Rome was not built in a day. And neither was a huge multinational corporation. Many success stories that we hear are about people starting their big businesses from inside of a small garage. It’s not about where you start, it’s about where you finally reach. And most importantly, how you reach there! The ecosphere of business is now thriving under the umbrella of technology and digitization. It’s a perennial presence that’s hard to escape. This is a much-needed change for the rather orthodox manner in which businesses have been functioning up until before the digital revolution changed it all. The force is strong with this one!
All this information about technology digitizing our lives might seem a bit dodgy if not backed up by solid data to prove it. According to an industry study conducted by Ibis World, HR and Payroll market size is a whopping USD 10.8 billion. Numbers do not lie. And neither does the constant ping of machines that surround us. A normal day at work is full of emails, text messages, digital reports, online data entries- anything that we do is digitized. Any business, especially a small one can benefit multifold by implementing digital solutions in their organization early on. Payroll is one of the most time-consuming and error-prone tasks when handled manually. To make your business efficient, cost-effective, and structurally sound, investing in smart payroll software is a wise decision. Payroll software not only automates cumbersome processes, but it also frees up a lot of time for you to focus on other revenue-generating tasks at hand. Payroll software for small business is crafted in a manner that it offers complete payroll solutions for you. Some payroll software vendors like UZIO also offer customized payroll software which is cloud-based so you do not need to outsource your processes.
A small business can reap major rewards when they opt for automated payroll software, provided they opt for a correct option that offers a complete payroll solution at no hidden costs. Choosing a payroll software is what it all comes down to. To make the right choice, it’s advisable to look closely at the features of payroll software offered by multiple vendors. Choose the one that fits all your criteria so that your business is good to go!
Some of the payroll features to look for while choosing payroll software for a small business are as follows:
Integration with Existing Database
It’s a foremost prerequisite that the payroll software you choose for your small business is able to seamlessly integrate with your existing user database. The payroll software will access your existing HR database to calculate salaries and deductions. Hence, it is mandatory that it acts as an added layer of functionality and not as a roadblock.
ACA Compliance and Auto Tax Filing
It is of
prime importance that whichever payroll software you choose is compliant with
the ACA norms. Defaulting in being compliant to ACA or taxations can lead to
heavy penalties and that might serve as a major setback for a small business
that is just starting. Also, note that the payroll software automatically
updates the changing tax laws and reflects that in the employee database. UZIO
payroll software handles all state and federal taxes in the back-end for
you. your organization.
Year-End Reporting
Payroll software should automatically prepare and store duly-signed employee I-9s and W-2s, and contractor 1099s. Some software also offers automatic report generation so all you have to do is click a few keys and your payroll filing is sorted!
Automatic Updates
Employee data is hardly static. Payroll software should be flexible enough to incorporate ever-changing data updates from employees, employers, and HR. Real-time salary changes should be reflected across all devices so that everyone is on the same page.
Employee Self Service
Earning the trust of employees can make or break any business. Hence, employee transparency should be promoted. Payroll software should be such that every employee can view and update his personal information and also keep real-time track of their salaries.
These are some of the plethoras of features available in any payroll software that offers complete payroll solutions. The idea is to pick one that is cost-effective, privy to your requirements, and has no hidden or added cost. It is a solid investment that can grow your money for you. UZIO has advanced payroll features that can redesign your entire payroll structure. Think Digital, Think UZIO!
