Economy

What can payroll software do?

What can payroll software do?
Done are the days of crunching long sheets of numbers with a calculator and determining payroll by hand! In these times, payroll software handles all the responsibility and equations. Essentially, by investing in such a program, business’s can cut their costs on payroll services by up to 80% according to the American Payroll Association.

Besides saving money, this software has a couple other added benefits to it. First, such a system builds transparency, as each and every calculation is detailed on a log, and can be accessed at anytime. The next benefit is that of increased accuracy. Because a computer is calculating all this, the margin of error is much smaller than a human margin of error.

Last but not least, having payroll software eliminates the need of hiring a third party to deal with the company finances. This decreases the chance of a possible security breach by having and automated system instead of an actual person in charge. Also, this is a tool than any business can make use of, large or small. This brings us to the next point, deciding which software is for your company. If your company is rather large, and you need a system that covers processing, taxes, printing, and all that good stuff, Integrated Payroll Management software is for you. However, if you’re part of a smaller business, and don’t need quite all those services at the moment, Dedicated Payroll Management is what you need. Besides that, it’s best to determine which service is the best bang for your buck. By that, we mean features, support, security, ease of use, and of course cost. Every company is unique in that one service may be better than the other. There is no ‘best service’. However, some of the better ones available are as follows: Xero, Wave, BambooHR, Gusto, and Ulti-Pro. We suggest comparing your business needs, versus the prices of these companies and others, to determine the best fit.