Accountants are in charge of taking care of their clients’ finances. This often includes managing payroll for those employed by clients, preparing taxes, analyzing financial risks inherent in a company’s structure, and providing advice concerning financial matters. Payroll software programs may be a very helpful tool that accountants can use to manage some of a client’s most impactful finances.
Eases Payroll Distribution
Payroll distribution should be consistent, reliable, and easy for everyone involved. Payroll software generally allows accountants to offer their clients direct deposit options and paper paycheck options. When employees can count on a paycheck being distributed at a specific time, it improves contentment with the company and in turn makes the company more content with their accounting services.
Accountant Payroll Programs Assist with Taxes and Compliance
Taxes can be tough to calculate and file on time, but errors can result in penalties for clients. This can reduce an accountant’s credibility and cost money if taxes are covered under guaranteed services. Payroll software generally comes standard with tax calculation features and can also be used to file taxes with just a few clicks.
Additional information that can assist with compliance may also be compiled in payroll software, depending on the structure and size of the company. If employers must report benefit options or labor information, accountants can use payroll software to assist with these tasks. This may make an accountant or firm more valuable to clients.
May Provide Self Service Options for Employees
Payroll software can often be set up to allow people employed by clients to access their own payroll information. This can save managers and HR professionals employed by clients from having to research for employees while empowering employees to manage and review their information as needed. Payroll software generally provides employees access to pay stubs, information about paid time off, benefits, charitable donations, deductions, and any other relevant payroll data.
Makes Adding New Hires Easy
When using manual accounting systems, adding new hires to a client’s payroll can be tough. Payroll software makes it easy to add an employee to payroll and set the rules for compensation. In some cases, payroll software may even integrate with applicant tracking software, allowing employee information to be imported into payroll with just a few clicks.
Offers Customization Options
Since accountants usually work with more than one client, sometimes across several industries, customization options in payroll programs can be helpful. Clients may pay employees weekly, biweekly, or monthly, offer bonuses, offer commission, pay vacation, or pay based on performance. These situations can add complexity to payroll, but payroll software customization options allow accountants to manage all rules quickly and easily so that paychecks are accurate every time.
Provides Analytics and Reporting
Analytics and reporting functionality allow payroll information to be viewed in a variety of new ways that can be instrumental in company growth and can prompt lucrative changes to policies. Offering these insights can deepen the relationship between accountants and clients and make services provided even more valuable. By using payroll software to its highest potential, accountants may assist companies in reaching their potential.
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