Payroll is one of the most challenging things to keep up with in a business. Adding employees, removing employees, updating their changes on withholding, and getting their money out on time can make or break you. Great employees just won’t hang around if their paycheck is late or if you mess them up with the IRS.
So businesses have always worked hard to keep things as accurate as possible with payroll. For decades, it required an incredible amount of paper and a constant process of calculating and typing information. Over the years, the evolution of technology has made it easier by bringing computers into those repetitive and error-averse tasks, but it’s not a passive process. You have to be engaged as a manager or owner, and you have to stay up to date on some key things.
Be Alert To New Things
The step from paper to computers was a quantum leap. All the tallying and subtraction that used to be done with a calculator (and before that, an adding machine or even somebody’s fingers) could be done reliably and quickly by a computer that also never got tired or complained.
For some companies, adoption was instantaneous. They saw right away how the investment could save them money by saving their workers’ time. Others hesitated until the overall economy forced them to do payroll with some degree of computerization.
But of course, that wasn’t the end of it. In the beginning, computer spreadsheets had to be developed to handle all your company’s particular payroll needs. It still required a lot of formatting and experimentation.
With MasterTax tax compliance software, today’s company is ready to go with no guesswork. But if you never look up from your spreadsheet, you won’t know it’s there. You have to keep payroll technology high on your watch list at all times.
Be Alert To Updates
One of the best things you can do is work to keep your software current. Remember that technology moves so quickly that you can barely implement today’s version before tomorrow’s will be out. You will have to be measured in how frequently you update, of course, since each new version costs you time and money, but make sure you aren’t left behind when new technologies come along that could improve your efficiency.
It’s more than just the software conducting a rat race, of course. Companies like MasterTax aren’t just tweaking their product for the sake of tweaking. They are working hard to stay current with an incredibly fluid tax code at the federal, state, and local level. Every new provision from the law has to be incorporated into the program in order to keep paychecks accurate and avoid an employee revolt in April.
Be Alert To The Full Capabilities
Because the laws change so frequently, many employers are content if they can just generate accurate paychecks. They don’t invest time in digging deeper through the software to find out what sort of statistics, analytics, and other figures it can provide them with.
Imagine buying a car and driving it for a couple of years before realizing that it has a trunk where you can actually haul stuff. It would be a game-changer, wouldn’t it? Software is much the same way. If you fall asleep on its functionality and only use it for what you absolutely must, you are missing out on its power to provide you with other helpful information that can save you money.
Your perspective of your business is the overall bottom line, but for your employees, it’s all about that piece of paper (or direct deposit) every two weeks. Making sure you keep those on track and accurate is their biggest priority for your front office, and the government tends to agree. Keeping a current version of good software will cut your errors and keep your company, your employees, and the government happy.