In almost every sector, everyone is tapping into the strength of the Internet. The payroll and accounting sector is not left behind in this regard. The way salaries and wages are paid in recent times is different from how it used to be done. In the days of old, there used to be long queues in the bank as a result of workers trying to convert their paycheck to cash. Nowadays, the income of workers can be paid via direct deposit into their respective bank accounts. This simply means employees can make withdrawals with their debit cards or alternative channels.
In the same vein, the times of having a payroll manager working manually on a salary schedule have long passed. With the use of different software, payroll processing is now easier and faster. With the old method, numerous errors occurred due to manual manipulation and calculation. These errors are not without huge consequence. They often lead to tax noncompliance and tax remittance issues and this will certainly play into the hands of the Internal Revenue Service. The manual method is also monotonous and stressful and it means the payroll manager must be present at all times. This is one advantage the use of software has over the manual method. With software, payroll processing can be done at any location and at any material time. Also, having to purchase software isn’t as expensive as employing a payroll manager on a full-time or part-time basis.
So, which is the best software for carrying out a payroll transaction?
QuickBooks Pro: For a small and growing business, this is literally the best option. It is easy to use and it has numerous self-service options. With this software, the output is automatic, accurate and reliable. Timesheet monitoring is already integrated into this software and error-free tax filing was part of the plan when the software was being designed. The photo capture option also makes it possible to keep track of receipts after payment is made.
Gusto: This software is designed to satisfy the HR needs of all small businesses. It is user-friendly and has a beautiful interface. Everything about this software is automated and you can rest assured that all calculations and payments are accurate. Gusto has a time tracking feature that helps you monitor employee performance. Hence, they are only paid for the duration they work for. This software is built to meet the requirements of ACA, HIPAA, and ERISA.
Sage 50cloud: This software emanates from the renowned Sage group. This utility software is useful for payroll, accounting and tax purposes. It helps you with the computation of the net income of all workers under your wage structure. Since it is useful for tax purposes, income tax is calculated automatically and filing can be carried out seamlessly by the use of the Sage 50cloud software. The accuracy of figures derived from this software can be relied upon and it is pretty affordable and available.
If you prefer to have your payroll processing handled by a reputable firm without having to learn the technicalities of software, you can reach out to us.