Is it time to start using payroll software?

Payroll, it’s important to get it right but often that’s easier said than done! It's easy to underestimate the importance of a well-functioning payroll system, especially when caught up in day-to-day operations of the business. However, having a well-functioning system keeps your employees from becoming disgruntled or unhappy, and helps reduce administration tasks for you and your staff.

There are many online payroll systems available to help manage employee payments and benefits, ranging from the cheap and simple to fully dedicated software suites. We can deliver hands-on assistance with payroll, or help establish and train your employees in how to get the most from a payroll system.

There are a few benefits to implementing a payroll system in your business. Here are five benefits to using a payroll system:

It makes compliance easy

All organisations must comply with tax regulations, including PAYE, KiwiSaver, etc. This entails making sure that you pay your employees correctly and accurately, whilst recording any deductions, such as ACC contributions. If you don’t have a suitable system in place, it can create a headache when you file payroll returns with the IRD and result in fines or, in worst-case scenarios, even prosecution. A managed payroll service from a good provider will help ensure that you're compliant by explaining any new laws and making sure you avoid any penalties.

It saves you time

Having a payroll system allows you to spend less time managing your employees' wages and more time focusing on growing your business. If you run multiple businesses, managing each one separately can take up a lot of time. Having a single system that handles all payroll processes saves you time every month.

Your data is secure

Your data is stored securely within a secure cloud environment, meaning that it cannot be accessed by hackers. Your information is protected against loss, damage, or theft.

It reduces your risk

If you're like most small businesses, you don't want to take on too much risk. When using a payroll system, you reduce the chance of making costly mistakes. You'll know exactly how much your employees make, their annual and sick leave balances, and you won't have to worry about paying out incorrect amounts. The software will calculate holiday pay, produce wage slips, and generate reports by individual or department.

Increased Accuracy

When you process payroll manually, you must calculate every single paycheck. If you make a small mistake, you could end up overpaying or underpaying your employees. By using a payroll system, you eliminate the possibility of human error. Your employees receive accurate paychecks, and you avoid having to correct errors later.

If you’re wanting to implement a payroll system but aren’t sure which one to choose or which ones integrate with MYOB, give us a call, we can help you evaluate and choose the best payroll system for your business.

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