payroll
Business

6 Benefits Of Using Payroll Software For Your Business

There’s no denying that in-house payroll is time consuming, not to mention boring. When it comes to data entry there’s also room for human error that could cause unnecessary problems a little later down the line. What if I told you there’s payroll software that can take the hassle out of this laborious task and eliminate the risk of mistakes? Well, there’s many to choose from and the likelihood is that there’s software on the market that’s perfect for your business. Whether you have a small number of employees or your staff team is forever growing, continue reading to find out why switching to payroll software can save you time, money and increase efficiency.

Employee Calendars

Having an overview of who’s in the office at any given time is the key to excellent organisation. Manage sick leave, planned absences and overtime at the touch of a button, could it get any easier? Each absence is categorised, on most software it’s usually colour coded, so you can see at a glance why people are out of the office. From this you’ll be able to easily calculate how much leave they’re entitled to and what steps you’ll need to take next.

Cost Effectiveness

There’s always the option to outsource your payroll but when there’s software available that’s so user friendly why would you pay someone else and waste your hard earned cash. With payroll software training packages and easy to access tutorials you’ll be a whizz in no time meaning optimal efficiency. Of course there will be an initial upfront cost for the software but over time your investment will pay for itself as you begin to save time and money by managing your payroll in-house.

Pay Slips

By investing in high quality and intelligent payroll software you can create commercial payslips for your employees that are easy to understand and are consistent. You can choose from different templates and all statutory information will be included. There’s an option to choose free software but those packages don’t allow payslip generation and you’ll then have to source this separately.

Eliminate The Risk Of Human Error

When entering data it’s inevitable that mistakes will be made. They may only be small and seem insignificant but they will affect your employees wages and the impact for them could be huge. The best way to eliminate that risk is to allow payroll software to do the job for you. Thorough validation procedures stop you from entering the wrong data meaning you can work in the confidence that your employees will be receiving the correct salary.

Extra Security

Using payroll software, in-house, removes the risk that comes with sharing personal data with a third party. When you outsource payroll you have to exchange tax file numbers, addresses, salary information about all your employees and that comes with an attached risk. By increasing your own online security you’ll know for sure that all the personal data that you hold is secure and safe.

Reminders

Setting reminders in relation to payroll not only supports your planning but can help you avoid hefty fines. Salary, tax and super information has to be submitted to the ATO regularly so being able to set reminders about report generation means you’ll never miss another deadline again.

Summary

No you know why investing in payroll software will be beneficial for your company. More efficiency and productivity means that you can focus on growing your business rather than getting bogged down with day to day responsibilities.