What Can Payroll Services Offer to You?

It is highly important that wages are paid on time each month to help with maintaining employee motivation and satisfaction. But if you are operating a small business and finding it difficult to offer a reliable payroll service due to changing tax laws, deadlines, and personnel changes, you might want to look at the many choices available with the outsourced payroll companies. Here are some of the advantages that can be expected when using the services of the outsourcing companies:

Free payroll software

Outsourcing payroll eliminates the need to buy, install, support and maintain payroll software and reduces the IT labor needed, resulting in several immediate cost reductions. Several payroll companies also provide software integration into your office accounting systems along with customization. Further, payroll services regularly update their software giving you another indirect cost benefit.

Expertise

One of the number one reasons businesses hire payroll companies is for the peace of mind that comes with hiring a professional. It’s hard to stay up to date on the myriad different tax laws, statutes, and state and federal regulations. Filing documents just a few days late or filing the wrong paperwork with the wrong agency can cost thousands in fees and penalties. A payroll company won’t make these mistakes. Most even guarantee to pay penalties or fees as a condition of a contract so you can rest at ease that you won’t incur any additional tax charges.

Payroll companies also specialize in different types of industries and the services they require. Some businesses offer flexible savings accounts, cafeteria plans, or retirement account contributions. Many industries require specific types of insurance payments or taxes. A payroll company has the necessary experience to guide you through what could be a complicated process.

Cost Savings

Outsourcing payroll frees up your time as a business owner, or the bookkeeper time that payroll would take up. Time is money, and the more time you spend on payroll, or on hiring and training a bookkeeper, the less time you’re spending managing your business. Payroll companies can take advantage of years of specific experience in performing your payroll processing. What takes most business owners or bookkeepers all day will take a payroll staff person a few hours. Outsourcing is a great way to take advantage of these savings.

All in all, if you are looking to shift the payroll service to an outside company, you will certainly appreciate the wide range of benefits that are available to make sure you are able to concentrate more on the core aspects of operating the business.

Online Accounting Software for Business

You may have heard about the latest wave of trend in accounting, moving to online based accounting software. This is very necessary in order to enable the business owner to see and assess if the business is thriving or if it better close down. And to do this, many business owners resort to hiring a professional for the job— an accountant. However, doing so would mean segregating a significant amount to pay the accountant’s fees. And this is going to be a big matter for the company.

Thanks to modern technology, business owners can now skip hiring an accountant and adopt online accounting software for business. And with its growing popularity today, there is already a number of accounting software available in the market, each suited to the unique and individual needs of businesses. And to make sure that only the right online accounting software is chosen, here are some simple yet smart tips to consider.

1. Before even starting to select the appropriate accounting software, it is important for the owner to verify and evaluate if there is even a need to buy one. For businesses that are very small, there may be no need for such software. Business people who are freelancers or sole traders may actually just skip it.

2. The accounting software must have multiple user access. This is one good feature that has to be present. People from the same company who work directly with accounting should be able to have access to the account anytime, anywhere as long as there is internet connection. This enables the business owner and other employees to take the business with them everywhere.

3. The online accounting software should also integrate invoicing. This is a very important part as businesses need to have solid cash flow which can only be attained when invoicing is correctly done. The software must update invoices automatically to avoid duplicates and misses.

4. The software should also work with other software applications. With this, the business owner will not have to worry about putting additional applications as these will still work effectively with the existing online accounting software.

5. The software company must also offer outsourcing.

6. It would be best to get the software that has a trial period. One can never be sure unless the software is tried for a few days. And the best providers are not afraid to give trial usage to prospective clients.

7. Though it is not necessary to have an accountant operate the software, a trained employee must do the job. So should any technical problems arise, there must be a 24/7 technical support either through email, chat, or phone.

8. The software should also provide the services that the company needs. There is no need to have more services which are not actually going to be used by the business’ operations. The advice of an accountant would be very helpful in this area as it is this professional who will be a source of information especially during the set-up of the software.

Many companies are already adopting the use of online accounting software. So all other small business owners are also encouraged to cope with the trends and the changing demands of consumers.

FinancialForce Accounting is a comprehensive and innovative financial management system that takes a fresh approach to a traditional business function. This online accounting application combines the power of the Force.com cloud with a groundbreaking accounting system design. FinancialForce Accounting is native to Salesforce CRM.