5 Benefits of Automated Payroll Software

Save your company the hassle of manual payroll processing 

Software for payroll management comes with its advantages. Whether you’re a small business with 50 employees, or an enterprise with over 1,000, payroll software can streamline and automate the process to benefit every company and its employees.  This article looks at the top 5 reasons that payroll software can be beneficial for every company – no matter what size. 

Payroll Software saves you Time

Payroll is a tedious and time consuming process. The more employees a business has, the more time is devoted towards payroll completion. With automated payroll software, you can process payroll through a computerized system. Payroll software makes the task simpler, while speeding up the process. Companies can save even more time when employers take time in purchasing high quality software with the right features, such as direct deposit functionality. The best option for companies is custom payroll software that caters to the specific needs of the business. Custom off-the-shelf software only takes care of the basic necessities, and oftentimes companies pay for features they don’t need, while lacking features they do.

Payroll Software saves you Money

Payroll software automation will save your company time and money. With manual payroll, configuring, modifications and customization are all additional fees to keep in mind. Automated payroll software can improve your ROI, as custom development solutions are able integrate with your website, CRM, or other software currently in use.

Greater Efficiency & Reduction of Errors

When payroll isn’t done correctly, Uncle Sam can penalize the company for errors. For this reason and others, it’s crucial that payroll processing be done accurately. With payroll software, common mistakes are reduced significantly, which keeps the IRS from knocking at your door. 

Employee Record Safety 

Companies must keep employment records for a mandated period. Manual systems are less secure when it comes to employee records, as employees have to file data by hand. When using a payroll software system, the software creates and stores confidential records and offers high IT security standards (depending on the quality of the payroll software system).    

Tax Preparation 

When payroll isn’t done correctly, Uncle Sam can penalize your company. For this reason and others, it’s crucial that payroll processing be done accurately. With payroll software, you can greatly reduce the manual workload required to carry out these tasks, receive instant notifications, and updates for compliances. Automated payroll can also calculate tax withholding for each employee. No more tax errors or additional fees from the IRS or the state tax agency.