How long would it take you to determine how much money your company has, how much it owes, and how much is going in and out of different departments? If even the thought of tracking down those details gives you a headache, it’s time to clean up your chart of accounts.
Manual payroll management is a pain. It can take hours to fill out all the forms, calculate taxes, and cut checks (virtual or physical). Make even one mistake—just one—and your employee and sometimes the IRS will not be pleased.
Given the challenges, let’s take a look at when, why, and how it may make sense for your business to automate payroll.
When should you automate?
Broadly speaking, you should automate your payroll when payroll processing and management becomes a hassle—and before you start making mistakes.
If you have two employees, or a small handful, you may not need to automate yet. But as soon as you or your staff are spending hours a month trying to keep up with all the small manual tasks involved in the process, it’s time to look at payroll automation options.
Why should you automate?
The biggest benefit of payroll automation is confidence—confidence that you’re paying your people what they’re owed, on time, and in full compliance with the latest laws. That last point is an important one because tax laws change all the time, and it can be challenging to keep pace when you’re in the throes of monthly payroll processing.
An additional benefit of automation is all the time you’ll save that would otherwise be spent gathering data, processing information, cutting checks, and reporting. All those staff hours can instead be put toward business-forward initiatives.
How to automate your payroll
One of the best ways to automate your payroll, as well as other accounting tasks, is to use best-in-class accounting software solutions like Sage Intacct. Simply sync your employee data to Sage Intacct, and you can run payroll in a few simple steps. And because it’s cloud-based and integrates easily with other systems, you can view all up-to-date invoices, payments, approvals, and reports anytime, anywhere.
The best way to understand the benefits of using Sage Intacct is to see it in action. This recent webinar provides the details you need about payroll automation and how it can help you save time and increase accuracy.
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. Our experienced experts are available to provide audit, tax, outsourced accounting, recruiting, and business advisory services to help you achieve your goals.