Payroll Software – Top Five Time Savers

Are you feeling stressed when it’s time to complete your payroll? Take advantage of the tools available within payroll software to eliminate your stress and shorten your payroll processing time. Here are some time-savers that can make a drastic impact on your payroll processing.

1. Ditch the Spreadsheets.

Most businesses do keep track of pay codes within their payroll software system. Pay earning codes store the formula used to calculate each employee’s pay. On the other hand, pay deduction codes are used to calculate things like vacation, paid time off, wage garnishment and a whole host of other functions. Many employers opt to keep track of deduction codes in separate spreadsheet. The general belief is that the payroll system cannot calculate their specific deduction needs because they are too complex. The truth is, there are payroll software systems that can handle a wide variety of deduction codes, including the complex. It’s worth checking into. Once deduction codes are set up, the system handles the calculating, and you don’t need to bring in that information by hand.

2. Pay via Direct Deposit.

You might be surprised how much time you spend printing checks, stuffing envelopes, and managing printer and paper supplies. These can all be gone if you choose to pay employees via direct deposit. Instead of printing, stuffing, and delivering, checks are distributed in one short step to the bank account of the employee’s choice. You save time, and employees get their pay faster.

3. View Pay Data Online.

If you pay employees via direct deposit, you can cut out the step of printing and distributing the pay advice slip – a document that contains information about employee pay. Put the pay information online, in a secure environment, where employees can log in anytime to get the pay information they desire. As an added benefit, if an employee calls years later looking for pay information, you can simply get them their password, instead of scouring through old files to find things like their W-2.

4. Copy Pay Runs.

If you don’t want to recreate your payroll entirely, use the ‘copy pay’ function to copy pay from a previous pay run, for those whose salary remains the same, such as salaried employees. Using this function can save you many manual time entries!

5. File Taxes Electronically.

There are so many unnecessary steps when it comes to filing payroll taxes. Order the forms and envelopes, run the data, print the forms, stamp the envelopes and mail them. And that doesn’t even include printer maintenance! Skip all of the extra work and file your taxes electronically!

If you have used the same payroll system for many years, check and see whether any of these time-saving features are available to you. They can really cut down on payroll processing time.

Top 5 Free Payroll Software

Most business owners can keep track of their employee time and pay by using free payroll software. Cutting out additional expenses and providing customizable data fields, this excellent tool even offers support to troubleshoot product use.

The Top 5 Free Payroll Softwares are listed below:

#1: NolaPro v4.0.

This free accounting and business management suite is web-based and provides a full service which includes inventory tracking and order entry. NolaPro also includes plugins for business-to-business web portals, point of sale and an ecommerce shopping cart. Menu displays, colors and icon sets are customizable, and the interface is flexible based upon your business needs. Different companies can have several sets of books and data is not restricted. Security is at a high level of safety in order to provide permissions to users who may access the software. There are no banner ads, no restrictions to the license and no advertisements, this software is fully functional for its free use.

#2: Journyx Timesheet.

By focusing on the decision-making process, Journyx offers an interface that allows individuals to enter expense and project time information from any location that accesses the Web. Information from Journyx transfers over to existing HR systems. Journyx tracks employee time for projects, rates and expenses and makes the process of collecting this information easy and seamless.

#3: TimeTrex.

This web-based time management suite provides attendance and time, invoicing, as well as accounts receivable and other important functions. Employees are able to track their time by cell phone as well as bar code reader from anywhere they may be. Calculating overtime as well as other business policies and costs allows an employer to identify the costs of labor by specific employee, department, quantities produced, branch, and task type. TimeTrex even calculates taxes to be withheld, prints paychecks, provides electronic paystubs and can direct deposit an employee´s pay.

#4: actiTIME Basic.

Management and billing have never been easier for mid-size as well as small businesses. actiTIME is a web based time tracker that helps to streamline meticulous daily time management tasks. This free program tracks projects based upon customer as well as employee, access can be granted to several employees with various levels of security, tracks overtime and both non-billable and billable tasks to transfer to QuickBooks. Support is available for this product for free.

#5: Asman Accounting.

This system for bookkeeping provides a double-entry general journal for all business tracking. Financial analysis for any business is important, and this program includes line graphs, bar charts, pie charts and 3D bar charts to help compare employee productivity and trends. Show trends in monthly, daily, bi-monthly, weekly, quarterly, yearly and half-year settings as well. This program is fully customizable and provides accounting options and more.

Should Small Business Use Payroll Software

Business owners are constantly searching for new and innovative ways to decrease their costs and increase their efficiency. If you own a small business, there are many great strategies you can implement into your plans to decrease your costs and increase your productivity, but one valuable solution in particular is certainly small business payroll software. The following article will review how this software can improve your operations today.

Cost

The cost savings alone can be a very attractive benefit of using payroll software. By managing your accounts on your own rather than hiring a professional to do it for you, you can save your company thousands of dollars every single month. You can then invest the money you save into more important aspects of your company that will ultimately result in further growth and productivity in the future.

Since you will be completing the employee payment tasks on your own if you choose to use software, you will also be in a position to guarantee the accuracy of the information you record. This additional benefit can help you keep track of your operations and help you make the right decisions going into the future.

Security

Security is another important benefit of using a secure computer program. Payroll information is generally of a very sensitive nature, but it is very important for companies to keep clear, accurate, and secure employee records. By utilizing an in-house program, you can avoid exposing this important information to hackers on the Internet and you can also protect the computer that houses the information to secure it even further.

Many small business owners love to use specially designed computer programs to manage their employees and payments, because this type of software can help them keep their records organized and accurate. Owners who keep important employee and company records on paper files often have trouble finding the documents they need when they need them. Also, owners who keep important information about their operations in a single location are at risk of losing the valuable information due to fires and other hazards.

Convenience

Along with helping you keep your records organized, this type of program can also simplify all of your operations that are related to your payroll. Once you are using one of these programs, you will be able to manage employee payments in only a few short and easy steps.

You can also handle all of your tax documents using a program that offers tax filing solutions. With these programs, you can automatically calculate your taxes, create reminders to file, and you can even file your taxes online. Once you start using one of these programs, you will likely find your finances to be greatly simplified overall.

Basically, if you are looking for a great way to manage your payroll without spending a large amount of money, you should review the various small business payroll software products you can buy today. Once you have integrated payroll software into your operations, you will be able to better track your employees and your finances, but you will also be able to handle your entire operation with greater ease as well.