Streamline payroll processing, save time and money, and ensure accuracy with the support of smart online tools.
Setting up and processing payroll accurately can feel like a full-time job for over-stretched small business owners. It’s hard enough to make sure your employees get paid the correct amount — on time — much less pay taxes, calculate benefits and keep up with constantly changing rules and regulations.
Payroll is not something small businesses can afford to get wrong. Beyond disgruntled employees, there are fines and penalties to worry about. And what if you have both W-2 and 1099 employees to pay? Managing all of the data it takes to run an accurate payroll can feel completely overwhelming.
Yet many small business owners manage payroll themselves. Until fairly recently, the only alternative was to hire a full-service payroll provider, which can be cost prohibitive. Fortunately, today’s small business owners have a better option.
Payroll software can offer small business owners the best of both worlds. Less expensive than a full-service payroll provider, online tools can automate the arduous bookkeeping associated with payroll — with the added bonus of live support. Relying on intuitive payroll software can save you time, money and quite possibly your sanity.
Setting up payroll can be daunting. There’s a lot more to it than simply determining how much each of your employees should be paid. You need to factor in benefits, make sure the appropriate amount of taxes are withheld and meet compliance regulations that vary from state to state.
When you set up your payroll within an accounting platform like FINSYNC, which syncs up all of your small business finances in one place, taxes are calculated automatically. This automated bookkeeping not only saves you a significant amount of time, it can also dramatically improve the accuracy of your payroll.
Intuitive payroll software can streamline your efforts even further by integrating time tracking and accountability into your projects. Mobile-enabled time tracking that’s synced up to your payroll can make it simple to calcuate accurate payments. Geo-fencing and IP tracking provide visibility so you know the hours submitted were actually at the job site.
This is especially true if you work with contractors in addition to full-time employees, both of whom can use the time-tracking tool. Integrated payroll software makes it seamless to pay both W-2 and 1099 employees on the same cycle.
When you don’t have the budget to hire a full-service payroll company, innovative software is a logical alternative to tackling the task yourself — especially when you consider the amount of time and resources the DIY approach requires.
Integrated payroll software like FINSYNC can cost 20 to 30 percent less than standalone services like ADP or Paychex, and has the benefit of being synced up with your small business finances on a single dashboard.
When shopping around for payroll software, be mindful of add-on pricing. Some companies charge extra for capabilities like time tracking, integrated expense claims management and extra administrative users.
Save Your Sanity
When it comes to avoiding fines and penalties, peace of mind is invaluable. You’ve got a lot on your plate already — payroll shouldn’t add to the stress of running your small business.
Online payroll tools can help you avoid miscalculations and missed deadlines. They can also help you keep up with changing regulations without any extra effort (or stress) on your part. Automatic updates ensure that you remain compliant in the state in which you operate, even when tax tables are updated.
Wondering if your contractor should actually be classified as an employee? Have a question about calculating benefits? Payroll can be complicated on a lot of different levels. The best payroll software is backed by live support in the form of a dedicated, U.S.-based representative that you know by name.
Let’s not forget about the importance of paying your employees on time, every time. When you’re staring down a million different deadlines, payroll is something that simply can’t wait. Well-designed payroll software can take the crucial task of paying your employees off of your plate.
Relying on intuitive payroll software is simply a smarter way to run your small business. Save time and money so you can concentrate your efforts on growing your business.