Whether you you have 1 or 30 employees, payroll is often synonymous with big costs and lots of headaches. And rightfully so. For a small business, payroll is often the #1 expense, and if you’ve ever tried to run and file payroll returns your self, you know how complex it can be.
In the last few years a new breed of cloud-based payroll companies have emerged into the small business services market. Not only do they cater to the small business, but they make it easy for a small business owner to run their own payroll. Here are some features that we like, and that can benefit your small business:
Cloud (Internet) based software
Since these services are cloud based, they’re accessible from any computer with an internet connection. They also follow the “Software as a Service”, or “SaaS’ model. Which means you pay a monthly fee for access to the software, with no IT or other software costs to you.
Direct Integration With Your Accounting Software
A good majority of them integrate with some of our favorite cloud-based accounting systems like Xero & QuickBooks Online. This means that every time you run payroll, the entries are automatically entered into your books with no complicated manual entries required.
Time and Attendance that Integrates Directly with Your Payroll
Along side cloud payroll, are time and attendance solutions that integrate directly to your payroll AND your accounting software. Again, this saves you tons of time with calculating hours, and inputting onto a time sheet. Approving hours and paying your employees is often just a few mouse clicks.
One Cost for Everything
Cloud-based payroll systems have cut and dry pricing. One fee per month, for unlimited pay runs and no extra hidden charges. Some of the big players, charge you per each pay run, charge you for quarterly returns, and even W-2’s at the end of the year.
Direct Deposit and Online Pay Stubs
Direct deposit means that you don’t have to spend hours cutting checks for your employees. And often, cloud payroll services give each employee their own access to view and print their own pay stubs.
Collaboration With Your Accountant
Not only is cloud payroll easily accessible, but it’s also easily shared with your accountant. This allows for quick, and easy help when you need it.
Cloud payroll services may not be the best fit for everyone, but for most small businesses, they offer what you need at a fraction of the cost of some of the big players. Here at iAccounting Solutions, we’re experts in cloud payroll services. Feel free to reach out to us if you have questions, or need some advice on which service to choose.