You have managed to close big deals and partnerships for your company this year 2014. And so you are in the right track of growing the business further next year 2015. But, business growth is not just all about celebrations and handshakes; it also means being prepared for what will happen ahead of time.
When a business is growing, so are its resources, or the people. If the previous business process were more on pen and paper, then it is time to upgrade to software technology that would support the way your business is growing.
One important software needed is payroll. For most growing businesses, this can be at the end of their list of to-do’s but putting this as priority will definitely help build a strong foundation for the different resources needed for growth:
Here are four important points to consider the urgency of getting a payroll software:
- It is not just about paying your employees. Keeping track of tax computations for both the employee and the business is an overwhelming task. And tax computations is complicated, even accountants are having a hard time doing so. To eliminate errors and rework, it is best to get a payroll software that will help your business managers do more important tasks rather than going over spreadsheets and punching calculators the whole day.
- The company is setting up another office in a different location. Having web based payroll software will cover all the needs of all your employees wherever they may be located and will give more flexibility to everyone who will need to track reports, taxes and payments.
- Employee tracking. Small business would be using spreadsheets in tracking employee hours, vacation days, sick leaves and paycheck deductions. But, as your business is growing, you have more employees to keep track of. Spreadsheets are still fine but it will be prone to errors and very inefficient given the present state of the growing business. Getting one system to automatically keep track and record these important details would give total business support to all departments who needs these information accurately.
- Streamline everything. Most payroll software’s in the market today is designed as a full suite of solutions to streamline all processes in a business. This includes human resources, operations and accounting in one system. In which any of the departments can access critical data needed to complete a task or a report. This is a tremendous benefit for a growing business as it makes the whole organization organized with its database, gone are the days of manually sifting through papers, organization boxes or calling someone from a different department to confirm an important transaction.
A good payroll system is only as good as its business needs. Knowing the specific requirements of your business would help in choosing the right software vendor. Get the vendor to explain their software capabilities and how it would support the needs of your business.