Business review

Are you an entrepreneur looking for a quick fix solution to managing your business payroll needs? At the same time, are you wary of adding on more accounting staff to a workforce that is already on the larger side?

Well, the good news is that your problem just came to an end!

Payroll software tools can be used to speed up the process of calculating pay accurately, and making payments on time. They save you the burden of understanding complex payroll legislation and payroll systems operation, and thereby reduce administrative costs. Do we see you smiling already? Keep that grin firmly in place.

Trouble free payroll processing is a critical need of any business. Payroll software completes payroll calculations within a fraction of the time it would take to do them manually. It is also very useful for generating reports at the year-end, since both pay-slips and annual reports are archived for retrieval at a later date. So, you can see that payroll software offers a fully automated system which does more than just calculate statutory deductions. It has some solid benefits that will make you want it for your business. Wondering what those could be?

Payroll software can integrate with timesheet systems that record employee attendance or time worked. This way, information about hours worked can be automatically transferred into the payroll system, once the worker logs on. Alternatively, you could feed the data manually into an electronic form. To derive maximum benefit, you can use it to put together data on attendance and hours worked. Doing so can provide you with many reports which will allow you to do an in-depth analysis of staff costs across departments, individual jobs, contracts or the business as a whole. Then there’s the facility of "what-if" calculations. This helps in forecasting and planning staff costs and budgets - by entering hypothetical numbers, you can compare the exact total cost of an employee under different compensation scenarios. You can also maintain other employee data, such as records of annual leave, using payroll software.

So, is it right for you?

Every business will not need payroll software. For example, if the number of employees is small, manual payroll calculation can be simple and straightforward. Also, though payroll software saves a lot of time, it can be an expensive investment for a small company. Implementing payroll software usually requires an annual subscription, in addition to the initial purchase cost. The annual renewal is required in order to receive regular updates on taxation laws, National Insurance rates and changing legislation that affect payroll calculations.

Before taking a decision to implement payroll software in your organization, consider the available expertise within your business. For example, who handles payroll when the accountant is absent? It will be easier to train back-up personnel to operate the payroll software than have them carry out manual calculations.

Remember, you also need to ensure business continuity. Therefore, plan for support, data back-up and disaster recovery. In case of an emergency, you can always get back to manual processing, but be aware that usage of payroll software can make people overly computer-dependant. Therefore, insist on periodic refreshing of pen and paper skills.

Customized payroll software for small businesses can be. In order to meet the diversified needs of businesses, have developed different kinds of payroll software; pick the one that suits you best. has a payroll calculator and also offers a free trial version. VersaCheck Payroll and Big E-Z Payroll for Microsoft Excel

Hi, I'm Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you like to work smart, check out http://www.SmartEntrepreneur.net . It's full of articles and resources to help you start and grow your business successfully. Please visit us & download our special "Freebie of The Month" at
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Article Source: ArticlesBase.com - Payroll Software – Salaries Made Simple