Choosing Essential Small Business Payroll Software

Large organizations have full time accounting staff to prepare the payroll. Full time professionals employed or the payroll function may be outsourced to a payroll bureau. The payroll task in a small business often falls to the proprietor demanding even more time to familiarize with current payroll legislation and a not insignificant amount of administration time that could be better spent making profits than number crunching. Small business organizations with up to ten employees producing the weekly payroll can easily take an hour or more each week calculating the income tax and national insurance contributions . An hour that could be better spent earning profits or at the very least having an extra hour of free time each week. Free time that small business owner’s value at a premium since the majority of small business owners either work or think about work from dawn to dusk 7 days a week. Payroll software to satisfy the PAYE requirements can be just one part of making that small business more efficient.

Small businesses that fail to operate a sound payroll system can produce a negative effect on the employees. Employees expect to be paid and provided the amount is a competitive rate would only rarely have an effect on staff relations. However operating a payroll system that does not provide each employee with a payslip is like telling your employee he has received a personal letter that was opened for him and discarded as not important. To the employee a payslip is very important. Every employer has a legal responsibility to provide employees with payslips and a P60 End of Year Employees Certificate. A payroll software solution satisfies employee’s essential needs and fulfills the legal requirements. Failure to provide employees with payslips can only reduce the respect hat employee has for his employer. Every employee must receive a payslip that shows the amount of income tax and national insurance deducted from the gross pay. Employers must also calculate the employer’s national insurance contribution. Employers not using a payroll software package such as available from DIY Accounting Payroll Software must design their own payslip to give to employees to satisfy legal requirements.

In the UK producing a weekly or monthly payroll can be a burdensome task to comply with the HMCE requirements. Employers operating a PAYE system without the use of payroll software need to be familiar with evolving requirements of HMCE through their website and the extensive payroll notes contained on the CD-Rom which is sent out annually. To fully appreciate all the technicalities and complete all the correct documents such as the P11 Deductions Working sheet is time consuming. It doesn’t have to be a problem. Payroll Software can automate this knowledge and functions and is available at insignificant cost. DIY Accounting Payroll Software package is available for up to 20 employees at a cost of £15 to £25. That is a payroll software package that could save a small business over an hour a week, for twenty employees more like two hours, for less than 50p per week. All small business owners should at least consider suitable efficient payroll software.

Many payroll software packages are written using databases and can put many small business owners off using them due to both the cost and the fear of the unknown complexity of using such a payroll package. Many payroll software packages written on a database provide an excellent solution but have a tendency to be extremely politically correct and cover all potential rules and regulations and consequently become more complex to operate as they can demand at least a minimum knowledge of the payroll system. There are other PAYE solutions. The DIY Accounting Payroll Software is written on excel spreadsheets requiring no payroll experience and a minimum of entries to produce all the essential calculations of income tax and employees and employers national insurance. In addition excel copies of the time consuming P11 Deductions working sheet, P60 Employees Certificate and the P35 Annual Employers Return are all automated to save the small business valuable administration time. A payroll software solution written on excel can also be used with an open office spreadsheet package but not least all the entries are visible and therefore transparent. Errors and mistakes can be easily corrected simply by changing the numbers on the payroll ensuring the payroll is produced both quickly and accurately. Payroll Software is an effective tool that should receive serious consideration by all small business proprietors.

Payroll Software also has the advantage because it can be simple and fast to use of avoiding late payments to the revenue and the consequent unwanted letters and potential fines this can invoke. By having all the information required for the monthly or quarterly revenue payments late penalties can be avoided and by producing the Annual Employers return on time small business owners can submit their returns online and receive a tax free online filing bonus. The current online foiling bonus being £150 and substantially more than the payroll software might have cost. And it’s Tax Free. As they say in Yorkshire. “If thar you ever gets owt for nowt, Tec it”

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What Can You Get From Accounting Courses and Payroll Training?

Have you always been a numbers person? Are you obsessed with the business world? Now is a good time to turn your natural interests and talents into a fulfilling, long-lasting career in accounting and payroll administration.

In Canada, one and a half million employers who count on payroll professionals to annually pay $730 billion in wages, $230 million in statutory remittances, and over $80 billion in health and retirement benefits, all while complying with more than 185 federal and provincial legislative requirements. Professional payroll administration, obviously, is essential, and there is a consistently high demand for well-trained accounting and payroll administrators.

