What is payroll software and why does my business need it?

As the name suggests, payroll software is a computer program that manages a company’s payroll requirements.

There are many types of payroll software programs on the market, and as with most products, some are better than others. It is important to understand what your company’s unique payroll requirements are and to find a payroll software program that is designed to fulfil those needs.

Ultimately, payroll software is necessary in order to ensure that a company’s employees are paid accurately and on time. The great thing about an efficient payroll system is that you do not need to have a comprehensive understanding of complicated payroll legislation or systems in order to manage your payroll – the software will do all the hard work for you!

What’s more, payroll programs are designed to make all the necessary calculations based on minimal input from the subscriber. This means that it will not only save you a considerable amount of time, but also reduce your total administrative costs and drastically reduce the likelihood of errors.

In addition, a sound payroll system will ensure that your year-end reports and payslips are archived. This could be very convenient should you ever require copies of these documents at a later stage. These programs can also be structured to include annual leave information and timesheets, which record the hours worked and attendance of employees.

Holistically speaking, payroll software can give you valuable insight in terms of analysing staff expenses, and the impact these costs have on your business as a whole. It can help you to budget more effectively by making information available in a clear, structured format, which will ultimately enable you to make informed decisions and predictions.

It is, however, advisable for you to purchase your payroll accounting software from a trustworthy retailer. There are various issues to consider when making your purchase, of which the quality of the software is just one. A reputable payroll software supplier will not only sell the product, but also provide training and support if necessary.

The QuickBooks advantage

QuickBooks offers two accounting payroll software programs that are expertly designed to cater to the unique requirements of a variety of businesses. Whether you are running your business from home or you have a large business with more than 100 employees, we are guaranteed to have a payroll system that will exceed your expectations.

Our Quick Payroll software package, catering for companies with up to 120 employees, is ideal for small, medium and bigger businesses. It facilitates fast and accurate payroll calculations, leave registers, report writing and more – everything you need to manage your payroll!

The Quick Payroll Lite option, on the other hand, has all the features of Quick Payroll, but it is specifically designed for smaller businesses with up to 20 employees.

Please contact us if you have any questions or wish to know more about QuickBooks’ payroll software packages.