When starting and running a small business, there are numerous crucial things that you have to devote your attention to. Apart from maintaining the stability of your business, you are also required to find ways to make it grow, without which, it is hard to imagine why your business might survive. What follows from this fact is the understanding that as an owner, your attention requires to be focused on matters that need your immediate attention and constant surveillance. Hence, it would be wise to admit that running a payroll function is not one of the areas where you would like to devote your time and energy.
As a function, payroll is a never ending process, which can easily clog your routine and schedule and keep your attention away from crucial matters of actual importance. Moreover, manual functions on a payroll job do not guarantee complete accuracy and the possibility of errors poses a major limitation on the reliability of its function. Fortunately, enough, a system of payroll software can save you the dense trouble and clear your schedule for important jobs.
While the idea of payroll software might appear relatively attractive, it is not always readily acceptable to most business owners, owing to various myths. Here are some myths which say that a small business may not need a payroll software!
- It’s a complicated job: Perhaps one of the most common myth and one of the most stupid of them all. Managing the payroll function offline is a much greater task and invites much more complications than managing it online. Once you catch the hang of it, you will be playing with data to manage the payroll function while you might still find yourself juggling with papers in an offline setting.
- It’s a typical expense: As long as you are strictly measuring everything in terms of money, you are not going to realise how much time and effort this one software can save for you. When you convert those savings in equivalent terms of money, you will surely feel surprised at the incremental savings which this software brings with it.
- It makes you lose control over payroll function: Some small business owners feel that as long as things are happening under their watch and by their own hands, they are correct and accurate. In the long run, managing payroll by hand is going to cost you, both in terms of time and money. Payroll software helps you streamline the entire payroll function, which helps you manage your work more efficiently. Hence, there is more value in adopting a payroll software which helps you get work done faster.
- Things cannot be changed: A common misconception about payroll software is that once you have entered a specific data, it cannot be undone or altered with time. Given the advanced development of software tools these days, there are ample features and options which allow you to manage which section of data can be altered.
You can also pair it with any recruiting software you are using for your company, so it’s not as though you cannot make any changes at all once you have entered some data on your software. Relinquishing control over alteration is something that no business owner would like, which is why almost every software allows this basic function.
- Data is compromised: Another myth regarding payroll software is that it exposes sensitive organisational data and compromises its security. This is again, a big myth because every software is built with various security features, which restrict its access to only a handful of people within the business. Hence, there are no chances of a third party gaining access to the data in that software.
These are just some of the basic myths which revolve around the use of payroll software for a small business. Before you fall for them, get your facts straight and seek the right choice.
Author bio: Aniruddh is Blogger and Software Analyst at SoftwareSuggest. Loves to dig deep into various types of Project management software, ERP Software and some specific MLM software. Ready to grab a cup of coffee anytime, if you want to talk about tech, cars, businesses or cricket.