Processing payroll is a crucial part of any business operation, but it can also be a headache for business owners who don’t have the time and expertise that it requires. While many businesses outsource payroll to third-party payroll specialists to save time and aggravation, this can be costly for some businesses, and maybe unnecessary. The abundance of payroll software on the market might be a more palatable and affordable option for business owners looking to reduce payroll duties while still keeping it in-house.
Your business has grown. Salaries, deductions, and taxes are complicated. Medical, dental, and retirement plans need managing and updating over time. Accuracy and attention are needed to calculate each employee’s salary in compliance with payroll laws, and then print, sign, and assemble paychecks every two weeks. If your business has grown to the point that you are spending a disproportionate amount of time managing payroll duties, automated payroll services might be the most practical solution to handle all the payroll computing and tax-filing work for you. If your business has experienced growth recently, or if you anticipate growth this year, a payroll software that can grow with your business and its expanding staff is a practical addition.
Even if you think you could use a dedicated payroll hire, your budget may not allow for it. If you plan to continue handling payroll yourself, but want to streamline the process and minimize the time spent, software can help greatly reduce the burden. As thousands of small businesses grapple with staff shortages and unfilled job openings right now, technology solutions that can do more work with fewer people may be the best option. An initial investment of time is needed to set up your system (with company and employee info), but once your setup is complete, running payroll takes only a few minutes each time. Many payroll software products offer a variety of monthly plans that make them affordable for many small businesses.
Any time you give sensitive information to a third-party, you take a security risk. Using software in-house gives you greater control over who sees and accesses confidential payroll information. Reputable accounting and payroll software products use data encryption and password protection. Files are backed up and stored securely. As the business owner, you control which employees have permission to access the system and what sensitive information they can retrieve.
Payroll software that calculates and files your payroll taxes automatically is a huge time-saver for small business owners. There is not only a plethora of quarterly and annual forms for federal, local, and state taxes (particularly if you have tax obligations in multiple states), but there may also be tax credits for which your business qualifies. Software that takes care of finding credits and paying taxes on the company’s behalf will cost a little more for the service but is a worthwhile investment for businesses with complicated filings.
Reputable HR and payroll products guarantee accuracy in their calculations and compliance with government taxes and regulations. They offer small business owners the most reliable, up-to-date navigation of the complex and changing regulations surrounding payroll. The level of expertise alleviates the headaches for the small business owner and is well worth the investment.
Taking the time to research payroll products on the market to determine which best suits your business can save countless hours later, not only in calculating and running your payroll, but also in error-reduction. Checkeeper integrates with the many of the highest rated payroll products on the market, including Gusto, and can seamlessly print and mail checks to all your employees or contractors.