Every Australian organisation must decide whether to do payroll in-house or outsource it. With the payroll software programs available these days, the time-consuming and complex task has gotten a lot easier. If you are currently outsourcing your payroll, you might consider bringing it in-house and reap cost savings.
Payroll software can be installed on a particular computer or can be used online. Using the online feature releases businesses from the responsibility of data backups and security issues. Vendors upgrade their programs regularly in order to meet new regulations or add new features upon customer demand.
This software includes typically direct deposit, electronic tax payments, quarterly and year-end tax filings. Each employee forms a record and all relevant information for this employee is collected in one place in a single database. The payroll department upgrades that information as needed. Because a single database is used, all users see the exact same information.
The learning curve for this form of software is relatively low. It is designed with a variety of fields for each piece of information needed. Some fields contain drop-down menus to ensure appropriate input. Other fields contain strings such as that the social security number must always consist of nine numbers. If more or fewer numbers are keyed in, the input will be rejected. These and other features decrease the potential for wrong inputs.
Many vendors offer a variety of support services for their payroll software. In live support, for example, employees discuss an issue with a real human being over the phone, email, or other features. Problems can then be rectified in no time at all. After all, employees are expecting regular and correct payments.
Payroll software does justice to the needs of different industries. It lets users select whether an employee gets paid by the hour, receives a salary, or other income. It lets users set up deductions, benefits, and other employee-specific information. Payroll software stores this information so that it is readily available for each payroll period.
Various software packages allow employees choose between receiving a cheque or bank transfers. This is an individual choice available for each employee. Hence, there is no need to request that all employees either receive cheques or opt for bank transfers.
This flexibility is especially valuable when providing payroll for businesses in different locations or for employees who rarely visit headquarters.
The investment into payroll software is long-term. Hence, the right software needs to be able to meet future needs. If you foresee substantial hiring, the payroll software must be able to handle a certain number of payments either at the time of implementation or be able to be upgraded in the future.
This type of accounting software can be installed on company computers or on vendor servers and accessed online. The latter are hosted solutions and fall into the category of cloud computing. The benefits of cloud computing are that businesses do not have to worry about data backup, data security, and software maintenance.
The disadvantages are that the businesses must have a reliable and high-speed internet connection. Nevertheless, cloud computing is gaining momentum because it requires few in-house resources in terms of hardware and information technology personnel.
1. Does it come with live support? Payroll is time sensitive and hence the support plan should include instant live support in case of problems.
2. What are the advantages and disadvantages of using online payroll software in comparison to in-house hardware? This decision depends on the specific circumstances of a business.
3. Can the software be upgraded to meet future demands? Often, the price for payroll software depends on the number of employees. If you hire in the future, there is no need to pay for these now.
4. Does the software have an e-file option? Businesses must regularly remit a variety of taxes and other benefits to governmental agencies and private businesses. E-filing saves time.
5. Will the payroll software vendor upgrade the software to meet new regulations? Payroll undergoes changes and upgrades keep software working efficiently.
Payroll software can add to your bottom line because it allows for quick and efficient payroll processing. There are a variety of programs available out there, and I am sure you’ll find the right payroll software for your needs.
When you are a business owner, there are so many things to focus on. You've got marketing, sales, systems, IT, finance,…
Without the top scheduling applications available, finding the right time to meet with someone can be a frustrating…
The Australian Software Guide features a hand curated list of the best Australian built software products.