Hey Small Business! Whyu You Must Have Payroll Accouting Software

by Bob Miles - Date: 2007-04-20 - Word Count: 315 Share This!

1. Price:

Price will depend on several factors, including how many employees you have, how often are they are paid, and which state you pay taxes to. Some states' tax procedures are more trouble than others, and this will affect the price of your software package.

2. You need it more than the bigger companies do.

Medium sized businesses usually subcontract their payroll work to major accounting firms, and these are too expensive for most small businesses. Yet doing it all by hand often results in repeated and costly mistakes. What's more, because the use of software is so common these days, the US government far less forgiving of mistakes than it was 20 years ago. Fortunately, it is now possible to buy payroll accounting software designed specifically with small businesses in mind (for our purposes, "small business" means any business with less than 500 employees).

3. What payroll accounting software does:

- it tracks the issuance of weekly, monthly, quarterly and annual paychecks

- it calculates wages, salaries, withholdings, taxes, deductions and bonuses

- it prepares transaction entries, MIS reports, return forms, master entries, and utilities

- it performs many other functions if you are willing to upgrade from a basic package

Nevertheless, it will not operate itself. Data must be input correctly, and you must learn how to use it properly (or train someone else to).

4. How it saves you money:

- losses from mistakes

- fewer employees are needed since you won't be doing it manually anymore

- fewer headaches means fewer aspirin expenses (:

5. Flexibility

Don't get caught in the "little kid in a candy store" trap - that is, don't buy a software package with unnecessary features. Do, however, use your imagination when it comes to that key word "unnecessary" - today's business needs may not be tomorrow's business needs. If you do get caught someday without the functions you need, frequent upgrades are available with most packages, and some of them are free.

Related Tags: payroll accounting software, small business software, accounting software, payroll software

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