Payroll software offers
lots of different advantages – for the user, the employees and the company (of
all sizes). This article looks at some of the most obvious advantages to expect
when you make use of payroll software.
1.
Employee calendars
Available with some
payroll software solutions, employee calendars give you a super easy way to
manage sick leave, absences and overtime. In a glance you can see how long
employees are away for, whether they should be at work, what type of leave they
are currently on, how much leave they are entitled to etc. It makes planning a
lot easier.
2. Cost
Effective
By taking control of
payroll yourself and not going with a professional service, there is great
potential to save money… especially once you can use the software quickly and
efficiently. Naturally there are downsides involved by not going with a
professional service, but these diminish as you get used to the system.
3. Tax
updates
You might have missed
the latest tax updates, but payroll software will help you by notifying you
when these updates arrive.
4.
Create Payslips
While free payroll
software offers a number of the benefits provided here in this list, what it
cannot do is create payslips. Commercial payroll software allows you to quickly
and easily generate payslips for all your employees, and with templates you can
be sure that the statutory minimum amount of information is included.
5.
Reminders
Different reminders help
the user avoid important tasks and to get them up to speed when they sign in to
the software. This makes it easy for the user to keep on top of payslips and tax
submissions.
6. Save
Time
It obviously takes extra
time and extra resources for a business to manage its own payroll (when
compared to payroll outsourcing), but as far as in house management is
concerned, payroll software helps to speed every aspect of the payroll process
with a range of automated features.
7.
Added Security
By managing payroll in
house with payroll software, a company removes the uncertainty that comes with
the sending of private employee information to a third party. You will still
need to consider the security of your own IT systems however, though you can be
sure with a good payroll solution will accord with the highest IT security
standards.
8.
Avoid Making Mistakes
It is easy to make
mistakes when you manage aspects of payroll manually, but with the right
payroll management solution it becomes much more difficult to make such
mistakes. Comprehensive validation procedures and checks stop you from entering
the wrong information.
9. No
Need for Expertise
When the right software
is used and the payroll demands are modest, anyone with a good understanding of
IT can manage a company’s payroll requirements effectively. This is good for
smaller businesses that want flexibility.
10.
Customer Services
In addition to software
tutorials, respectable payroll software providers offer comprehensive support
services as part of the package, to help with software issues or with how to
deal with any aspect of payroll.