One key indicator that a business is thriving is the rate of employee productivity. As a business grows and expands, responsibilities and tasks of each worker also increase which makes it necessary to boost daily productivity. Without an increase in output and efficiency, your business will end up losing clients and the money they bring in.
The department that requires full updating and restructuring is accounting and payroll. What better way to increase and ensure productivity than to invest in a certified payroll software? Here’s how this simple move forward can help your business thrive by driving up productivity:
A fully-automated payroll system can come with time-tracking software that doubles as a timesheet for workers. This allows your accounting department to keep track of any absences, vacations, leaves, and tardiness which will be reflected on the employee’s salary.
There is no need to waste time manually tracking everyone’s daily working hours and risk entering the wrong data on the old system. A certified payroll software does this automatically with very minimal chances of errors.
No matter how hard and diligent the accounting and payroll department works to release salary on time, there is always a risk for human errors that can cost your company a lot of money. Small changes such as deductions, overtime pay, commissions, and bonuses will require the team of human calculators to put in more time to compute everyone’s salary.
These changes can be overlooked which can mean disaster for the business. This is not an issue with a payroll system that is programmed to do accurate calculations in just a matter of seconds. There’s no need to waste hours manually calculating payment adjustments because your new system can handle everything.
Computing For Tax Deductions
All employers are required by law to make some wage deductions from every employee’s salary. These deductions include federal income taxes, Medicare tax, the social security tax, and sometimes a state tax as well. Your accounting department can easily confuse all of these deductions and possibly even forget to make the deductions which can trigger an IRS investigation.
A payroll system comes pre-programmed to do these deductions automatically. Once all the specific deductions for an employee is encoded, the system will do the rest. Yes, it is that easy and convenient.
Using a payroll system will increase the level of security in the office. There is very little risk of any data breaches because only specific people are given access to the information stored on the database. Seeing as the accounting and payroll department handles transactions and payments, keeping all of the sensitive information safe is a priority.
The risk of theft and embezzlement is reduced the moment you start using a certified system to do all of the accounting and payroll for the company.
Upgrade Your Payroll System Now
An upgraded and certified system will help your business keep up with the demands. All tasks involving money, whether it is accepting or releasing payments will be done in a timely manner with high accuracy so you don’t have to stress out about reviewing all transactions individually.