November 12, 2020
Average Read Time: 3 minutes
Many businesses tout their employees as their most valuable asset. But how do they show that they really mean it? By naming an employee of the month? Holding a team appreciation day? Offering casual Friday? Sure, those are great, and they certainly can make an impact. But it may come as no surprise to learn that pay (and benefits) routinely rank high on employee most-wanted lists. Paying employees on-time and accurately is critical for businesses of every size.
For small businesses, however, payroll can pose a few problems. Cash flow issues can make payroll obligations tough to meet. And since small business owners typically juggle multiple responsibilities, just finding the time to process paychecks is often difficult. In addition to freeing you up to grow your business, payroll software can help you:
Improve accuracy. Miscalculations and other errors can cause overpayments or underpayments and other costly accounting mistakes.
Increase compliance. By tracking employee data and generating government-required reports, payroll software can help you stay compliant with regulations and tax laws, keep track of records, and avoid penalties.
Centralize record storage. In addition to payroll, tax records, and reports, payroll software can store other employment-related documents.
Boost employee morale. Nothing matches the positive impact of paying workers accurately and on time. A recent Willis Towers Watson’s Global Benefits Attitudes Survey reported that 38 percent of employees are living paycheck to paycheck, and 39 percent could not come up with $3,000 in an emergency. And those results came from people surveyed before the global pandemic began.
If you want to make your payroll process easy then a payroll software like one of the 8 featured here could be exactly what your small business needs.
How to Choose the Right Software for Your Company
The type of business you’re in and how you pay your workers will influence your choice of payroll software. For example, if you own a trucking company, you might need to pay drivers by the mile. Agricultural businesses often employ seasonal workers. And many companies use independent contractors and must classify them and compensate them appropriately. The payroll software you choose should accommodate your needs.
In addition to the specific requirements of your business, some general features to consider include:
For example, if you own a restaurant, the ability to pay out tips the very night they’re earned would benefit servers and bartenders. Or if you need to attract and retain low wage employees , paying at the end of a shift can reduce no-shows, boost morale, and help you retain employees in high-turnover positions.
Small businesses often need better ways to manage how they pay their people. You might think your company is too small to afford payroll software. But given that it can significantly improve the way businesses operate, we’d encourage you to reconsider the benefits of payroll software.
To lean more about paying employees and managing reimbursement of business expended, download our eGuide.
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