If you own a business, chances are it has employees. And unless you’re a very, very popular person, I’m guessing you also have to pay said employees for their work. There’s a lot of effort involved in organising paychecks and ensuring that you’re contributing the correct amount to taxes, superannuation and various other funds, and the bigger your business becomes, the more difficult those paychecks become to keep track of. With some basic MYOB training, you can save yourself a lot of effort and let your administration system grow with the success of your business, and here are 5 ways in which payroll software can benefit you:
With a computer program that records and tracks everything for you, you can pay your employees from virtually anywhere. All you need is your laptop and you can access all the information you need to update your employee’s payments–which means employees aren’t kept waiting, and you can multi-task while on a business trip!
Business and payroll software has the capacity to show you your exact expenditures in different areas with the click of a mouse. If you’re thinking of taking on another staffer, you can simply calculate the effect an extra salary would have on your profit margin and immediately assess the viability of your decision.
3. Minimises tax headaches
When tax time rolls around, instead of chasing up pay-slips and records which you may or may not have kept in the most orderly of fashions, simply burn a CD or email the file to your accountant and–voila–you have a pristine tax record that has been calculated without human error!
4.They’re designed with the non-expert in mind
Unlike having to negotiate tricky regulations and tax brackets when you organise your payrolls manually, payroll software is designed to be easy-to-use, practical and intuitive for the inexperienced payroll officer. Most programs come with a helpful troubleshooting service such as MYOB support so that the guesswork is all but eradicated.
5. You can back up your work
Making copies of those all-important documents (you’re meant to hold onto them for 7 years after all) has never been easier, and payroll software allows you to store your information in several secure locations, including some secure online services, which means that if your computer is destroyed you can always access your records.