Looking for the best payroll software for small business needs can take time. While you should carefully consider your options, you do not want to wait too long to get needed payroll software. That is why you should know the ins and outs of your small business’s payroll software requirements. Payroll can become complicated, especially for small businesses whose employees may have additional responsibilities listed in their job descriptions.
Some small business owners may try to tell you that you do not need to invest in any payroll software. In fact, 20% of the small business owners surveyed reported in 2018 that they had spent more than six hours per month dealing with payroll taxes. However, there are several reasons to invest in payroll software that will make everyone’s job easier.
- You want to accurately calculate employee and employer payments. The best payroll software for small business needs can help you pay workers in different ways. Running the payroll can differ for companies depending on each one’s business plan, entity type, and number of years in operation. Many payroll software options will automatically update to accurately reflect any federal, state, and local regulatory changes.
- You can stay in compliance when you onboard contractors or hire employees. A company needs workers, but each hire comes with specific rules. You can utilize the company’s payroll software to send new hire reports. Many states will make you send them, providing the specific employee information, within 20 days of a hire. You can also use software when you collect new hire paperwork. Gone are the days where you have to organize your countless W-4s and 1099s in filing cabinets. The best payroll software for small business can help you easily access these records.
- You will more easily avoid making payroll mistakes. Making payroll errors can have big implications on you and your small business. Some payroll mistakes may result in the Internal Revenue Service conducting a tax audit. Other times, the IRS may hit you with high penalties for errors made with the company’s employment taxes. Payroll software can keep you updated on the ever-changing federal and state requirements. Good software also helps you in keeping the right reports on file.
As a small business owner, you no longer need to feel limited in your payroll software selection. You can find software geared toward small businesses that do not cost a large sum of money. In general, you will want to find software that sends you alerts as tax deadlines are approaching. A payroll software should not add more stress to your job.
Why Use Advanced Micro Solutions?
One of the key features of our accounting and payroll software is it includes state and federal tax tables. Our software updates these tables as needed. Additionally, users can export data to the W-2/1099 Forms Filer for year-end processing. As you look for the best payroll software for small business essentials, consider our payroll report inclusions, like Payer/Tax Summary, Worker’s Compensation, and Employee Detail.