Being a small business owner can be difficult, especially when managing your budget. When you look at your budget, there may not be much you can put on the chopping block. But, there is one area where you may actually find some savings. Have you considered how much you’re paying to process payroll?
It doesn’t make sense for you to pay big-business prices for payroll. Why pay for services you don’t really need? There are more affordable payroll software solutions designed for you.
5 solutions that payroll software offers
Managing your own payroll can be surprisingly convenient with payroll software. Here are some solutions that payroll software can offer your small business.
1. Online convenience
With cloud payroll software, you can run payroll anytime, anywhere. All you need is an Internet connection. You can pay your employees from your office or kitchen table.
Some payroll solutions will allow you to run payroll from a mobile device, such as a smartphone or tablet. This means you are not confined to a desktop. You could even pay employees from a work vehicle (not while driving, of course).
2. Paycheck options
Depending on the software you choose, you could have multiple options to pay your employees. You can print them out yourself, at your convenience, on your own printer. You don’t have to wait for the payroll company to deliver your paychecks.
You can make your paychecks completely paperless, and opt for direct deposit or online bill pay through your bank. Direct deposit provides you with an electronic way to easily transfer wages to an employee’s bank account. Of course, the employee must have a bank account for this payment option to work.
You can also use pay cards to pay employees. Pay cards are like debit cards that you reuse and load with employee wages.
3. Payroll tax filing
Payroll taxes are tricky. Depending on where your business is located, you might have a lot of taxes to manage. Missing a tax payment could be extremely costly because of penalties.
Some payroll software options offer tax filing and deposit services. If you use a program that handles all the taxes for you, you will have one less thing to worry about. And the automatic payroll tax filing accurately calculates taxes and might free up some of your time, too.
4. Time and attendance management
You don’t want to worry about remembering exactly when employees showed up or left. Keeping track of when employees are at work and how much you owe them takes a lot of organization.
Some payroll software programs offer a time and attendance software add-on. It can be a solution to your business’s timekeeping. Depending on the software you use, this feature might act as a time clock, manage time off, and use the worked hours to calculate wages.
5. Recordkeeping organization
The payroll software you choose will likely offer a solution for you to digitally store your payroll records. Then you could have the option to download or print your records. Digital storage will help manage unorganized or overflowing filing cabinets. You should also be able to easily find your records if you ever need them.
Find out if these five solutions can save you time and money. Try online payroll services for your small business. Why not get started with a free trial from Patriot Software? We’ll even set up your payroll for free!
This article was updated on 12/23/2015. (Original publication date: 5/16/2011.)