The perks of payroll software – what are the benefits?
Taking payroll online has been one of the greater innovations of recent times, with the benefits impacting more than just the finance team. Across the board, accounting software provides rigour to archaic and double-handling processes, allowing stakeholders to exercise some freedom and get back to their greater business needs. If you find yourself on the fence about whether to make the change, here are some of the benefits that you stand to gain by bringing payroll software to your business.
We’ve been led to believe that the nature of payroll is lagged, but there are many businesses finding that the introduction of payroll software has afforded more time for other need areas. The user-friendly design of this software reduces manual tasks and breaks processes up into manageable portions. Get your team working on other parts of the business, with incremental hours now available to you.
Compliance is the name of the game when it comes to payroll and accounting, with recent laws like Single Touch Payroll requiring businesses to be more forthcoming with reporting and having tighter processes in place. Accounting software is designed with accuracy and compliance in mind, leaving no room for human error. Any financial controller will tell you how integral compliant processes are, eliminating the chance of back-and-forth communication with the ATO and re-reporting. Not to mention doing right by your employees and loyal suppliers.
Reduce spend and headcount
If you’re looking to reduce your headcount in the office, payroll software could be a route to take. Maintaining a high standard can be achieved without a physical employee, and in most cases, the reduction in headcount affords more space in the office and a more balanced spread of tasks among your remaining employees. While no decision should be made entirely with spending cuts at the forefront, it is a compelling solution for those businesses who are struggling to make a higher return. Review your headcount and tasks assigned to each employee, and see where the numbers land when compared to a software solution.
Greater mobility access
Work doesn’t look the same for all business types, and often owners and managers are working flexible or travelling on the job. Payroll and accounting software allows businesses to keep an eye on incoming and outgoing costs without having to be sitting behind the desk at the office. If your office screeches to a halt when someone is sick or out of town, this may be a benefit that you can’t ignore. Approving, flagging and raising a PO can be achieved on mobile or laptop so that you can make greater strides under all circumstances.
There is a collective sigh when a new person starts and someone has to induct them into the ways of working and processes. With accounting and payroll software, your new-starters will have no struggle learning the ways of a sleek interface, with resources readily available and more reliable than the ‘you’ll work it out as you go’ style training you find in many offices. If you’re lucky enough to employ someone who has experience with these types of software already, you’re even luckier and can cut down on the manual training process that has the potential to cause bottlenecks in other parts of the department.
There are only gains to using software and accounting software, with you and your team being rewarded with time, savings and seamless access. Open up the conversation to your finance team to gauge their pressure points, and see if integrating these software solutions will relieve some of that tension.