At every business, large or small, the dawning of the financial year-end always makes the finance department cringe because of the mountainous amounts of work that lie ahead. But with the development of advanced accounting software programs, you don’t have to be weighed down for weeks with tedious paperwork anymore. QuickBooks accounting payroll systems allow you to pay your employees easily with just a few clicks. Read further to find out how.
How payroll systems make it easier to pay employees
Set up employees: With just a few easy steps, you are able to add your employees and their individual salary details to the payroll system. Once your employees have been added to the system, you’re able to enter each employee’s salary and pay them individually. Payroll software also allows you to add new employees and delete employees that have resigned, as the need arises. You do not need to re-enter employees’ details every pay cycle; once they’ve been added the first time, they will remain in the payroll system until you choose to remove them.
Calculate tax deductions: Calculating tax deductions for each employee in the company can be a very time-consuming task because employees’ salaries differ in amount. Payroll systems are effective tools to help small business owners calculate and manage tax deductions and satisfy P.A.Y.E requirements to ensure that employees are not over or under taxed.
Print payslips: It is obligatory for employers to provide employees with payslips for each salary payment as well as an IRP5 certificate for every 12 month cycle that they have worked. Businesses that do not use payroll systems will not be able to provide their employees with a payslip unless they are willing to draw one up for them by hand each month. With payroll software from QuickBooks, you will be able to print payslips directly from the payroll system for each employee, showing him or her the amount of tax paid, as well as other deductions such as medical aid benefits and pension funds.
User-friendly: Payroll systems are easy to use. Business owners need minimal accounting knowledge.
Why should you buy QuickBooks payroll software?
With QuickBooks accounting software programs, business owners are able to focus on important tasks such as spending time on customer service and implementing new ideas to generate sales. There’s no point in spending hours or even weeks on P.A.Y.E and tax calculations when it can be done in a few minutes.
The data stored in payroll systems can also help you to create reports about your company’s annual spending. By viewing payment history, you are able to evaluate different department costs as well as overall staff costs, and you’re also able to keep track of employees’ available leave days.
Small business owners should make use of payroll systems to look after their accounts. The process is automated, making it easy to manage efficiently. Peruse QuickBooks’ range of payroll software packages to find the one that best matches your business needs.