We don’t have to tell you how time-consuming and complex payroll management is each month – there’s a reason so many businesses, and accounting firms, outsource it to specialist providers.
Not everyone’s in a position to do that, though, which is why, when it comes to taking the plunge on software, payroll is a good place to start. With the right payroll software, managing multiple tax calculations, employee benefits, and overall compliance, can become much less of an undertaking.
Here are 9 ways payroll software can make your life easier.
- Automated payroll processing
We’ll start with the big one! Payroll software can automate the entire process for you – calculating wages, deductions, and withholdings automatically – all based on predefined rules. As well as saving you time, this also reduces the risk of errors when calculating things manually.
- Time savings
Payroll tasks can stack up and cost you hours. If everything’s automated as above, you’ll say goodbye to manual data entry and verification, and find more time to focus on more strategic or value-added client work.
- Compliance with regulations
Keeping on top of changing employment laws and tax regulations is a task in itself, but payroll software can look after this for you. Good software will automatically update tax tables, track changes in legislation, and generate any reports necessary for regulatory compliance.
- Accurate tax calculations
Because payroll software will automatically apply the latest tax rates and regulations, it can help ensure that the tax calculations are always accurate. As well as avoiding over- or under-charging employees, minimising tax related errors also reduces the chances of any penalties or noncompliance.
- Auto-enrolment options
When it comes to managing pensions, payroll software can help assess and enrol your clients’ employees into a scheme – and once auto-enrolment options are correctly set up, they’re very easy to use.
- Extensive reporting
Good payroll software will allow you to analyse payroll reports in detail – creating segments for different departments, assigning employees, and preparing payslips or reports for specific groups of employees.
- Integration with time and attendance systems
If your clients (or your business) have time and attendance systems in place to track employee hours, payroll software can integrate with this, making sure that payroll is processed accurately based on actual working hours.
As businesses grow, payroll software can scale to accommodate an increasing number of employees and more complex payroll structures. When built with scalability in mind, payroll software can support organisations even through periods of high recruitment.
- Straight-forward end of year submissions
Payroll software streamlines year-end processes, generating supplementary forms like P60s or P11Ds. This simplifies the preparation of year-end tax documents and ensures timely compliance with reporting requirements.
Ready to get started with payroll software?
These are just some of our favourite ways that payroll software can make accountants’ lives easier – whether you’re in practice or in-house. If you’re ready to get started, speak to our team today.