How Does Payroll Software Work?
It’s a key aspect of your business. It’s the entire reason that you have a workforce every day. While you may be running your successful business for love of the company, those pounds and pennies earned are what keep your employees working. Whether you’re a tiny team, or surrounded by a large workforce, no payroll means no business - no money, no funny!
Calculating paycheques is time-consuming enough, but it consists of so much more.
You’re not only calculating the exact pay for each and every employee. You’re also calculating the tax they’re paying under PAYE. You’re putting some money into pensions. You’re having to keep HMRC regularly updated as to the status of your company and every single employee on your books.
The full list is endless.
Payroll takes time, it takes graft, and it takes a toll. That’s where the benefits of payroll software come in.
How does Payroll Software work?
Automation was once a thing of the future. Now it is what is going to allow you to save time and money. With payroll automation, you are going to be working with understandable, reliable programs that perform a multitude of tasks, whatever the need. So how can payroll software help businesses? It can:
- Speed up payroll
- Provide automatic HMRC Submissions
- Provide vital analytics
And these are just the tip of the iceberg!
Speed up payroll
Those number-crunching days in the HR and Finance departments are over. Your employees will have spent many hours counting and calculating payroll. Not to mention the anxious fretting when they couldn’t pinpoint the location of an error. No longer do they have to spend those hours searching for a misplaced decimal point - Payroll Software has got it covered! With a higher level of accuracy than any human workforce, automated payroll software will always keep your calculations as precise as they should be.
By connecting to your accounts, automated payroll software can set-up any kind of pay schedule. Whether it’s hourly, contracted, or salaried, personalised payroll software takes care of it. In the time it takes to sip your coffee, payroll is calculated and sent to your team.
This means your human employees have a great deal more free time. You can now put them to better use, focusing on expanding your business, and streamlining your work processes.
Dealing with HMRC
As if calculating multiple wages, salaries, and contracts wasn’t enough, you then also have the complex calculations that HMRC need. For every PAYE employee, you have to calculate National Insurance contributions and pension payments, and keep HMRC up to date on all the financial data flowing around.
With the right payroll software, you can rest easy, as submissions are sent automatically to HMRC as often as necessary. A few less sleepless nights, and you avoid any painful fines coming back to haunt you later.
Business analytics are your CFO’s best friend. They show all the information surrounding your company, both inflows and outflows. The staffing analytics provided by payroll software likewise provide you with deep insights into the workforce of your own company.
With a complete overview of your company’s staffing analytics, you can see exactly where your opportunities for expansion and growth are. In short, payroll software not only gives you more support but also more oversight and control.
Accountancy Cloud Payroll Software
Our payroll software not only saves you time and money but so much more. With our powerful AI software, and professional-grade software, we not only provide time-sheets, taxes, and reporting, but by outsourcing to us we maintain your software.
Buying payroll software comes with a disadvantage. Sooner or later, your hard-earned software will become out of date and obsolete. As part of our services, we ensure that you can avoid technology advancement costs as they arrive.
Constantly acquiring updated software takes a toll on many businesses. And using outdated tax tables can mean heavy fines coming back to haunt you. By using Accountancy Cloud Payroll Software, you can avoid these issues before they become an issue. With our services, you won’t have to worry about falling behind!
With sizeable savings and a streamlined work process available, not to mention fewer sleepless nights, take a look at our options available! Sign up for our newsletter for added tips and tricks on how to make the most of your business!