6 Benefits of Payroll Software for Small Businesses
Managing payroll manually can be incredibly time consuming – not to mention painstakingly repetitive. However, many smaller businesses now make use of payroll software to simplify the process. If you’re still using Excel to manage payroll, why not make the move to payroll software? It’s easier than you may think.
In this post, we’ll explore some of the biggest benefits of using payroll software as a small business.
Free up time
Imagine how much you could do to grow your business if you didn’t have to dedicate such a huge chunk of your admin time to dealing with payroll. Payroll software simplifies the entire payroll process, from calculating pay and deductions to ensuring reports are kept up to date.
Your time is valuable. With more time to spend on other billable tasks, payroll software can help you both reduce costs and grow your business.
Human error can wreak havoc on your payroll calculations. It’s easy to overlook certain details and overpay, underpay, or even fail to pay certain employees together. Mistakes can also lead to compliance issues which can be difficult to address further down the line.
Payroll software will take care of admin and calculations for you and dramatically reduce the risk of mistakes.
Be flexible & scalable
As your business grows, so too will your workforce. Growth is great, it means your business is thriving. However, it also means that your payroll duties will grow too. Cloud-based payroll software will allow you to quickly and easily add new members of staff to the system. Generating detailed payroll reports is easy too, meaning you’ll always know the ins and outs of your payroll history.
Manage multiple pay rates effortlessly
Forget complicated calculations, payroll software lets you manage multiple pay rates for the same employees. This means no more nightmare calculation when various members of staff work overtime or shifts that are paid at a different rate.
Take the stress out of sick pay and holiday pay
Juggling all the elements involved in managing payroll isn’t easy. Keeping track of leave entitlement can be a struggle, as can monitoring sick days and sick pay. This is where payroll software comes into its own.
Get help with payroll
Need a helping hand with payroll? UWM can help. Our fully managed payroll services can help you keep your books balanced. We also offer a range of comprehensive cloud-based packages that utilise Xero – an award-winning cloud accounting software that combines smart small business payroll software with your online accounting. Change the way you do payroll – get in touch today.