subject: Payroll Software - What's In It For You? [print this page] Payroll software packages come in many different shapes and sizes. As a small business owner, how do you know which one is the right one for you?
First things first, what is payroll software? Payroll software is a specific tool developed by software engineers to manage your business' payroll needs. You manually input or electronically upload employee hours from a time keeping system into the payroll program, the program then automatically calculates things such as rates of pay, federal and state taxes, overtime, vacation and paid time off accruals, and other functions related to paying your employees.
Some twenty-odd years ago, companies were faced with the daunting payroll task of using spreadsheets, Quicken, and Quick Books to handle all of their payroll processing. With all the laws and rapidly changing regulations, you need a software program that has payroll functionality built directly into it and one that will update automatically with the ever-changing payroll and tax regulations.
Even as a small business owner, you will encounter the time consuming task of paying your employees and maintaining mandatory payroll records according to state and federal law. By using a payroll software program, you will have all the information you need at your fingertips with the click of a button and the ability to pay your employees quickly and accurately. Employing the use of a payroll processing program allows you to stay more legally compliant and leaves less room for errors.
A payroll software program possesses the ability to minimize your time spent on paying your employees and maximize the time you spend running your business and devoting your time to your bottom line profit. In some instances, the payroll software program - when purchased and maintained through a reputable vendor - will automatically process your payroll checks, direct deposits, and quarterly and annual tax filings.
As you can see, a payroll software program automates the tedious and complicated tasks of payroll processing. As a small business owner, you need this security net to be more focused on the day-to-day operations of your business.
