Employee salaries are a clearly defined business expense, but many small business owners overlook the additional costs involved in the payroll process. Salaries need to be calculated and paid monthly and this process can often be costly, particularly if your business outsources its payroll services or employs a team of accountants to perform services such as calculating accurate tax deduction, maintaining payslip records and setting payroll parameters.
Optimising spending is integral to the success of all businesses and it’s critical that that money is spent wisely. As the number of employees within a business grows, so does the need for an efficient payroll system. QuickBooks payroll software offers a cost-saving way of managing your employees’ salary payments and tax calculations. Continue reading to discover how you can save your business money by implementing a payroll software solution from QuickBooks accounting systems.
QuickBooks payroll software helps to reduce general costs
Many business owners have minimal knowledge of accounting and payroll and choose to pay a professional accounting firm to handle their finances. However, while this may give small business owners peace of mind, professional accounting firms require monthly payment. The money used to outsource your payroll can usually be used effectively to grow the business and increase production or sales.
Affordable and easy to use, QuickBooks payroll software provides small business owners with a cost-effective solution for paying employees. For a small initial payment, business owners can facilitate payment of salaries themselves.
Another cost-saving feature of QuickBooks payroll software is that business owners can updated online to bring it in line with current tax requirements. Business owners are therefore not required to purchase new software whenever legislation changes.
Calculate salaries, deductions and taxes correctly with QuickBooks payroll software
Since many business owners are not experienced accountants, there is a good chance that errors are being made when paying employees. While these errors may be minor, they can quickly add up to substantial amounts. Moreover, if business owners have been deducting inaccurate amounts of tax from their employees’ salaries, they could be paying more than necessary each month or, if they have been underpaying, they could find themselves owing the government retroactively.
QuickBooks payroll software can help you to deduct the correct amounts from salaries every month. QuickBooks payroll software can be updated automatically via the Internet, giving business owners the ability to ensure that they don’t accidentally lose money through inaccurate calculations.
QuickBooks payroll software solutions
QuickBooks offers two effective payroll software solutions that are designed to help owners of small, medium or large businesses pay their employees accurately.
- Quick Payroll – This comprehensive software solution provides business owners with all of the programs that they need for effective payroll management. It can perform accurate PAYE, UIF, SDL and WCA calculations and transfer necessary information on transactions and payments to your other accounting programs.
- Quick Payroll Lite – This easy-to-use software solution is simple enough for even the most inexperienced business owner to utilise. It is a versatile platform that can be used over multiple companies and within any industry. QuickBooks Payroll Lite gives business owners the ability to print out reports easily and at any time.
Using payroll software from QuickBooks is a way for business owners to increase cost saving and thereby provide additional resources that can be used for important business operations. Increase your business’s profit today with QuickBooks payroll software.