Accounting courses and payroll training provide students with an understanding of manual and computerized accounting payroll systems and the ability to apply this knowledge to business situations. The best accounting courses will combine classroom theory with practical hands-on experience, helping students develop the confidence and experience needed for a career in accounting and payroll administration. Most payroll training programs will also focus on developing expert knowledge in computer applications and software programs needed to excel in the business world today. Leadership and management skills are often emphasized as well, ensuring that students are prepared to lead teams of employees and make difficult decisions.

A typical account course will cover all aspects of the accounting and payroll profession, including the fundamentals in

MS Windows, Word, Excel, PowerPoint and Access
Outlook and Email
Simply Accounting
QuickBooks
ACCPAC
Bookkeeping and Accounting
Employment Achievement
Payroll – Level 1
Payroll – Level 2
Financial Analysis and Control

Accounting courses and payroll training can help graduates find very high paying, and also very demanding and rewarding careers. Typically, accounting and payroll day-today-job duties can involve:

Overseeing and coordinating office administrative procedures and reviewing, evaluating and implementing new procedures
Establishing work priorities, delegating work to office support staff, and ensuring deadlines are met and procedures are followed
Administering policies and procedures related to the release of records in processing requests under government access to information and privacy legislation
Coordinating and planning office services, such as accommodation, relocations, equipment, supplies, forms, disposal of assets, parking, maintenance and security services
Assisting in the preparation of operating budgets and maintaining inventory and budgetary controls
Assembling data and preparing periodic and special reports, manuals and correspondence

As you can see, accounting and payroll job duties encompass a wide range of business office activities, with a mix of management and straight accounting tasks. The responsibility is large, but so to is the reward.

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Product Review – UK Paye And Payroll Software

DIY Accounting Payroll Software is written on a series of excel spreadsheet templates.
Small business payroll solution available in the UK for up to 5 employees, up to 10 employees and a third version of the payroll for up to 20 employees.

The basic details of each employee are entered on an Employee Details worksheet including personal details such as name, address, starting date, income tax code and national insurance details. Details which every employer needs to maintain anyway to satisfy the requirements of operating a paye scheme. The payroll software then uses the pay data entered such as income tax code and dates and national insurance dates to calculate the income tax deductions and national insurance contributions of both employee and employer. Once the employee details have been entered running a paye system couldn’t be easier.

The payroll software pre-enters each employee’s name on the payroll each week or month and simply entering the employee gross pay triggers the payroll to automatically calculate income tax and national insurance contributions including the employers’ national insurance contribution using the standard income tax and national insurance tables which are embedded within the files supplied with the payroll software system.

Having calculated the net pay the payroll software then goes that extra step and automatically completes the time consuming paye deduction sheets, all arranged in the same appearance as the official inland revenue deductions sheet for recording income tax and national insurance deductions. In addition also included in the employee paye section are copies of the employee P60 certificate, P45 if required and the P14 which is a summary of the pay, income tax and national insurance contributions made by each employee. This feature of the payroll software is extremely valuable in saving employers using the small business payroll solution a great deal of time in paye administration.

Many payroll software systems require the purchase of payslip stationery. The DIY Accounting payroll software is different in this respect. First of all the payslips are all generated automatically from the information in the payroll file which shows the weekly or monthly gross and net pay, income tax and national insurance and the gross numbers to date. The Payslips all preset on payslip templates can be printed at any time on normal A4 copy paper being another money saving feature of the paye solution.

The income tax and national insurance deducted throughout the financial year are automatically collected by the payroll software on an excel copy of the Employers Annual return, the P35. An excel copy in the same format as the inland revenue form which can be simply printed out enabling the payroll figures to then be entered and filed online for employers to both avoid late penalties and receive the online tax free bonus available.

The DIY Accounting Payroll Software is easily integrated into the DIY Accounting Software solutions for both self employed and limited companies when the payroll software files are saved in the same folder as the accounting files providing a complete accountancy solution for clients.

Payroll Software Weaknesses

The DIY Accounting payroll system does not deal with income tax K codes. The income tax code K is used infrequently being applicable to those employees whose taxable expenses exceed the income tax allowance and is often never seen by most employers.

Employer statutory sick pay and maternity leave require to be entered manually. Considered to be a minor weakness since these figures when applicable can be easily looked up on the employers CD-Rom as required.

