Managing a business efficiently needs a lot of skill and expertise in handling both the current and potential clients and the employees. It has often been found that people are not so loyal to their companies now, as compared to earlier times. Blame it on the changing attitudes, or work environment that has resulted in the fluctuating employee numbers in any company’s record. The desire for more money and better status is one of the factors that a company has to keep in mind while deciding which employees need to be promoted or given a salary hike. The payroll, which is the sum of all financial records of salaries, wages, bonuses and deductions thus, needs to be taken care of sensibly. The times have gone when the company head did the payroll manually. Today, when time is more precious than money, manual handling of payroll is only wastage of time. The technological advancements have opened up a world of opportunities by bringing many useful open source payroll software’s.
Since the payroll accounts are to be kept secret, the company heads don’t prefer hiring professionals or a payroll service company, so as to avoid any leakage possibilities that may creep in. With the help of certain software’s, this problem can be solved. Payroll tax software’s and payroll accounting software’s, like QuickBooks, manufactured by Intuit, Small Business Money by Microsoft, Quicken, Peachtree and many other software’s allow track spending, creating invoices, managing cash flow, in short, help in handling payroll efficiently and quickly.While big businesses can afford spending money on expensive payroll tax and payroll management software’s, the small businesses need not worry, as there are many open source payroll software available online for free. It is important to note that choosing the right payroll software that suits your business requirements is very crucial.
Some of the things you should check before deciding the payroll software are:
- Flexibility to handle multiple operations.
- Easy set up, in other words, it should be user friendly.
- Versatility- It should be up-to-date and should have enough tools and wizards for modification.
- Technology- It is very important that the software is built using the latest technology like Microsoft.NET framework based application.
- Automated State and Federal forms to keep the rules and regulations in mind while calculating the payroll.
Every company has to follow some government rules and thus, while calculating the payroll on employees’ wages, tips, deductions and compensations; it has to refer to the latest rules and regulations regularly. This is one of the most important things to check, while buying payroll software.
Every business has different requirements and thus, it is not necessary that software that works efficiently in one company would do that in the other company as well. Understanding this, most of the software’s are available as open source payroll software, payroll tracking software, payroll deduction software etc. By making the source code available, this software’s can be easily customized according to the specific needs of the company.
Like PayThyme is open source payroll software meant specifically for UK, the software Time Trex is the most favored open source payroll software in the US. Efficient in handling multiple operations, like scheduling and attendance, payroll tax calculator and electronic pay stubs, software’s like Time Trex, Payroll Mate, Time Sheet, DIY Accounting Payroll software, Time Clock & Scheduling, etc. make the complex sounding payroll process extremely simple.
One of the advantages of using this software’s is the customer-billing feature, which allows companies to keep track of the accounts to their customers. Also, open source payroll software make the managing inventory and purchase processes easier for the companies, so that they can keep track of the transactions they make with their suppliers. Managing human resources can be difficult at times. For smooth running of the HR/administrative department, these software’s help in maintaining an employee database, an attendance management system and performance evaluation systems. Enterprise Resource Planning (ERP) software’s also help in business activities such as inventory control, order tracking, customer service, finance and human resources.
Managing the finances of a company is no doubt a difficult task, but by incorporating some changes in the working style, like bringing some open source payroll software’s, things can be simplified to a much larger extent. A business can grow only if right decisions are taken at the right time. Therefore it is very important to manage time efficiently. Open source payroll software’s, being available online for free, is best suited for small-scale industries, which do not have enough funds to buy expensive software’s. Payroll software’s have thus; become the heart of an organization.