hand seems to work now, it's important to consider the amount of human error and wasted time that comes with it.
Taking full advantage of automation features that are included in your payroll software will allow you to get every important detail correct with little effort on your part. As a busy business owner, this is ideal.
Reporting: All the Important Numbers
The American Payroll Association estimates, "A conservative 2% human error rate on a $12,000 payroll would equal $240 in erroneous wages paid per pay period." So, instead of pouring over spreadsheets, printing off long reporting documents or making innumerable mistakes that can be detrimental to the final outcome, utilize your reporting features. These make the process easy, efficient and correct.
- Employee data: In the case of an audit, you want to have all your employee data ready to be viewed. Auto-generate a report on what position each employee is in, what that average salary is, the high and low end and what raises were given within the year. These will be important to have at a moment's notice.
- Investor reporting: When it comes time to pay dividends or investor loans, financial reports will be critical -- therefore you want them to be accurate. Avoid mistakes with automated reporting options.
Taxes: Getting Them Right
They come around every spring, and they get on everyone's bad side -- taxes. Regardless of their terrible reputation, you have to do your taxes and get them in on time and right the first time. Instead of hiring a professional tax accountant, you can use your payroll software to automate the correct information when tax season comes around.
- Staying compliant: According to Inc.com there are over 10,000 tax jurisdictions in the US, all of which are constantly changing. Having the proper automation in place ensures that you'll be compliant with each and every law governing your small business.
Employees: Easy Tracking
Integrating HR software solutions, such as time and attendance software, with your payroll will be a smart way to keep track of important employee statistics. Though employees may be at all different pay rates, from contracted to salaried, it's important that information is tracked correctly in the case of a lay off or payroll complain. Using your automated features you can generate this information whenever necessary.
- Paying overtime: Don't let an employee win an overtime war -- automatically keep track of everyone's time to ensure that your numbers are correct. Automatically generate this report with each paystub so both parties are on the same page.
- Recorded sick days: Recording sick days will ensure that each employee is getting their allotted paid and unpaid time off in the case of a disagreement with vacation time.
- Late time: Tardy employees can be a black spot on office productivity. An accurate record can be grounds for firing if need be.
Related: Get your time and attendance software through Business.com
Your payroll software can do much more than pay employees -- automation features not only make your life easier, but ensure that you are accurate in reporting, employee tracking and tax filing. Be sure to take advantage of these automated features to get the most from your software investments.