Payroll: What Is Payroll Accounting Software?

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Payroll What Is Payroll Accounting Software?
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Best accounting and payroll software for small
business
Here are the answers to 5 common asked questions
about payroll accounting software 1. Payroll
Accounting Software Managing employees and their
pay can be stressful, but not if you
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know what youre doing! Payroll management
software helps keep track of all your employees
time off, hours worked, salaries, taxes and
deductions, and much more. Here are some tips on
how to choose the best software for your
business.
2. What is a payroll account? A payroll account
is a record of payments made to individuals based
on work completed. A payroll account can either
be manual or electronic. In a manual system,
paper timesheets are filled out by each employee
listing hours worked and any deductions are
taken. Each week, these paper records are
entered into a computerized database. As soon as
the information is entered, its ready to
calculate payroll. In an electronic payroll
program, timesheet data is stored directly onto
a computer instead of being put into a paper
format. Electronic systems provide greater
flexibility than manual methods
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since they allow employers to make changes easily
without having to re-enter the same data.
3. How do I choose a payroll software
package? Like anything else in business, choosing
a payroll software package comes down to picking
the right fit for your specific needs. Look at
your companys size, industry, number of
employees, types of positions held, and type of
payroll practices. Once youve determined those
factors, look at the different packages
available. There are many companies offering
payroll services. Make sure you understand the
features offered in each before picking one. Ask
about pricing and trial versions. You may find
that a free download version works just fine for
your needs.
4. Do I need a payroll accountant? With a few
exceptions (such as self-employed contractors),
most
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businesses employ people who perform payroll
duties themselves. If you have no experience
with a payroll program, then hiring someone else
to take care of payroll can save you money while
still providing professional service. But, if
you want to learn to payroll yourself, there are
several training courses available online or at
local schools. Online classes are convenient,
but face-to-face classes offer more hands-on
experience. Moreover, if you plan to hire
another person for payroll duties in the future,
taking a class might help them stay current on
the latest advances.
5. What should I consider when choosing payroll
software? Just about everything is customizable
with this kind of software. You can set up rules
to calculate things like overtime automatically,
vacation, sick leave, and even tax withholding.
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Calculating your own salary can be complex,
especially if your business offers multiple
categories of workers. Find a software program
that lets you add extra fields for each category
and adjust the formula accordingly. For example,
you could add additional fields to determine
whether an individual is exempt or non-exempt,
full-time or part-time, hourly or salaried, etc.
Another thing to consider is the level of detail
you want to enter. Are you looking for a simple
way to manage your payroll, or do you want to
customize forms and reports to meet your exact
calculation? Here is the 14 day free trial for
payroll accounting software.
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