Top 10 Benefits of Using a Payroll Software
A payroll software application is an indispensable tool for organisations and payroll teams. It allows employers, users, and employees to perform various functions that help to ease payroll processing. There are numerous benefits of using payroll software in your business. Here is a list of benefits you enjoy when you use payroll.
- Avoid Errors
Using payroll software can help your business to achieve better accuracy in calculating payroll figures. A payroll mistake can lead to unbudgeted liabilities and grievances from staff. With the right payroll solution, it is difficult to make mistakes. Getting the right payroll software would help to improve your credibility with your employees and prevent unwanted errors.
- Automated Payslips
A payroll software can help your team to generate simple and automated payslips with available templates for your selection. Pay slips can be provided to employees through auto-generated emails or by hand through prints. This helps your business to save a lot of time on creating payslips.
- Employee Calendar
With a payroll software solution, you can track employee leave, staff absences, and overtime. This allows you to manage your employee calendar and reduce stoppages in operations. Your employee attendance would reflect the level of your business operations. A payroll software helps you to prevent unnecessary downtimes by planning your employee calendar properly.
- Security
A payroll software provides your company with layered security whereby employees records are protected without the interference of a third party. User access permissions can also be created to define what a particular employee can access on the software. Payroll information should be kept in a confidential manner. Payroll software can help to allay fears of leaking employee information to a wrong party.
- Cost effective
Managing your payroll internally can be cost effective when done with payroll software. Payroll software relieves you of outsourcing your payroll functions. With easy-to-use payroll software, staff payroll can be computed easily, hence saving you costs and getting results quickly and effectively. You can also reduce the cost of printing pay slips on paper and creating hardcover files or documents.
- Tax Updates
Keeping up with tax laws can be overwhelming sometimes. Payroll software is usually updated once with new tax updates. This makes you up to date with tax legislation and helps you to prevent any potential liabilities or tax exposures.
- Meet Submission deadlines
Payroll software can help your team to manage submission deadlines and ensure that you are compliant with your tax submissions. With your payroll software, you can easily generate return submission templates and employee return information. This allows you to keep track of the deadlines and submit returns before tax submission deadlines.
- Decision Making
Payroll software is a top tool that can help any organisation make strategic decisions about staff welfare and planning. Information and reports extracted from software can be used to make informed decisions in the organisation.
- Real time information
HR and Payroll Managers can access a real time record of employees that are available in the office through a check-in or check-out system. They also obtain other personal information from the software in a prompt manner.
- Promotes transparency
Employees constantly want to be informed about their earnings. Payroll software helps employers to be transparent and provide payroll information to employees. With your payroll software, you can provide employees access to their earning information in an open manner.
One major benefit company enjoy while using payroll software is the ease of managing staff seamlessly. Payroll computations can be done in an automated manner using payroll software. Sage has a wide range of payroll software solutions depending on the size of the business. Sage Business Cloud Payroll is used by small businesses. Sage Pastel Payroll and HR and Sage 300 People are used by multiple medium and large businesses. To learn more about other Sage software, click here.