An old or unreliable payroll system could hurt your business
The right payroll solution will encourage employee morale, stay compliant with US laws and even increase profits
The constantly changing regulatory landscape poses a major compliance challenge for small and medium businesses. As you hire more freelancers, adjust to changes in state tax laws, and respond to rising wages, you need an adaptable payroll accounting solution. Failure to comply can lead to an audit, resulting in potentially business-sinking fines.
Getting payroll right satisfies your legal requirements and builds employee trust. Our research found that 50% of employers would lose confidence in their employer after a single payroll mistake. If your employees don't feel valued or respected, they are more likely to leave.
Why your business needs accounting software with tools for payroll management
Embracing payroll and accounting software makes for happy employees and compliant operations.
Many companies rely on accounting and payroll software to manage compensation and stay legally compliant. What are the benefits of this sort of software?
You’ll retain and engage your employees
To keep your employees invested in your business, you need to make sure you’re compensating them regularly, reliably, and securely. Automated payroll and accounting software delivers paychecks promptly, supports multiple pay rates, calculates withholdings, and deducts and remits the appropriate taxes. Smoothly-paid employees make up a driven and enthusiastic work force.
You’ll always stay compliant
The IRS estimates that over 40% of small businesses incur payroll-tax related fines each year. It’s not hard to see why: minimum wage and overtime laws are constantly changing and vary state-to-state, while the growth of the "gig" economy means that companies are increasingly vulnerable to accidental noncompliance. A well-connected payroll and accounting solution ensures that accidental errors––the kind that can ruin your business––don’t happen in the first place.
You’ll eliminate costly mistakes
Payroll mistakes can lead to complex issues that affect employee compensation and impact your business. But you can avoid these mistakes: the right attendance tracking software ensures that time is accurately recorded, while payroll audits allow you to verify employee data and generate accurate reports. By automating the many processes that constitute a comprehensive payroll solution, you’ll eliminate these costly errors.
You'll be able to manage more efficient business
Payroll and accounting software affords your business a lot of benefit. Your employees will be enthusiastic and engaged, the government will leave you to your work, and employee data will be managed by an adaptable automated solution. With all these parts working together, you'll have time to improve and grow your business.