Human resource managers and owners are discovering payroll software for small business that sustains long-term growth and offers a more affordable, user friendly experience thanks to recent technology advancements.
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Looking for new software? Check it out,Choosing Small Business Payroll Software
The days when human resource managers and small business owners toiled over physical time-cards and spreadsheets or paid fines out of pocket for costly tax errors are gone. Twenty years ago a sophisticated, fully integrated software suite with payroll functionality was pretty much only used by large or mid-size businesses with server rooms and teams of IT resources.
However, the introduction of cloud based small business payroll software has enabled mom-and-pops to access sophisticated HR and accounting apps that streamline processes and reduce manual tasks. With automation and workflow technology in place, human resource managers can streamline approvals, reduce payroll errors and spend more time focusing on making human resources a core part of the business. And wouldn’t it be nice if closing the books at the end of the month or closing the tax year didn’t have to be a huge headache?
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Why SMBs adopt cloud based payroll software for small business
- Reduce costs
- Save time and headaches
- Reduce errors and redundant data entry
- Improve employee access
- Go mobile
Evaluating Small Business Payroll Software for Growth
While entry level accounting and management solutions like QuickBooks offer add-on payroll functionality, they are not designed for businesses that want to expand quickly. The fastest growing small businesses who use entry-level accounting will find that they will quickly outgrow the system’s features, functionality and available cloud storage. If you are looking for payroll software for small business that is capable of supporting the business through years of growth, ask about the following critical features of small business payroll software.
1. Tax Filing
To ensure that small businesses stay compliant and avoid costly penalties, cloud based small business payroll software should offer tax filing features to relieve owners, managers and accountants of the complexities of managing deductions and filing taxes. Be sure the cloud provider offers year-end tax updates and updated tax-tables included in their service.
2. Direct Deposit
Eliminating paper checks can be a major time and money saver for the employer. Direct deposit allows businesses to add payroll funds to employees’ bank, savings and loan, or credit union accounts through an automated clearing house (ACH) file. Plus, implementing small business payroll software that enables direct deposit will improve employee satisfaction by saving them a trip to the bank.
3. Reporting and Integration
When HR processes are integrated to accounting and other systems, human resource managers can spend less time on administration and will have a 360-degree view of KPIs, employee benefits and more. Does your small business payroll software also support employee benefits programs, recruiting and new hire onboarding processes?
Beyond payroll services, human resource leaders have a lot of reporting and management responsibilities. Streamlining communication and better collaboration between departments reduces time, required resources, and often costs. Automated reporting processes and simple role-based dashboards are critical components in modern software. Integration of other systems with payroll processes drives deeper insight and reduces or eliminates errors when information is passed between departments.
4. Human Resources Unlimited Employees
Software should enable businesses to attract and retain top talent and offer employees better services with customizable hiring processes, scheduling, pay rates, and performance evaluation tools. It should also allow a business to add unlimited employees in order to support future expansion.
5. Automated Payroll (US and Canada) Unlimited Employees
The best small business payroll software will allow automated payroll processing, support complex payroll requirements and enable HR managers to offer better service to employees while reducing unnecessary overhead costs. With Canadian and US payroll, businesses from either side of the border can extend their reach using remote employees and contractors to quickly expand geographically or reduce the cost of payroll.
6. Federal Magnetic Media (Compliance)
This is a critical feature in payroll software for small businesses. It will help keep you fully compliant with government reporting requirements by generating Federal Magnetic Media files.
7. Payroll Connect
Payroll connect enables automated data transfer from a payroll service provider such as ADP/PC Payroll for Windows® directly into you’re your General Accounting Ledger. This is essentially a turnkey payment automation solution that eliminates the need to reenter data, enabling businesses to reduce risk and errors while saving time.
8. Position Control
Position control will allow small business owners to manage labor budgets and human resources based on specific job functions and a specific head count. It will also allow them to apply data throughout the Human Resource and Payroll system to enforce the business rules and to manage the movement of human resources throughout the organization.
9. PTO Manager and Benefits Self Service
HR and payroll supervisors need to be able to manage complex and changing vacation and sick time policies quickly and accurately through automated processes. With the right technology in place payroll departments can reduce paperwork and manual entry by moving benefit processes online, including yearly benefits, change of status, and more.
10. Employee KPIs and Education
The best HR software allows managers to easily track critical health and wellness information and ensure compliance with government requirements around payroll and employee management. Small business HR software should allow supervisors to manage employee certifications, licenses and training requirements to help workers meet their potential and maximize the value they bring to the organization.
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