Do I need payroll software for my business?

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PayFit

3 May 2019

do i need a payroll software

Payroll can be a real headache for any business owner, but one that has serious consequences when you don’t get it right.

 

If you’ve been using outdated paper systems or time-consuming spreadsheets, and mistakes are a regular issue, you may approach every payday with fear and dread.

 

So why not consider using reliable software to manage this important function? Take a look below at the signs that indicate you might need to make a change, and the benefits you could enjoy when you find the right payroll software for your organisation.

What are some of the signs you need payroll software in your business?

  •      You want an automated system that takes the strain on payday
  •      You’d like flexibility tailored to your business
  •      You want a solution that integrates with other business areas
  •      You’d like employees to be able to access their own pay information
  •      You want to upgrade your systems and improve payroll accuracy

Some payroll software lets you manage all aspects of paying your staff using one easy interface, so let’s find out what the benefits are for your business.

Reduced errors

Payroll mistakes have a habit of surfacing when you least expect them, sometimes years after the initial error has been made. Each time it happens you run the risk of reducing staff morale, lowering productivity, and damaging your reputation. Payroll applications help you minimise errors and meet your obligations as an employer.

 

If you make an error in your payroll, such as not sending your Full Payment Submission (FPS) on time or failing to send the correct number of Full Payment Submissions, the penalty can be significant. Depending on the number of staff you employ, it can range from £100 to £400 per month.

More time and money

Payroll software saves you time and allows you to focus on other areas of business, such as sales and customer service. It also saves money by automating day-to-day administrative tasks, and minimising the likelihood of late filing and payment penalties.

So on a day-to-day basis, how can payroll software contribute to increased efficiency and lowered costs?

  •      Carries out complex calculations and submits accurate information to HMRC
  •      Provides detailed management reports and insights within seconds
  •      Pays wages directly into employees’ accounts, negating the need to manually write cheques
  •      Reduces the need for storage along with the associated costs
  •      Establishes a paper trail to quickly rectify errors
  •      Keeps track of the number of hours worked for each employee
  •      Automatically generates payslips

Increased growth potential

Being able to rely on a payroll solution geared to your business means you can focus on customer service, marketing, and growing your brand. If you’ve lost your zest for running the business, or can’t even remember why you started it in the first place, it could be due to the administrative burden that payroll presents.  

With such complexities as auto enrolment, the National Living Wage and National Minimum Wage, and the 2019 changes to the student loan repayment thresholds, compliance with changing legislation is mandatory but difficult.

Payroll software systems that update as legislation changes not only help you manage your legal obligations as an employer; they’re a true game-changer for businesses and contribute greatly to growing a sustainable enterprise with an impeccable reputation for employee care.

Could payroll software help in your business?

With so many payroll solutions on the market it can be difficult to cut through the hype and find the best option. Simplification, flexibility, and reliability, are all watchwords when it comes to finding the right payroll software, but is there a solution that provides all of these in one user-friendly package?

PayFit offers you all this and more. Seamless integration with HR management software allows you to deal with all aspects of being an employer in one easy package. You can automate all forms of staff leave computations, submit Real Time Information to HMRC with confidence, and prevent the mistakes that cost your business money.

Learn more about PayFit