The quoted package sizes of 5 employees, 10 employees and 20 employees include all employees during the year including new starters and leavers and it is important then to obtain a package likely to be in excess of the total number of expected employees to avoid changing the payroll solution during the financial year.

Pricing

At £14.99 the small business payroll software for up to 5 employees including starters and leavers is almost a giveaway price with many competitive products priced much higher. The 10 employee payroll version is £19.99 and the 20 employee payroll version just £24.99. Considering the paye administrative work the payroll systems save. The packages are not upgraded each year with employers purchasing the new package each financial year.

Conclusion

Exceptionally good value, the payroll system is very quick and easy to use and produces exactly what every employer requires from a small business payroll solution. Accurate income tax and national insurance contribution calculations, significant reduction in paye administration time, regular payslips for each employee, compliance with paye administrative requirements and the satisfaction and valuable tax free bonus prize of producing the payroll on time.

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Payroll Accounting Software: How It Benefits a Company

Lately, payroll accounting software has gained a huge popularity among the small, mid size as well big businesses. It is a comprehensive tool that is designed keeping specifically in mind the needs of small companies, multinational companies, and businesses of all sizes. More than half of accounting and payroll workload gets extenuated by using this software, so that an accounting staff can concentrate more on other core competencies. And, this article highlights how an accounting payroll software can benefit your company.

One of the best and safest possible options when it comes to accounting and payroll related tasks is payroll accounting software. Let us admit that payroll and accounting related tasks are the most complicated and people involved in payroll processes have to take an extra effort or hell will break loose from the employees and taxation agencies. So, to have a hassle free accounting process, a payroll staff can use the services of payroll accounting software. This software is a great way to keep payroll tasks straight.

All the essential aspects of payroll tasks are very well taken care of by the software on a regular basis. Tasks such as calculating tax withholding’s, employees’ salaries, bonuses and tax deductions, can be done in a fraction of a second in an accurate manner. Not only does it minimize labor, it also reduces the paperwork.

In addition to this, payroll accounting software also enables the payroll staff to prepare return forms, utilities, transaction entries and many other transactional records. It can also keep track of the weekly, monthly, quarterly and annual paychecks, as well as the payroll tax-related forms. What’s more, you can easily integrate these payroll accounting with your already existing accounting systems and the general ledger.

You can find a wide selection of various payroll softwares available in the market at extremely affordable rates. However, you need to maintain caution while choosing the best for your company. It is always prudent to first try out the product before implementing the same in your company. Look for the one that actually fits your company’s needs and answers all your accounting and payroll relates problems. You can also customize accounting software according to your needs and requirements.

Now, to sum things up we can say that with a good and effective payroll accounting software, your payroll processes are likely to become more streamlined and automated. You can immensely get rid of paperwork as well as the efforts required in manual processes.

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6 Key Criteria Of Good Small Business Payroll Software

The efficiency of small companies often rests on the small business payroll software used. Here are six key attributes to look for when evaluating the usefulness of these programs.

#1: User-friendliness:

A good program takes into consideration users who may be trying a program of its kind for the first time. In fact avid users of accounting software still find programs that are easy to use great assets because their jobs are difficult as it is. The purpose of these tools is to help make it easier. So they must be user-friendly, whether they are being used by beginners or pros.

#2: Current Tax Tables and Tax Forms:

Most software has this information, but make sure you’re not buying a previous year’s edition that has outdated tax information. Since tax tables and tax forms may change several times a year, a good small business payroll software should also allow users to update payroll software easily and quickly.

#3: Good customer support:

Any company can offer an instruction manual or post a FAQ to their website. A software that comes backed with help from a live person is extremely useful. Assistance can be in the form of emails, online chats and via the telephones. Some providers will a charge for these added services but it is often worth it.

#4: Ease of paycheck printing:

As a small business owner chances are your time and resources are limited. Also, cost efficiency is a priority so taking time out to stand in bank lines or paying someone to do so is counterproductive. Does the accounting payroll program help you print the paychecks on blank check stock? Or you still need to purchase other check printing software or expensive pre-printed checks? If not, it is highly recommended that a different one be used since these are time and money saving tools that will be needed.

#5: Database back-up and restore features

Software without these features can cost you thousands of dollars if something happens to your computer or your data becomes corrupted. Back-up and restore features will allow you to get back to normal operations with a minimum of fuss. A good program should allow users backup and restore data easily.

