Payroll Software
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Shopping for payroll can be complicated, though the key elements are simple enough to describe.
First, you must have your payroll requirements down cold. Don’t assume that what you need is so simple and straightforward that any payroll processor can handle it. Then you need to find a processing option that will accommodate your needs.
Ways To Do Payroll
Payroll was one of the earliest business applications to be automated, since it requires a chipload of calculations and an accurate database to record the results. Calculating the gross pay isn’t too difficult, in most cases. It’s all those taxes and other deductions that can have an accountant twisting his abacus beads in a knot.
Granted, it’s still possible to calculate payroll manually. Most tax jurisdictions offer paper manuals with detailed calculation instructions. However, unless you have a very small payroll or are exceptionally cost-conscious, you’ll want to consider some computerized method of payroll processing which will save your time and increase accuracy.
Luckily, there is no shortage of real payroll processing solutions. Many small business accounting packages, such as Intuit’s QuickBooks, come with payroll capabilities. There are a number of standalone payroll applications, many of which can integrate, or pass along, information to your business accounting application. You can also use an outsourced payroll service. Most payroll services are now online, though a few still operate using rather quaint touchtone telephone input or paper input forms you fill out and then courier or fax to the central bureau.
Essentials.
The most complicated aspect of payroll is calculating the tax deductions. Ensure the payroll processing solution has the necessary tax tables for your local area. Don’t even think of buying and then modifying one that’s designed for another tax jurisdiction. That route is fraught with peril. Buy one that works for you, right out of the box. If you operate in a regulated industry with special compliance issues, ensure both the processing and reporting can meet your requirements.
If the payroll system isn’t part of your integrated accounting or ERP system, review the data integration options. Will it be easy or difficult to get the payroll results to mesh with your existing accounting system? You don’t want to spend hours of manual processing of journal entries each pay period to handle what could and should be an automated task.
Payroll Included in Software Packages
Payroll processing is included in many accounting and ERP applications. Payroll may be an integral part of the accounting system or it may be sold as an optional, extra-cost module.
The primary advantage of this method: Payroll data can integrate with the accounting database for two-way travel, both in and out of the accounting system. Coming out of payroll and into accounting is information such as salaries and wages costs for various divisions or departments.
Data can also be captured in the accounting system and then transferred to the payroll system. This is most common in time billing systems. A repair technician or a lawyer is often billed by the hour. So it’s critical that all time worked be recorded and allocated either to a customer job or client matter, or to otherwise unbillable time. The total time charged per employee should balance with the hours worked in the payroll system. If it doesn’t, then somebody's got some explaining to do.
The disadvantage of the integrated approach is that the payroll component may not suit your needs. It may be either too simple to handle your requirements or too complex to work with efficiently, depending upon the nature of your business.
Some accounting software developers have recognized that problem and have developed a solution. That solution is more payroll options. Unfortunately, you need to invest a little more time understanding what each option offers in order to pick the one that’s right for your business.