The Advantages of Utilising Payroll Software
Computer software, whether accessed locally from our computers or instead hosted and run in the cloud, is designed to make completing everyday tasks easier. One of these important tasks is the administration of employee payroll data, especially where a large number of employees are involved.
If you’re not currently making use of accountancy payroll software, here are five advantages of doing so which could benefit you and your company.
1. Accurate Payroll Calculations and Deductions
Paying employees requires details of their personal tax situations which usually consists of a personalised tax number. Using payroll software for accountants will allow the input of this information which will in turn provide accurate detail of how much each employee should be paid as well as how much they should pay in tax.
2. Increased Payroll Efficiency
Manually inputting payroll data is time consuming, especially when managing the payroll process for hundreds of employees on a monthly basis. Payroll software for bureaus provides the ability to complete the payroll process for a large number of employees in a short amount of time, by accessing the data required from a number of integrated sources automatically.
3. Comprehensive Payroll Management
Bureau payroll software doesn’t just allow you to accurately pay staff and calculate deductions where necessary. The most advanced software available will allow you to generate employee tax returns and send them to HMRC seamlessly as well as generate P45 and P60 forms as and when required.
4. Integration with Time Keeping and Employee Records
All companies need to utilise a method of keeping track of the amount of time that employees spend working if they are paid hourly. And even when paid a salary, it is important to ensure that any time in lieu accrued is accurately recorded. In addition, each employee will receive a holiday or annual leave allowance which needs to be recorded as this time off will need to be accounted for and paid as if it were a working day.
When using the right payroll software, payroll processing for bureaus is much more efficient as this information can automatically be integrated into the payroll process by creating a seamless connection to where this information is stored.
5. Comprehensive Reporting
Financial reports, whether run monthly, yearly or on an ad hoc basis are a vital aspect of keeping track of your levels of profitability which are based on company turnover and overheads. Software which allows for easier payroll processing for accountants will be able to provide this level of detail as and when required through the use of the reporting tools available within the payroll software itself.
Primo Payroll: Making Payroll for Accountants and Bureaus Easier
Primo Payroll is an advanced payroll software solution which is designed to fully integrate into your company’s existing record keeping systems, allowing you to access the data you require and use it to efficiently manage your employee payroll processes.
For information on our payroll software and how it could benefit your company, call us today on 0845 456 7181 to speak to a member of our team where we can also provide you with a free trial.