#6: Printing tax forms and reports:

No company can successfully grow if an owner has no idea how well or badly it is doing. Company and staff performances are important to the survival of each business so a fast and accurate means of generating these when needed is important. Most small business will need to file forms 941, 940, W2 and W3. No package is complete without it.

There are a number of other criteria to think about when buying a small business payroll software. Although individual company needs will dictate what is integral and what is not, these six criteria should always be met. Vetting each software may prove to be difficult and time consuming however the time, money and resources that should be saved in the long run will compensate.

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Choosing a Payroll Accounting Vendor

Outsourcing your payroll accounting could be the ticket for success for your business. By allocating this department to qualified specialists your business can grow to greater lengths. These services range from computing wages to administering any necessary benefits. Start off with a list of services you are looking for and then start your research on which vendors are right for you. Some tips to consider when selecting a payroll vendor are as follows:

– Experienced vendors: It is imperative that the vendor you decide on is aware of the industry you are working in and any consequent knowledge.

– Reputation: Similar with experienced vendors, their reputation is also a key factor to keep in mind. Have fines been implemented on the company? How is their customer service? If you are going to choose this vendor, is this someone you can handle working with for a long period of time?

– Qualified: Have a strict criterion the vendor must meet.

– Educated: You want to know that these vendors are actually educated, know the common laws and practices, etc. to keep you from any potential financial troubles. These people will have access to your companies financial documents, thus knowing they are capable of performing successfully is key.

– Types of services: Depending on whether you are looking for industry-specific or general accounting services, your accounting vendor should be in compliance. There are many types of industry specific services provided by accounting vendors, ie. workman compensation, medical benefits/ savings, loss insurance, etc. Additional services typically provided by vendors include: time and labor management, human resource compliance services, trust account and accounting reconciliation services, employee self service, detailed reporting services, time off accrual services, direct deposit, tax filing, third-party check services, and household payroll services.

– Pricing: For the most part, those looking for an accounting payroll vendor are most likely trying to save money. In this case, it is important to evaluate all options in prices being offered. Although these services do come at a price, be sure to discuss rates and have everything in writing to prevent being cheated in the future.

Always do extensive research before making a final decision. Calling references, word-of-mouth, or any legal issues. You want to be comfortable knowing who is handling all your company’s payroll. This process is complicated and time consuming, but with the right resources you can eventually decide on the company best for you!

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Tips for Streamlining Your Payroll

There aren’t many positions in a company that are as vital as a CEO. Payroll management, however, ranks up there. This position is crucial to your company in many ways and it is important to have this department running at optimal levels.

The perfect payroll management team will have years of experience in the areas of financial accounting, payroll, outsourcing partners, software support in accounting and preliminary work on financial statements. Other services available are things like balance sheet accounting, payroll accounting, personnel management control, business advice in payroll, creating business plans on a budget, audits, billing/invoicing, payments and cash management.

It takes a lot to get an efficient and effective payroll department going. There are some processes, however, that can often be simplified and improved to make the department more efficient. If you are looking for a few ways to streamline your payroll, take a look at these ideas:

1. Try to Update Payroll Records. Basic info is the key but it isn’t everything. Make sure you keep your systems updated to keep everything in order and tell your employees to come to you if there are any changes to their life that you should be aware of.

2. If you need Help, Get it. If there is a chance that you could be wrong about a deduction, find a specialist that will know the answer.

3. Accountants Know Payroll Systems. Banks and CPA’s love to crunch numbers and they love to manage payroll – it is what they do. You can always lighten your workload by using Peachtree or QuickBooks or any other accounting software.

4. Keep Your Deadlines in Mind. Corporations have the same deadlines every year. March 15th is when taxes are due and by Jan.31st, businesses should have all W2’s and any other documentation to their employees.

5. Payroll System Functions Should Be kept up with. Payroll is more that just handing out checks after counting up hours. You have to tally up lost hours, deal with garnishments, work out health care costs and deal with tons of other issues. A time clock can help with hour calculations and can reduce errors, so be sure you look into whether time and attendance software can be working toward your advantage.

6. Always keep a Separate Account for Your Payroll. Your payroll account should have its own account from all other business accounts.

7. If Your Company Grows, Your Payroll System Should Grow. Whether this means adding in additional workers, updating systems, or using new software, grow accordingly to accommodate the new challenge that a bigger business brings.

