In the recent past, many companies have come to realize that using software for their payroll requirements has many advantages over outsourcing the same roles to an outside company, and not only from a financial point of view.
Many companies already have a Human Resources (HR) division as part of their company, so having this department operating payroll software makes sense. And using software to perform payroll functions has many advantages.
Outsourcing payroll functions and tasks can be quite costly, compared with the price of purchasing quality payroll software. The cost of the software is a once of payment you incur, rather than a monthly subscription to a company, that is likely using a similar software to do this work for you anyhow! So, it makes sense to make the initial investment in the software.
The learning curve for these kinds of applications is very shallow; it is very easy to learn, even for inexperienced staff. So, what are the main benefits of having payroll software in place for your company or business?
Ease of access & use:
These kinds of programs are very easy to learn and use. Intuitive interfaces and step by step guides are usually features found, to make the learning curve as small as possible.
Automation of Payroll Functions:
Payroll packages can hold details of staff, such as tax information, allowances etc., and can help with the calculation of liabilities on a weekly, fortnightly, biweekly or monthly basis, after the initial input. Payroll Software can then take over to perform these kinds of calculations.
With payroll software, staff can be issued with their payslips online, and this is advantageous to both them and to you. Your staff will appreciate this, as they do not have to worry about keeping or losing their payslips, they are all there, available to access 24/7, if needs be. And for the company, the savings that can be achieved by reduced paper and ink demands can be great. Also, this is very environmentally friendly.
Adaptable to Change:
Payroll software is very adaptable to change. For example, if an individual staff member’s tax allowances or circumstances change, the system can take this on board and make adjustments as necessary, quickly and simply. And the software itself could change, with new version updates etc. Packages are built to be future proof, so if any major changes occur to either the way the software is used or to its User Interface, guides to the changes (like walk-throughs), are a usual feature.
These days, more and more businesses are turning to cloud computing for their data storage needs. With payroll software, sensitive staff information is held in the cloud, backed up and secured. This can save space in the office, where previously, there may have been filing cabinets and ledgers filled with these details
So, as you can see, there are many benefits to having your own payroll software available, rather than outsourcing, what in reality is an easily handled function of business.