Investing in reliable payroll processing software for accountants is important for firms. Even the most experienced accountant can make a payroll error. Payroll processing software can better prevent needless oversight errors or data input mistakes.
However, accountants should keep in mind that every firm has unique needs. If you are an accountant for a small business, you can find specific support without investing more resources than necessary. Finding a good payroll program also means getting a software tool that is intuitive and that can streamline existing payroll processes.
If you’re spending too long managing payroll, or perhaps wasting time helping to organize books for clients, you might be in need of an upgrade. Advanced Micro Solutions offers accessible and reasonably priced payroll processing software for accountants. The add-on module to the W-2/1099 Forms Filer is user friendly and intuitive, making it the perfect option for accountants in need of a new system.
How to Effectively Use Payroll Software
Before you start using payroll processing software, you’ll need to set up a chart of accounts. You’ll also need to gather all reports from existing payroll systems. You can avoid accidentally inputting inaccurate entries when you collect the necessary information. You will also avoid wasting time making corrections later. The steps for successfully transitioning into and completing payroll processing for your small business client often include:
- Setting up payroll accounts on the chart of accounts list. You will likely set up an expense account or a liability account. Other potential accounts needed when using payroll processing software for accountants can include gross wage expense, federal tax withholding, and state tax withholding.
- Gathering all the payroll reports. You will need to have the company’s payroll register, health insurance bills, and payroll tax reports on hand.
- Recording all relevant payments. Each entry will reflect the effective date, the debit amount, and the credit amount. If you’ve used a software like QuickBooks in the past, you’ll be able to import all your payroll data.
- Re-evaluating and posting payroll entries. Make sure to match the numbers against the figures taken from your accounting and payroll software. You will need to confirm that any client’s debits all equal their credits.
- Reconciling the payroll. Guarantee that the company’s payroll accounts in the general ledger match the company’s transactions listed in the payroll system. Reconciliation allows companies to stay within their budget. Your clients will expect you or your office to fulfill that by keeping a watchful eye on any budgetary limits.
Ensuring Accurate Payroll Processing with AMS
If you manage multiple small business accounts, you will want to find a program that can keep the data organized and easily accessible. Using payroll processing software for accountants, like that provided by AMS, supports accountants with multiple payroll reports. The reports include Payer/Tax Summary, Employee Detail, and Worker’s Compensation. AMS also offers any prospective users a free demo. If you are deliberating on the best program or have questions about the demo, call us directly at 1-(800)-536-1099.