8. Know the Rules of the Game. This can be a very serious issue because it deals with local, state and federal agencies, but you also need to lead by example. Get your own time cards in on time, just as your employees are required to.

9. Fix Issues Fast. If the time clock breaks get someone in as soon as possible to fix it. Or if your systems crash start talking to payroll or your manager about what to do. Don’t leave problems until the last minute as they will often cause more issues down the line.

10. Hire Appropriately. It’s better to hire someone specifically for payroll than to try to master a system you aren’t comfortable with. This maximizes your time for something else while also ensuring payroll goes out on time.

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Accounting Payroll is a Key Factor in Business

With the numerous changes in accounting and payroll laws in addition to the advancements in technology replacing paper checks, is now the time for your corporation to consider payroll outsourcing? Human resource is a very busy department, with constant changes in the human reserve of the company, the operations of the human resource department runs all year long.

Hourly employees commonly turn in time sheets, and salaried employees are paid based on a set pay. In a company, payroll is the sum of all financial records of salaries, incomes, bonuses and deductions. After all, you are busy making sure sales are up, costs are down, profits are high and everyone is staying industrious. A payroll outsourcing company is a company that specializes in making payroll for other companies.

Payroll services provide some assistance to the human resource department of the company by serving them out in the setting up of payrolls and salaries as required by the company. In many personal belongings, employees will opt for certain benefits offered by the company. The primary goal of the payroll department is to ensure that all employees are paid accurately and timely with the correct with holdings and deductions, and to ensure the with holdings and deductions are remitted in a timely manner.

There are some risks to allowing an outside company handles your payroll requirements. They can categorize the list for you and perform calculations on the basis of overtime and bonuses and incentives. In the subdivision, it would be taken care by a group of individuals that constitute the payroll wing.

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Accounting Payroll Solutions for Small Businesses

If you would be asking small business owners which task they are least fond of and least understand, and they would most likely be answering payroll. This is probably because a lot of business owners are not really accountants and for them, the process of computing how much to pay their employees as they comply with the government regulations is a bit cumbersome and confusing.

Fortunately, there are services, which offer outsourced solution for small business payroll. Businesses could choose to outsource only their payroll processing and payroll accounting to the firms specializing only in that particular field.

Payroll service companies could easily handle the smaller business payroll tasks easily and accurately, which allows these smaller businesses to dedicate their administrative time thinking of ways to expand their business and generate more revenue.

Payroll accounting is an area where small business owners could benefit from the concept of outsourcing today. Payroll processing, through outsourcing, would ensure that the job would be done properly, taking into account the latest regulations.

Although a lot of us see payroll as just a paycheck, there is actually a lot more tasks involved in it. Payroll accounting would include direct deposit, payroll checks, federal and state withholdings, debit cards, check registers, tax liability registers, tax forms, unemployment taxes and a lot more.

By outsourcing these processes and responsibilities, you, as a small business owner, would be able to devote your time to other administrative functions to be able to make your business better, while being on top of the report and filing deadlines. This is because the payroll service company would be able to keep you informed and updated of all that you would need to know and ensure that you would be staying in compliance.

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Why Small Business People Need to Outsource their Accounting Payroll

Now mind you, I have been around small business people all my life, I even started out as one, after retirement, I guess, I am now a semi-retired businessman. So, when I give you this next advice, realize that I am speaking from experience. Small businesses need to outsource their payroll accounting, because it is serious business and if you make a mistake you could be fined or imprisoned. Certainly, I could tell you 100s of stories of small business people getting into serious trouble over payroll accounting, and it is just not worth it.

As a franchisor, our franchisees always had issues with payroll accounting, those who attempted to do it themselves using the latest software still spent huge amounts of time, time they should have spent with their families or in running their businesses. Small Business Entrepreneurs should do what they are good at and not get stressed out over those things they hate to do (accounting, especially payroll accounting) and do what they are best at; Making Money! You must make money in your business and you must focus and spend your time wisely.

Who should you hire for payroll accounting? Well, obviously someone who knows what they are doing, has good testimonials and has had a bit of experience dealing with government agencies and those who enforce payroll laws. Hire the best, work only for the best, so you can be only the best, and let me tell from experience that is my best advice in this matter. Let us call it my “Final Answer!”

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