As a small business owner, you need to be really concerned about having an accurate payroll system for your business because both employees and US government are dependent on you for their wages and taxes respectively. Many employers spend long hours calculating payroll manually in excel sheets, which is nothing short of wasting valuable time and effort.
When you have spent a significant amount of time and resources in hiring, training and managing your employees for growing your business, then having a smooth and reliable payroll software for small business will not only help you in increasing the morale and productivity of your employees but also helps you in paying the appropriate taxes to IRS on time.
Thus, in-house payroll software is a must-have for small businesses even if you have only one employee. However, there are some important aspects of effective payroll software, which you need to keep in your mind before buying.
Run Payroll in Minutes, Not Days
Payroll software for small business automates payroll process from start to finish irrespective of the size of your company. All you need to do is to enter the number of hours your employee has worked and the software will run the payroll for you quite accurately in a matter of time.
Automatic Calculation of Taxes
Since, every state in the US has different tax rules and regulations, it’s important to obey guidelines specific to your state because improper calculations can impact both employers and employees. Payroll software automatically calculates and withholds federal as well as state payroll taxes, social security taxes, and Medicare taxes allowing you to take a deep breath of relief.
Tax Filing Like a Breeze
Paying taxes accurately and on time helps you in avoiding getting penalized by IRS. Many employers take this matter on a lighter note and pay the consequences at the end of the year. Being an employer, it’s your utmost duty to file the appropriate taxes like W-2, W-4, 1099, 1095, etc. promptly to the government. With payroll software, you can e-file the tax forms directly to IRS with the click of the button.
Unlimited is the New Black
Most cost-effective payroll software for small businesses limits the number of employees. With CheckMark payroll software, you can add unlimited companies, unlimited employees and off-course run unlimited payrolls without any additional cost or hidden fees.
Pay by Check or Direct Deposit
Depending on your business, you can pay the wages by check or direct bank deposit. However, if you love to pay via cash, then it’s not a big deal.
Export Data to Your Preferred Software
The most-wanted feature of any payroll software is to have the compatibility of exporting the data to their existing accounting and HR software. CheckMark has their own accounting software – MultiLedger, which is one of the most powerful and accurate accounting software in the industry. You can easily export the data to MultiLedger with a simple click.
Stay Informed About Tax Updates
Since we have already mentioned above that the Internal Revenue Service updates tax regulations every year. It’s important for every small business owner to stay informed and knowledgeable about the tax updates. With payroll software, you need not have to worry about it because it is updated every year for a small nominal fee.
No Hidden Fees
Many payroll software has dual pricing policies i.e. monthly base price for the software and employees. For example, if you have 10 employees in your company, then numbers will look like:
Monthly Base Price: $40
Employees Fees ($5×10): $50
Annual Charges: $1080
Whenever you hire a new employee, you have to pay additional fees and believe me, it might look inexpensive, but in the long run, it will burn holes in your pocket. As a small business owner, you know how the small costs will add up too fast over the course of the year if you are careless. That is why many of the small businesses in the United States prefer in-house payroll software for a one-time fee.
It’s Time to Grow Your Business
Everyone knows that small business owners wear many hats. But the problem is that they start to spend and waste more time in non-revenue-generating activities such as HR, accounting and payroll to save money even though there are many inexpensive and affordable solutions available in the market. However, sooner or later, you have to abandon the idea of using any crappy software or maintaining spreadsheets in order to start thinking about developing your business.
This is where CheckMark helps small businesses in automating their payroll processes without any worries so that they can invest their valuable time and effort in growing their business to next level. Our in-house small business payroll software fits any type of business and has the ability to grow along with your business. Thus satisfying all your business needs by reducing the risks and saving you money.