Payroll is one of the most important aspects of running your business. Which payroll system do you use? Is it the most secure and cost-effective? Are you complying with local, state, and federal tax laws? Are you losing out on anything by handling payroll yourself?
Payroll is not an easy task, and your company may be struggling with it, but you don’t have to. When running a business, you need all the help you can get, and that’s what an automated payroll system can provide.Simply put, a payroll system is used by employers to pay their employees. Likewise, an automated payroll system allows an employer to process its payroll using an online system.Human error is inevitable, but with an automated payroll system, you can breathe knowing the daunting task of calculating different types of payments is done automatically. Payroll software can automatically calculate all types of income, including bonuses, commissions, and wage deductions. As an added benefit, it can also generate paychecks automatically. An automated payroll system helps reduce errors while increasing efficiency. Time and attendance systems serve as a convenient way to track when employees begin and end their shifts. This application is typically paired with a payroll solution to offer an error-free, time-saving solution. Automated payroll systems can automatically transfer data regarding total hours worked by employees into your payroll system. The beauty of an automated payroll system is it’s all done online. An automated payroll system can generate and store records from past and present years while also cutting down the amount of clutter in the office. At first glance, the price tag of an automated payroll system can frighten your business, but in the long run according to the American Payroll Association (APA) automation reduces payroll processing costs by 80 percent. In addition, most of the cost savings come from reducing the number of errors involved in both paychecks and invoices.
Most payroll providers have an abundance of automated capabilities, but below are six common and critical features you should ensure are included.
Record KeepingPayroll automation can help you stay organized, reduce calculation errors, and ensure employees are paid on time. But how do you get started? We suggest starting with the following two steps:
Take Advantage of Free Trials: Gain a hands-on understanding and experience of the system before committing to purchasing.
Compare Software Companies: There are a surplus amount of automated payroll system providers, and you must compare prices, features, and look at online reviews to ensure you’re going with the optimum software for your business.