Finding the best payroll solution for your small or medium-sized business is important – but can also be challenging. Having a payroll software for your small business helps keep your finances on track and your employees paid. Considering what’s at stake for business owners handling payroll – tax implications, business budgets, employee morale, and more – having a payroll system in place gives businesses peace of mind. It also means that even startup owners don’t need to be payroll experts and can even save limited resources – like time and money – when using payroll software to streamline their payroll process.
The problems with payroll
According to Score.org, there are plenty of issues that businesses face with handling payroll.
- 40% of small business owners say bookkeeping and taxes are the worst part of owning a business (and the most time-consuming)
- 82 million U.S. employees — or 54% of the American workforce — are affected by payroll problems
- 49% of workers would begin a new job search after only two issues with their paycheck.
Why your small business should use Patriot software for payroll.
Having a payroll solution in place can help alleviate the stressful payroll situations that businesses encounter. One good SMB payroll software option is Patriot. The Patriot software payroll system is built for small businesses and is a great solution to help you more effectively manage your payroll. Here are the biggest benefits of using Patriot software for payroll.
- Required deductions: Using Patriot software means you can automatically count on deductions being paid. That means that Social Security and Medicare taxes are automatically paid from employer and employee. It also will automatically pay federal and state unemployment tasks from your business.
- Workers’ compensation payments: Companies need to pay into state workers’ compensation funds to ensure that if any employees are injured or become ill during work-related tasks that their medical expenses and lost wages are paid for. While each state has different workers’ compensation requirements, Patriot software will handle these payments from your business automatically.
- Leave benefits: Time off to vote, time for jury duty, military leave, and FMLA or other long-term leave requires some documentation for businesses and often payment for
- Disability insurance: You and your employees can pay into a disability insurance fund that can help replace an employee’s wages in the event an employee is unable to work due to a non-work-related illness or injury. Disability benefits are often optional for employees to offer but Patriot can help with the deduction of these benefits if necessary.
- Health insurance: While the Affordable Care Act notes that if your business has 50 or fewer employees, you’re not legally obligated to provide insurance, your business may choose to anyway. Paying into your health care plan requires deductions from the business and usually, deductions from the employees and a payroll software solution help make sure the dedications are automaton and accurate.
- Retirement savings: Another common deduction is payments into a retirement fund like an IRA or 401(k). Not every SMB offers retirement plan benefits, but they do make the job offers more desirable. If your business needs to ensure retirement savings deductions from employees (and employer match, if applicable), having it as part of your payroll solution is important.
- Time and attendance: Patriot has an add-on feature that allows employers to track employee time from the same system that runs payroll. It can also help you customize pay for things like overtime, sick time, bonuses, commissions, tips, holiday time, bereavement, and more.
- Tax filing: The premium version of Patriot software payroll will file and deposit federal, state, and local taxes on your business’s behalf. They’ll also file W-2s and W-3s and allow employee access to print their tax and payroll documents.
- HR management: Patriot gives users the option of an add-on feature that helps to handle non-pay related HR issues, like employee handbook administration and storing employee files and data. Organizing all of your essential employee information in one place is an easy way to streamline your HR operations.
Having a payroll software can help simplify your business. Not only does it ensure that your taxes and other legal obligations are taken care of, it keeps your employee information and important accounting information available and accurate. Additionally, it helps save your small business time that could be better spent on other tasks, like recruitment and growing your revenue. It can also help to save your business money by insuring against expensive compliance errors, late fees, and other potential payroll problems. Ultimately, it helps give you and your employees peace of mind surrounding payroll.
Having a plan to administer your payroll and employee benefits is important in growing your business and attracting and retaining the best talent. While Patriot software payroll isn’t intended for businesses with more than 100 employees, it’s a great option for startups and small businesses looking for an affordable, comprehensive solution to their payroll process. Your business deserves expert help and assistance in handling the payroll portion of your finances at your organization.