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Business benefits of payroll software
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Business benefits of payroll software

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  • 1. Business benefits of payroll softwarePosted on December 21, 2011 by David StevensonIn the current economic climate, it can be a very uncertain time for many small businesses whichwill be looking for various ways to make their organizations more efficient and streamlined. Oneway to help achieve this goal is by integrating innovative software into their firms.For instance, in a manufacturer’s shop floor, they could invest in quicker machines to helpimprove their turnaround time. But one area that all small businesses can improve is theirpayroll services.By improving this particular sector of the firm they can increase staff morale by making suretheir employees are paid on time, and correctly. This in turn means that the taxman gets his fairshare and is not chasing companies for late tax returns or unpaid tax. Here’s where the payrollsoftware helps you handle the entire process in a hassle-free way.So, what are the key benefits of payroll software? Here is a small list of them:© 2011 Apptivo Inc. All rights reserved.
  • 2. Time savingAs I’ve mentioned already, many businesses are looking to make their procedures more timelyand efficient. By introducing new technology into the payroll sector it reduces the amount ofman hours needed for the procedure as the programme is automated. This means that when aclerk enters the initial data of employees, their hours and tax deductions are worked outautomatically – and it can only be changed when someone from accounting alters the originalinformation.RecordkeepingFollowing this, it means that people in the accounting department can focus on doing their jobwith fast, efficient and accurate data. Furthermore, by adopting this software clerks no longerhave to wade through hand-written ledgers and logs – and there is even an application that allowsmanagers and employees to leave inquiries for the accounting staff to follow up.Planning and reportingOnce this small business software is adopted by firms it means that their payroll department canprovide them with very accurate reports about the company’s profits and losses. In turn thismeans that organization owners and managers can see precisely what is left in the companyfunds. This will allow them to make more calculated decisions on how to take their businessforward in the future, especially as the software is able to forecast labour costs while interactingwith budgeting and accounting programmes.© 2011 Apptivo Inc. All rights reserved.
  • 3. It also means that employers can quickly ascertain when they have enough money to recruit newstaff or if times are hard when to lay some off – or alternatively pay bonuses or increase salaries.Money savingLast but definitely not least is that this technology can save companies money. This is becauseonce the software is installed firms can cut the amount of payroll positions as it is an automatedsystem. Employers can also ensure that their employees are paid on time and the taxman gets hisfair share. It also means that they can make more informed decisions about where the moneyfrom their organisation goes and what are the best investments to make.Finally, by installing this technology it means that firms can take their payroll departments intothe 21st century to streamline their accounting processes.Author: David Stevenson is a UK-based journalist who has written for numerous business-related and trade websites. He has written on subjects ranging from business managementthrough to technical software systems for various organisations.Share with us the benefits you or your friends have derived from payroll software. Mention themin the comment below. Ex: @Mary has derived benefits from payroll software.© 2011 Apptivo Inc. All rights reserved.

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