The payroll process is an important part of running a business. Payroll processing refers to the steps taken by a business to make sure its employees are properly compensated for their work hours every pay period. This process includes tracking the actual number of hours worked, deducting a particular amount for employee benefits, and remitting necessary taxes. A sound and effective payroll process helps keep your employees satisfied and also makes sure your legal obligations are met to avoid labor-related penalties.
You want to ensure that your payroll is always timely, legally compliant, and accurately processed. However, the payroll process can be quite challenging, especially if the business involves a large number of employees. If you want to make the payroll process easy yet effective, you might want to try a payroll software.
A Simplified Payroll Process
When you use a payroll software, you can modify the steps in the payroll process to better reflect your company requirements and usual workflows. For instance, you can import your employee hours and synchronize it with the software’s labor management system so that the software can identify the total logged hours of your employees for you. A payroll software significantly simplifies the payroll process for your business while still ensuring that the results are highly accurate.
You can also utilize payroll software to run various payroll-related reports, such as a General Ledger, Labor Distribution, or Payroll Register for your business. These reports add to the accuracy of the software in finalizing the payroll by checking potential errors and issues that you can resolve before submitting payroll.
Enjoy Real-time and On-Demand Access
A payroll software doesn’t just help the business run a smoother payroll process, it also strengthens employee-employer relationships by showing transparency. Employees can log into the same payroll software used by management to view their payroll information anytime they please, allowing them to review their earning histories and previous pay stubs.
By giving your employees real-time and on-demand access, it lessens the work needed from overworked HR administrators to settle any payroll-related questions because the employee can simply review his (or her) work log himself (or herself). Since the information is relayed real-time, the employee can also immediately report any payroll mistakes to make sure that it’s properly adjusted right away. Common self-service features also allow employees to modify direct deposit details, update their W-4 forms, and even print W-2 forms.
Manage Employee Hours, Compensation, and 401(k) in One Easy-to-Use Platform
The payroll process consists of several steps that take a lot of time to complete, especially if done manually. You need to collect daily records of each employee’s time worked, usually through a standard timekeeping system such as a timesheet or time clock, and then you’ll have to add the hours up to cover a pay period. While that’s already time-consuming, you also need to compute additional earnings (through overtime) and deductions for each employee individually before completing their payroll logs for the period. Not to mention you also have to file 401(k) reports once you’re done with the number crunching. It’s quite a hassle to manually work with all these numbers and reports on separate files and platforms, especially if your business employs a significant number of employees.
A payroll software allows a business to handle multiple payroll concerns on a single, easy-to-use platform, considerably increasing efficiency. You can track employee hours through recorded logs, compute for their proper compensation, and file the necessary 401(k) reports all in the same app. Technology’s innovations have come a long way in making our daily lives much easier, and all we need to do is embrace it by utilizing helpful products such as payroll software into our business systems for a more efficient and effective workforce.
A Final Word on Payroll Software
A payroll software can help a business work more efficiently while also providing its employees with a transparent system for payroll-related inquiries. It’s a no-brainer that any organization can improve its operations by using payroll software, what you need to find out is which payroll software to trust with your business.
Automatic Business Computing is a full service payroll processing firm that delivers cutting-edge cloud-based technology ideal for handling human resources-related tasks such as timekeeping, payroll creation and reporting, and reviewing employee work schedules. With more than 40 years of experience in the industry, Automatic Business Computing provides companies with a top-notch payroll software that can help you control labor costs, minimize compliance risk, and improve workforce productivity.