How to Automate Payroll
How to Automate Payroll
Accelerate Your Franchise Business With Payroll Automation!
All franchised businesses have one thing in common – they need to pay their employees efficiently, accurately, and reliably. No matter how strong your franchisee’s business brand, your company is nothing without the assistance of your key staff.
Inaccurate or error-prone payroll or the inability to reliably guarantee a paycheck is only one of the countless ways you can expect to see your valued employees leave.
What’s worse, they’ll likely run to your competitor with all the proprietary knowledge and industry secrets you gave them. Moreso, inaccurate reporting measures to financial watchdogs like the IRS doesn’t exactly equate to business success, nor does it help your status and standing with your franchising partners.
You can expect to experience hefty fines and fees on top of lost confidence in your business within your surrounding community, to start. So what can you do to prevent all of this mayhem? Start by automating your payroll!
Small Business Payroll Software – What It Is and How It Can Help You
As any small to medium business knows, you can’t expect to be successful without a rockstar team to back you up. Especially in the area of accounting and finances.
This tedious task is most often taken care of by a team of accounting professionals within a large organization, and with solid justification.
One simple mistake in employee tax reporting or employee payment processing can cause the business to immediately lose business credibility and trust within the workspace.
For obvious reasons, it is unfeasible to expect a small or medium-sized business to hire a large staff of CPAs to account for only a few employees. This not only would be cost-prohibitive, but it would also be unnecessary.
Most small franchises like yours typically hire one staff accountant to account for the entire team’s payroll processes.
But did you know that there is a much more efficient, accurate, and cost-effective way to do things?
Enter small business payroll software, also known as payroll system software, payroll automation, or payroll automation software.
Small business payroll software is essentially a payroll system that has been automated by the use of computer algorithms and programmatic commands to accurately account for all of your employee records within half the time a staff of accountants could do manually.
This highly effective payroll system software keeps records of your employees and their paychecks, deductions, taxes, commission payments, and much more.
It allows you to free up your time to focus on actually selling your products and services, instead of having to meet with hired payroll specialists and pore over extensive spreadsheets, which have a much higher likelihood of containing errors.
Think of it as a fool-proof system of employee record checks and balances without the hassle of finding, hiring, and maintaining an expensive, trustworthy, and reliable accounting professional.
For a low monthly fee, you can access all of your important employee files within one handy system that does all of the hard work for you.
Your data is only input once and does not need re-checking as the payroll system software does all of the calculations automatically.
This also makes your franchised business appear to be much more transparent with your employees, while enhancing team collaboration efforts – as all of this data can be accessed by key staff from any computer or device connected to the internet via its cloud storage capabilities.
Most employees can definitely appreciate the ability to view their payslips, update their personal information and switch their direct deposit institutions whenever they want, from whichever computing system they wish.
Did we mention there is no need to worry about employee privacy or data breaches?
Your payroll automation software will come installed with increased security measures for your private, proprietary records – guaranteeing that your company’s data is fully password-protected and encrypted.
The only people able to access it are you and your staff – which is exactly how you want it.
The most obvious benefit of obtaining small business payroll software would be the time you would save by implementing this cost-effective solution.
No longer will you need to worry if your records are correct. The software does it for you.
Did you know that the American Payroll Association estimates that automation can reduce your payroll processing costs by as much as 80 percent?
Now you no longer will have to pay hefty fines or fees to the regulating authorities due to recent changes in tax laws. The payroll system software automatically updates these necessary required changes for you.
You also will be saving much more money in the long run by not needing to hire an additional staff member to pay a salary, stock options, or health benefits for.
OK, great. Now you know how much easier your tedious payroll efforts can be, but how can you get started?
We made that easy for you.
Here are our recommendations for the most effective payroll automation software for your budget.
Best Payroll Automation Software for 2022 & Beyond
Out of all the payroll system software available for small franchise businesses we found that Intuit QuickBooks and its Quickbooks Payroll service to be the most reliable and easy way to implement payroll automation to your toolbox.
QuickBooks Payroll provides you and your employees with numerous features designed with small-to-medium businesses in mind.
For one low monthly fee, you are able to streamline your payroll processes while integrating them with the QuickBooks Online payroll automation software, which includes all of the mentioned benefits listed above. Some of its many cost and time-saving features include: employee time tracking ability, invoice creation, same-day direct deposit features, automatic payroll which allows you to set up your payrolling system to run automatically, automated taxes and forms, tax penalty protection up to $25,000, and expert product setup and support.
Setting up your Quickbooks Payroll is easy! If you get perplexed just thinking about there is free expert support available to implement this step for you. A preferred option for franchised businesses like yours would also be our very own managed bookkeeping services, which are 100 percent dedicated to franchised businesses like yours.
You can have us manage your bookkeeping for you by clicking on this link and filling out our brief and simple contact form.
This hands-free process makes your payroll needs a breeze while freeing you to devote your precious time to doing what you do best – selling your products!
Payroll Automation Requirements for Small Businesses Differ from Larger Corporations
It doesn’t take a CPA to know that the governmental requirements and tax laws differ from jurisdiction to jurisdiction.
Therefore, a small business operating from one location will not have near the payroll legality concerns of a large conglomeration.
Payroll automation software like Quickbooks is primarily dedicated to small-to-medium businesses and franchise owners for this reason. Instead of hiring an expensive team of accountants, or worse, attempting to account for your company payroll all by yourself… it is much more feasible to have a proven, reliable payroll system software do this for you.
After all, isn’t it much better having 24/7 access to your financial records rather than waiting to schedule a meeting with your accountant, where all of the financial reports may not even be ready yet?
Try Small Business Payroll Software for Better Results – You Can Even Try It Free!
Still feel uneasy about trusting a software provider with your company’s payroll information?
Now you can rest easy as there is free payroll software available for you to try out!
Merchant Maverick has gone ahead and calculated what they feel are the 5 Best Free Payroll Software Apps.
We want to warn you, however, that all “free” services like these are not always, in fact, free.
There is usually some kind of hidden fee or service attached that is necessary to generate the full results you are looking for.
Many providers, for example, require you to use their banks and services in order to utilize direct deposit services for your employees. With these additional mandatory “services” there is usually a fee attached.
We highly recommend you follow the suggestions given in this article in order to successfully automate your franchise’s payroll system and free you to be more productive in other necessary business activities.
Payroll automation software allows you to focus on marketing and selling your product, while increasing staff collaboration efforts and generating accurate and precise governmental reports.
Quickbooks Payroll services allow you to do all of this and more for a convenient, fixed fee per month!
Our staff accountants specialize in assisting franchised businesses like yours while allowing you to utilize Quickbooks as your payroll automation software.
Small franchise businesses like yours can ultimately conquer their market share and ROI by simply implementing the payroll services of a professional and reliable niche firm like ours with accompanying small business payroll software, like Quickbooks.
Let us manage your bookkeeping, so you can focus on your business!
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