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Why Should I Use Payroll Software?

Posted on by Murray & Lamb

Payroll software is a handy tool for businesses to keep track on their employees’ wages and taxes, and ensure that transactions run smoothly. The automated system does most of the work so you don’t have to, simplifying the process and allowing you to focus on other aspects of your business. There are many reasons why you should be utilising payroll software, some of which will be outlined here.

What does payroll software do?

  • Generates payslips
  • Produces annual reports
  • Files documentation
  • Calculates tax and National Insurance deductions
  • Uses timesheets to record employee attendance and time worked

No more human errors

By relying on an intelligent automated system, you are ensuring that your payroll is operating precisely, and the system will adjust to incorporate any overtime, deductions, void payments or to generate tax forms that you might have easily forgotten about or missed.

Gains staff trust

Paying your staff the right amount and on time will gain the trust of your employees who will appreciate your consistency. In turn, this will lead to staff trusting you more with other responsibilities and judgment calls that can create a more unified workforce, and an overall more positive and productive place to work.

Cost effective

Accounting software and the help of a professional accountant will complete the work much quicker than you would be able to alone. This means that your valuable hours can be put to better use, and the more efficient you are, the more margin to make profits. The money you’ll save in your own man-hours will far outweigh the cost of purchasing the system.

Reminders

The software will be able to remind you of things such as tax updates and submissions so you can always be on top of your finances.

Organisation

Payroll software will not only generate payslips and annual reporting, it will also archive these documents so you always have a copy available if the need arose. This organisation means that all of the important documents you might need will be stored together and with easy access.

Murray and Lamb offer payroll software as part of our services, allowing you to keep track of your records accurately and securely. Our fully trained advisors will work with you to create a personalised plan of action for your company’s finances, and teach you how to make the most out of your brand new software. On top of this, we can assist you with one of our excellent partner companies to provide auto-enrollment pension plans for your employees. Serving Durham, Gateshead, Sunderland and Newcastle with our first-class service, we work hard to provide the best customer support possible. For more information on how we can help you with any of your accountancy needs, get in touch today and we’ll be happy to help.

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