Payroll is just another task small business owners have to pile on their to-do list, along with business development, marketing, assessing technology, fulfilling orders and many others. Finding efficiencies in your business is essential to getting ahead and cutting down on the time-consuming payroll process through automation, and can free you up to focus on more important areas of the business.
Benefits of Payroll Automation
Payroll automation’s most obvious benefit is you no longer have to obsess over details, such as spreadsheets, calculations and compliance paperwork. Manual input only increases your payroll costs, in both hidden and obvious areas. Obvious costs include the loss of your productive time and human error, while hidden costs – which often pop up as lump sums completely out of the blue – involve compliance audits, timesheet fraud and scheduling inefficiencies.
Most young businesses just don’t have the cash flow to afford a regular in-house or outsourced accountant, particularly if they are only used for payroll. Payroll automation services can save you time and money. These services, like QuickBooks Online, have a free version for up to 10 employees, which can be upgraded for an affordable monthly fee that is perfect for cost-conscious small businesses. This means you can take complete control of your expenses and scale the software with your business.
What Can Payroll Software Do?
Aside from saving you valuable time and money, payroll automation and software can help your business in a variety of ways, such as:
- Pay Scheduling: You can pay your employees weekly, monthly, fortnightly or any combination you require. This means you can establish pay scales for employees as your require. Some services also offer calendars, which you can use to update when your employees are taking time off, when they’re scheduled to work and how much leave they’re entitled to
- Automatic Tax Reporting: Aside from developing ATO-compliant reports for your payroll, many payroll automation services are cloud-enabled and update to cover the latest tax changes – meaning even if you miss some changes to tax reporting, you’re still covered
- Simple User Interface: One of the great benefits in this digital age is the emphasis on easy-to-use software. This means you don’t need high-level expertise to manage payroll. You won’t need a three-day training seminar to set up your automation program. Instead you can be up and running on the same day
- Timesheet Capture: Gone are the days of endlessly chasing down employees to submit their timesheets or managing their manual submissions. These services allow your staff to put in their hours quickly and you can sign off on them – and then the automation kicks in and people are paid!
Payroll automation can streamline your business like you wouldn’t believe, but there are many other ways you can manage payroll that might better suit your organisation.