One of the most important aspects of any business, no matter the size, is payroll. Primarily, payroll is a process that ensures workers are properly compensated. Paid employees are happy employees that keep the wheels of a business turning and the profits coming in.
There’s a bit more to payroll than that, though, as a lot of often complex things like taxes need to be calculated along the way, and these can get quite tricky. Conducting payroll manually can end up getting out of hand, especially if a business starts experiencing rapid growth.
That is partly why payroll software was invented. These nifty computer programs can simplify and automate payroll systems, making the lives of business owners much easier. As a trained payroll administrator, you can suggest that your employer invest in payroll software for a number of beneficial reasons. To find out what they are, keep reading!
Investing in Payroll Software From the Start Provides a Solid Foundation For Growth
Payroll is among the most basic HR needs of a business. From the moment an organization hires its first employee, even if it’s just one, that employee will need to be paid correctly and on time. As time goes on and a company grows, HR needs get more complex, progressing to things like performance management, onboarding, and learning management.
Without a solid and flawless payroll system in place from the beginning, implementing further processes as the need arises will only be more complicated. Getting payroll software from the start is a good way to build that foundation.
Payroll Software Saves Time and Money
Calculating payroll can take up a lot of time, which, as the business-oriented mind knows, equals money. Small businesses, especially new ones, need to invest a lot of time on growth, which manual payroll processing and other accounting tasks can really eat away at.
Payroll software comes in handy because it reduces the hours it can take to do something to mere minutes. Even if a business owner has a specialist with payroll administrator training who is quick in manual payroll processing, quality software still frees up time which can then be spent on other bookkeeping tasks.
Costly Mistakes Can Be Avoided With Payroll Software
Payroll software can also save small business owners from a lot of potential headaches down the line. This is because manual payroll processing is more prone to mistakes, which can take time to correct. Inefficient processing of pay can also lead to unhappy workers, and if the problem becomes chronic then it could lead to problems with retention.
Another big area where mistakes can really cost small business owners down the line has to do with taxes. In Canada, both federal and provincial taxes need to be applied at the time of each payroll, and Canadian tax authorities require the preparation of annual reports demonstrating that all of the tax calculations made throughout the year were correct. If any mistakes are found, the penalties can be really high! Payroll software handily keeps track of everything throughout the year, deducts taxes correctly, and is able to generate the necessary report within minutes.
Using Your Payroll Administrator Training to Advise on Choosing the Perfect Software
If small business owners are convinced of the merits of investing in payroll software, they may be wondering what kind is best for them. The most important questions to consider in this case are their needs, compatibility with any accounting software they may have, and integration possibilities with other HR software like time-tracking and scheduling.
Using your expertise as a payroll administrator program graduate, you can provide recommendations from the many different options that exist, ranging from cloud-based programs and standalone payroll software to more complex HR software packages.
No matter what a business owner chooses, software still needs to be properly set up and managed. As companies grow, so does the scope of their payroll processes, coming to include things like overtime, vacation, bonuses, benefits, and more. As a result, small business owners are always likely to need the help of trained payroll administrators to manage their growing amount of bookkeeping responsibilities.